As expected, following the introduction of futures today, cryptocurrency exchange Binance wasted no time in listing the memecoin BOOK OF MEME (BOME) on its spot market.
Although Bybit had listed BOME on the spot market a few hours prior, Binance had initially confined its listing to futures. However, given the surging popularity of the altcoin, Binance promptly added it to its spot market without delay.
Remarkably, BOME, a memecoin based on Solana, emerged just two days ago and swiftly surpassed a market valuation of $1 billion, defying expectations for a Solana-based memecoin, which had been largely associated with Ethereum until now.
The recent success of SOL memecoins can perhaps be attributed to the low transaction fees on the Solana blockchain and the opportunity for early, cost-effective investments in memecoins.
Following its listing on Binance, the price of BOME surged yet again, registering approximately a 300% increase in the past 24 hours as of the time of writing. However, it’s crucial to note that despite the frenzy surrounding memecoins, they lack intrinsic value and are primarily driven by speculative trading.
Upon examining Onchain data, it’s notable that a significant whale had heavily invested in this altcoin before the BOME listings. The whale in question purchased $2.3 million worth of SOL on the cryptocurrency exchange Binance yesterday evening and subsequently utilized these funds to acquire 314 million BOME from an off-exchange wallet at a price of $0.0074. As of the current writing, BOME is trading at $0.01827.