The price of Book of Meme (BOME) concluded March 2024 at $0.15, boasting a remarkable surge of over 2,265%. Recent social media trends hint at further bullish momentum anticipated for April.
The Solana memecoin ecosystem has witnessed an impressive ascent since the beginning of the year, with tokens like Dogwifhat (WIF) and BONK taking the lead. However, the newly introduced Book of Meme (BOME) has prominently spearheaded the rally in recent weeks.
Social media trends related to Book of Meme suggest the possibility of an April rally.
Book of Meme (BOME) emerged as a Solana (SOL) memecoin on March 14, quickly attaining unicorn status within its inaugural week of trading and solidifying its position as the third-largest meme project within the Solana ecosystem.
Despite its initial rapid growth, Book of Meme’s price movement has stabilized since March 19, hovering within the narrow range of $0.1 to $0.15, while other tokens like WIF and BONK have experienced significant surges, fueled by extensive media attention.
However, after two weeks of consolidation, during which it retreated from the limelight, current media trends indicate that BOME may be approaching a potential turning point.
Utilizing Santiment’s weighted sentiment metric, which analyzes data from relevant crypto media platforms to gauge the ratio of negative to positive mentions surrounding a project, suggests shifting sentiments surrounding BOME.
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After the initial excitement following BOME’s extraordinary 2,000% price surge during its launch week, the media frenzy surrounding the project has subsided.
As of April 1, BOME currently holds a negative weighted social sentiment score of -0.23%. This indicates that pessimistic and adverse discussions regarding BOME now outweigh the positive and optimistic dialogue.
Typically, savvy new investors who missed out on the March 2024 rally may seek opportunities to enter the market once the hype diminishes. With prevailing negative sentiments in the media, these strategic traders might view this as an opportune moment to join the market.
Should this scenario unfold, the influx of fresh capital could propel BOME’s price into another parabolic breakout in April.
Despite the lack of significant price movement, BOME retains substantial liquidity.
Despite Book of Meme experiencing stagnant price action since March 18, essential market metrics indicate that investors have not displayed any inclination to give up. While WIF and BONK have garnered the majority of media attention, market liquidity and investor interest in BOME have remained consistently strong over the past two weeks.
One concrete metric used to evaluate the liquidity and trading activity of a cryptocurrency is the Trading Volume to Market Cap (TVMC) ratio. This ratio is determined by dividing the total trading volume of an asset over a defined period by its market capitalization.
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Book of Meme (BOME) Price Statistics | March 14 – April 1, 2024 | Source: Coingecko
Since its launch on March 14, BOME has maintained an average daily trading volume of $1.1 billion, according to Coingecko data. This translates to a Trading Volume to Market Cap (TVMC) ratio of 1.3, when compared to its current market capitalization of $840 million.
An asset is typically considered undervalued when its TVMC ratio is greater than 1. In the case of BOME, the trading volume consistently surpasses the market cap by approximately 30%, indicating an undervalued status.
This favorable situation sets the stage for positive price action for BOME in the near term for two primary reasons. Firstly, the combination of a high TVMC ratio and consistently strong trading volume suggests robust liquidity and active investor engagement in BOME, despite its recent two-week period of price consolidation.
Additionally, the trading volume surpassing the market cap indicates favorable conditions for BOME’s price growth in the near future, as new investors may perceive BOME as undervalued relative to its trading activity.
In summary, the combination of low media hype and a high TVMC ratio presents an opportunity for BOME to attract fresh capital inflows, potentially igniting another rally towards its next milestone price of $0.02 in the coming days.
Is it predicted that the price of BOME will reach $0.02 in April?
As of April 1, the price of Book of Meme is currently slightly above the $0.015 mark. Despite the subdued media attention and a TVMC ratio of 130%, there exists an opportunity for BOME to attract fresh capital inflows, potentially sparking another rally towards the next milestone price of $0.02 in the coming days.
However, the $0.18 level presents significant short-term resistance. Historical data indicates that early exiting BOME investors have sold off a majority of their holdings around this price level.
Nevertheless, if the bulls of Book of Meme manage to surpass this historically significant sell-zone, a decisive breakout above $0.02 could indeed materialize, as anticipated.
![](https://sollcrypto.com/wp-content/uploads/2024/04/Screen-Shot-2024-04-01-at-4.53.41-PM.png)
Conversely, BOME may enter a prolonged downtrend if it breaches the critical support level of $0.10. However, such a scenario appears improbable at present, considering the abundant market liquidity and the generally optimistic sentiment prevailing within the broader Solana memecoin ecosystem.
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