In the crypto world, new projects frequently emerge and battle for attention and market share. One newcomer making waves in the market is Book Of Meme (BOME), a cryptocurrency that has recently captured the spotlight with its impressive increase in trading volume and price. BOME has even gotten close to the trading volume of Shiba Inu. With BOME’s rapid pump, everyone is eager to know what lies ahead for this memecoin.
BOME’s Recent Rise
In the last 24 hours, BOME experienced a remarkable pump in its price and trading volume, showing increased interest from traders and investors. BOME increased by 6.4% in price and 13.4% in trading volume, totalling an impressive $1.5 billion. This surge in trading activity has put BOME ahead of Shiba Inu, a cryptocurrency often dubbed the “Dogecoin Killer,” which recorded a trading volume of $1.2 billion over the same period.
This buzz surrounding BOME is happening due to several factors, such as listings on major crypto exchanges.
In addition to the listings, BOME’s derivatives data shows further optimism among investors. A notable 30% rise in volume and open interest reaching $143.4 million suggest strong demand for the memecoin. Specifically, over the last 24 hours, traders have been even more active as the number of liquidations has risen, mostly coming from long positions.
What’s Next for BOME?
Prominent crypto technical analyst Kyledoops has also weighed in on BOME’s potential, suggesting that the coin’s breakout from resistance levels has settled at a good support level. This move and its strength in testing these levels hint at a possible sustained pump. The analyst’s sentiments reflect the optimism around BOME as it continues to climb through the crypto rankings.
As BOME continues to challenge established players in the crypto space, there are still questions about its long-term stability. Will BOME emerge as a powerful contender, maintaining its momentum and gaining substantial market share, or will it become a victim of volatility and fall off like most meme coins?
