Amid a market where meme coins are underperforming today, Book Of Meme BOME/USD stands out as one of the few tokens trading in the green over the past 24 hours.
What Happened: In the past 24 hours, Book Of Meme reported a 6.4% surge in its price with a 13.4% rise in the past 24 hours trading volume to $1.5 billion. This is significantly ahead of ‘Dogecoin Killer' Shiba Inu's SHIB/USD trading volume of $1.2 billion. BOME currently stands at the second-highest trading volume position on the meme coin board.
Last week, Binance announced that it will list BOME for users on its spot market and futures platform from March 23. It will be applying a seed tag to its BOME spot listing as the asset might be prone to higher volatility. The largest exchange by volume will be introducing a USDT-margined BOME Perpetual Contract, offering leverage of up to 50x.
The BOMEUSDT Contract will have an interesting feature, the Multi-Assets Mode which will enable users to trade across various margin assets, including Bitcoin.
Why It Matters: Based on CoinGlass data, BOME's derivatives data analysis highlighted a 30% surge in volume, while open interest is currently standing at $143.4 million, the highest level in quite some time. Meanwhile, liquidations in the past 24 hours stand at $4.16 million, with $2.12 million accounting for long liquidations. These two metrics indicate high interest from traders and an expectation of bullish momentum on the token's price.
In his recent post on X, Kyledoops, the host of the technical analysis show on Crypto Banter, commented, With BOME breaking through resistance, it has now established solid support. The price testing at this level suggests a new launching pad for potential gains. Maintaining strength here could indicate a bullish trend ahead.
With high trading volumes and a price rally, the newly launched BOME token is quickly catching up to other trending and leading meme coins on the board. Will this be a strong and stable token, or yet another highly volatile token with sudden drops and increases?
Read Next: How ‘Meme Coin Sausage Is Made,’ According To Crypto VC: ‘I May Be Everyone’s Exit Liquidity’
Bitcoin and altcoins via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
