Book of Meme (BOME), a recently launched memecoin in the Solana ecosystem, has sparked widespread interest due to its price surge. The BOME price rose more than 25%. Moreover, the Solana memecoin had a huge increase in open interest.
Why Is BOME Price Skyrocketing?
BOME crypto price surged by more than 42% from its low of $0.0118 to a high of $0.01681 on Friday, March 22. At press time, the BOME price has increased by 25.06% to $0.01494. Whereas, the crypto has a market capitalization of $825.06 million. Further, the 24-hour trading volume for BOME skyrocketed 100.10% to $1.90 billion.
In addition, BOME open interest soared by 11.76% to $156.16 million. This highlights the growing popularity of BOME among derivatives traders. In addition, derivatives volume increased by a stunning 111.96% to $3.51 billion.
The rise in BOME open interest played a significant impact in the price surge. Furthermore, the short squeeze had a considerable influence on price movement. According to Coinglass, over $2.54 million in short liquidations were noted in the last 24 hours. These short traders are expected to buy back their positions, perhaps driving the BOME price higher before a major fall. Shorts dominated the market, while major long liquidations were also noted. BOME had over $2.30 million in long liquidations recorded.
However, Binance, the world’s largest crypto exchange, has raised concerns about BOME crypto. On March 18, Binance initiated an inquiry into BOME-related allegations. The investigation was initiated by community conversations about a “BOME rat warehouse” event, which raised concerns about potential insider trading. These allegations led to speculation about unethical practices within the project due to the unprecedented volatility in the BOME price. In reaction, Binance quickly launched an internal inquiry to address the issue. In addition, Binance announced rewards of up to $5 million for information on the BOME insider trading case.
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