Solana's Book of Meme (BOME) Skyrockets, But Binance Investigation Looms

The Book of Meme (BOME), a Solana-based meme coin, has experienced a significant price surge of over 25%, with a market cap exceeding $825 million. The coin's open interest has also witnessed a notable increase, contributing to its price rally. Despite concerns raised by Binance regarding potential insider trading, BOME remains a popular asset among derivatives traders, with short liquidations fueling its upward momentum. Additionally, BOME2, the second iteration of the project, is set to debut on LBank with an additional 3% transaction fee to support the development team.

Book of Meme (BOME): A Solana Meme Coin Soars

Surge in BOME Price

Book of Meme (BOME), a meme coin native to the Solana ecosystem, has garnered significant attention due to its recent price surge. Today, BOME's price rallied over 25%, propelling it to a market capitalization of $825.06 million. The 24-hour trading volume for BOME has also skyrocketed by 100.10% to an impressive $1.90 billion.

Factors Contributing to Price Rise

The surge in BOME's price can be attributed to several factors. Firstly, the coin's open interest has soared by 11.76% to $156.16 million, indicating growing popularity among derivatives traders. Additionally, the derivatives volume has increased by a substantial 111.96% to $3.51 billion.

Secondly, a short squeeze has played a significant role in BOME's price movement. According to Coinglass, approximately $2.54 million worth of short positions were liquidated in the last 24 hours. As short traders buy back their positions to cover their losses, it can further push BOME's price higher before a potential correction.

Binance Investigation and Allegations

Despite its price surge, BOME has come under scrutiny from Binance, the world's largest cryptocurrency exchange. On March 18, Binance initiated an investigation into allegations surrounding the coin following concerns about potential insider trading. These allegations stem from discussions within the community regarding a "BOME rat warehouse" incident, which raised questions about unethical practices within the project.

Binance responded swiftly by launching an internal inquiry to address the situation and has announced rewards of up to $5 million for tips on the BOME insider trading case.

Book of Meme 2.0 Listing on LBank

Meanwhile, LBank, another reputable crypto exchange, has announced the listing of Book of Meme 2.0 (BOME2). The listing is scheduled for 08:00 a.m. UTC on March 23, 2024, with trading commencing in the MEME Zone starting at the same time. Deposits for BOME2 will be accepted from 06:00 a.m. UTC on March 22, 2024, while withdrawals will be enabled from 06:00 a.m. UTC on March 24, 2024.

It is important to note that LBank will implement an additional transaction fee of 3% on top of the standard LBank fee for each BOME2 transaction. This fee will be utilized to support the project team and ensure the sustainability and development of BOME2.

Conclusion

Book of Meme (BOME) has emerged as a notable meme coin within the Solana ecosystem, attracting attention due to its price surge. While the coin's price has benefited from factors such as increased open interest, derivatives volume, and a short squeeze, it has also faced scrutiny from Binance over allegations of insider trading. As the investigation progresses, investors are advised to monitor the situation closely. Meanwhile, the listing of Book of Meme 2.0 (BOME2) on LBank provides an opportunity for traders to engage with the second iteration of this popular meme coin project.