Memecoin BOME Plummets 50% Post Binance Listing

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18 Mar 2024

Book of Meme (BOME), a memecoin, experienced a significant price drop after successfully being listed on Binance (16/3/2024).

Binance is renowned for its strict crypto asset listings, so it's not surprising that there hadn't been any new listings on the exchange for quite some time. However, recently, there was an event that left some crypto communities puzzled.

Book of Meme (BOME), a memecoin created by crypto artist Darkfarms on the Solana network, which was launched less than a week ago, managed to enter the Binance spot market.

Despite the surprise of some crypto communities, this memecoin has shown remarkable price performance. Within just two days, it managed to reach a market capitalization of US$1 billion. Additionally, it achieved high trading volume.

This high trading volume likely caught the attention of centralized exchanges (CEX), as it has the potential to generate significant revenue. Before being listed on Binance, this memecoin had already been listed on various CEXs such as Bybit, Gate.io, MEXC, and others.

BOME Briefly Reached All-Time High

BOME briefly reached its all-time high shortly after being listed on Binance at a price of US$0.0284, with a market capitalization touching US$1.5 billion. However, as of the writing of this article (18/3/24), the token's price has dropped by about -50% and is trading at US$0.0142 with a market capitalization of around US$750 million.
This price correction could be considered reasonable as this memecoin has experienced a fantastic surge in a short period. Moreover, the price movement patterns following listings on major CEXs like Binance tend to increase the volatility of related crypto assets, especially memecoins.

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