In a market where meme coins are underperforming today, Book of Memes BOME/USD stands out as one of the few tokens trading in green in the last 24 hours.
What happened: In the last 24 hours, Book Of Meme saw its price increase by 6.4% with a 13.4% increase in trading volume in the last 24 hours to $1.5 billion. This is way ahead of ‘Dogecoin Killer’ Shiba Inu‘S SHIB/USD trading volume of $1.2 billion. BOME currently occupies the second highest position in terms of trading volume on the meme coin board.
Last week, Binance announced that it will list BOME for users on its spot market and futures platform starting March 23. It will apply a seed tag to its BOME spot listing as the asset may be subject to higher volatility. The largest exchange by volume will introduce a BOME perpetual contract with margin in USDT, offering leverage of up to 50x.
The BOMEUSDT contract will have an interesting feature, the Multi-Assets mode which will allow users to trade various assets on margin, including Bitcoin.
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Because matter: Based on CoinGlass data, analysis of BOME derivatives data highlighted a 30% increase in volume, while open interest currently stands at $143.4 million, the highest level in quite some time . Meanwhile, liquidations in the last 24 hours total $4.16 million, of which $2.12 million represent long liquidations. These two parameters indicate high interest from traders and an expectation of bullish momentum on the token’s price.
In his recent post on Price testing at this level suggests a new springboard for potential gains. Holding 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 with other trending and leading meme coins on the table. Will it be a strong and stable token, or yet another highly volatile token with sudden drops and rises?
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