BOME Drops 42% As Whales Book Profits

BOME Drops
BOME Drops 42% As Whales Book Profits

NOIDA (— It seems there might not be a part two to the Book Of Meme story after the experimental project’s BOME token crashed on March 18. The token launched on March 14 and made more than 2,772% to reach its all-time high near $0.026 on March 16.

BOME whales
BOME price action since launch. Source: CoinStats

Memecoins have enjoyed an unrealistic bull run this season, fueled by the wider market sentiment and Bitcoin painting a new historical high. Many new memecoins launched in the past few weeks to ride the bullish market waves and rake in profits, often for their founders.

However, it seems the meme frenzy is dying, with even established meme tokens like Dogecoin taking a hit. BOME price dropped more than 71% to a daily low near $0.011 on March 18 after news of whales dumping the project’s token surfaced on social media.

Whales Are Dumping BOME, BOME Drops

According to data from CoinMarketCap, whales have been actively dumping the Book Of Meme token despite BOME’s strong shilling campaign. The platform’s whale transaction tracking bot highlighted a few major transactions on March 18.

BOME whales
Whales were dumping BOME coin.

One transaction saw a whale wallet sell 11.75 million BOME tokens in exchange for SOL, before converting the SOL tokens in USDC. Another transaction involved a whale trader dumping nearly 9.8 million BOME tokens into the market.

One of the largest transactions had a whale wallet move nearly 25 million Book Of Meme tokens to the Raydium decentralized exchange. Such large whale transactions inadvertently impact the entire market, while the increase in supply often leads to price drops.

Binance Faces Insider Trading Allegations Due To BOME

The project attracted attention after Binance announced that it would list The Book Of Memes token on March 16 at 12:30 (UTC) as a USDⓈ-M perpetual contract with the BOMEUSDT trading pair. However, the Binance stint ran into problems after allegations of insider trading cropped up against the exchange.

Binance responded swiftly, claiming that their investigation revealed the person associated with the transactions had no affiliation with Binance.

We have always been committed to maintaining a fair and transparent trading environment and preventing any behavior that may affect market fairness. We will take all necessary steps to thoroughly investigate any misconduct and make the findings public.

Binance claimed

The Solana-based token plans to offer an e-magazine, a meme generator, and an NFT library. The Pepe meme creator Darkfarms developed the BOME token.

It leverages Arweave, IPFS, and Inscriptions for data management and has positioned itself as a social platform for decentralized storage spanning multiple blockchains.

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