Crypto News

Market Turbulence: BOME And Other Memecoins See Steep Declines

In the past 24 hours, the price of the popular memecoin BOME on the Solana network has taken a significant hit, dropping by nearly 50%. Consequently, its current market value has plummeted below the $500 million mark. 

This downward trend hasn’t been exclusive to BOME, as other memecoins like PEPE, WIF, FLOKI, and BONK have also experienced sharp declines, with losses nearing the 20% mark within the same timeframe.

In a span of just 9 hours, the top BOME holding address, sundayfunday.sol, made a notable move by selling off 340 million BOME tokens. This strategic move resulted in a substantial profit of 18,660 SOL, with an average selling price of $0.0107. As a result, the address managed to secure a profit of $3.62 million from this transaction alone. 

However, despite this profitable move, the address still retains a significant holding of 900 million tokens. Unfortunately, due to the sharp decline in BOME’s price, the assets held by the address have dwindled to $8.38 million.

Slerf Surpasses BOME’s Market Capitalisation

Amidst the market volatility, memecoin SLERF briefly surpassed BOME in terms of market capitalization today. 

However, BOME swiftly reacted to reclaim its position ahead of SLERF, solidifying its status as the 8th largest memecoin in the market.

This recent series of events underscores the inherent volatility and unpredictability of the memecoin market, where rapid fluctuations in prices and market rankings are not uncommon occurrences. 

Investors and traders alike must exercise caution and diligence when navigating these turbulent waters to mitigate potential risks and maximize opportunities for profit.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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