After a huge bull run, the price of BOME has fallen by 50% in the last 24 hours. Therefore, it seems to have entered a sharp correction. BOME is currently trading at $0.009813. Additionally, it has a market capitalization of $541 million at the time of writing.
There is currently a daily trading volume of $2,367,455,325 for this cryptocurrency. This makes it the 11th most traded cryptocurrency.
BOME's price has corrected 55% from its weekly high of $0.026. However, it is still trading with a notable gain of 1000% on the weekly chart.
A significant portion of the sales are being handled by sundayfundday.sol, BOME's personal holding address. The largest holder of BOME tokens once again sold 340 million BOME tokens for a gain of 18,660 SOL.
This transaction took place in the last 9 hours. The company sold the tokens at an average price of $0.0107 per token, generating a profit of $3.62 million.
As a result of the huge decrease in the cost of BOME tokens, the holder's holdings dropped to $8.38 million, despite holding 900 million tokens.
Santiment, an on-chain analytics source, reports that BOME and Solana are currently the assets that are receiving the most online attention on various social media platforms.
Their recent massive success in the markets is partly responsible for the increased attention they are receiving. According to the community, Solana and other meme coins are seen as reliable alternatives to Ethereum-based projects.
BOME Price Analysis
There is another important factor contributing to the correction in the BOME price. This was the significant pullback in the cryptocurrency market as a whole in the days leading up to the FOMC meeting.
Additionally, there have been reports of BOME insider trading on Binance.
The cryptocurrency exchange has claimed that it is actively addressing these concerns and would appreciate any supporting evidence. On the other hand, other meme coins also witnessed major declines. PEPE, WIF, FLOKI, BONK and others all experienced a drop of around 20% in 24 hours.
Indeed, the surge in trading of meme coins has benefited Solana. According to Token Terminal, Solana's fee earnings rose to $17.8 million last week, surpassing Bitcoin's $17.5 million.
This is because on-chain trading of increasingly popular memecoins continues to increase. For three consecutive days, Solana's daily fee earnings consistently exceeded $3 million, reaching an all-time high.
