The wild ride of Solana-based meme coin BOOK OF MEMES (BOME) continues. Just three days after turning a $72,000 investment into a staggering $30.2 million, the project’s biggest presale participant, “sundayfunday.sol,” cashed in on some profits.
According to blockchain data platform Lookonchain, sundayfunday.sol initially used 421 SOL to buy a massive 1.43 billion BOME tokens. Following a price surge that propelled BOME’s market cap over $1 billion, the investor sold a portion (190 million BOME) for a cool $3.66 million. They still hold a significant 1.24 billion BOME, currently valued at $26.57 million.
This sale coincides with BOME’s listing on Binance’s perpetual contracts market, as reported by Coin Edition on March 16th. The news initially sent the price soaring to $0.0264. However, a wave of profit-taking from early investors saw the price dip to $0.0198 at press time.
Also Read: BOOK OF MEME (BOME) Coin Takes the Crypto World by Storm: 2700% Surge Fueled by Binance Listing
BOME’s Technical Outlook: Bulls vs. Bears
Looking at the 1-hour chart on TradingView, a potential battle is brewing. Bulls seem determined to push the price back to its previous high of $0.0264, with sellers seemingly exhausted around the $0.0178 support level. A successful breach of the $0.0226 resistance could propel BOME towards $0.030. However, rejection at this level could trigger a reversal below $0.020.
Volatility remains a key factor. The Bollinger Bands indicator suggests significant price swings are still on the horizon. A bullish scenario could see BOME skyrocket another 5x. Conversely, a bearish turn could send the price crashing back to $0.0178.
The Relative Strength Index (RSI) remains above neutral territory, indicating some remaining bullish momentum despite the recent selling pressure.
BOME in the Top 100, But Can it Stay There?
Despite the recent dip, BOME remains a top 100 cryptocurrency, currently sitting at number 97 with a market cap exceeding $1 billion. Notably, it’s the third Solana-based token to crack the top 100, following in the pawprints of Bonk (BONK) and dogwifhat (WIF).
However, both WIF and BONK have suffered significant price drops lately, potentially as liquidity shifted towards BOME. In the past 24 hours alone, WIF and BONK have lost 12.92% and 19.72% of their value, respectively.
Whether BOME can maintain its top 100 ranking and continue its upward trajectory remains to be seen. The actions of early investors and the overall market sentiment will undoubtedly play a crucial role in the meme coin’s future.
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