BOME Price Falls 50%, Is Solana Meme Coin Trend Over?

Bittime - After previously soaring in price compared to other crypto markets, Solana and its meme coins are now experiencing a decline. The price of Solana itself fell 10% to $185, while the price of BOME fell further, namely 50% when this article was written.

BOME Prices Have Dropped Drastically

BOME price experienced a sharp correction of 50% in the last 24 hours. Currently, BOME is trading at $0.009813 with a market cap of $541 million. Even so, BOME is still one of the cryptocurrencies that is actively traded with daily volume reaching $2,367,455,325 and ranking in the top 11.

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When compared with its highest price this week, namely $0.026, BOME has fallen 55%. However, overall, BOME still recorded a fantastic price increase of 1000% in a matter of weeks.

Massive Sales by Major Holders of BOME

This sharp price drop was allegedly triggered by massive sales carried out by the main holder of BOME with the address "sundayfundday.sol". In the last 9 hours alone, they have released 340 million BOME tokens and pocketed a profit of 18,660 SOL or the equivalent of $3.62 million.

Although they still own 900 million BOME tokens, their total asset value shrank to $8.38 million due to the significant drop in BOME token prices.

According to Santiment, a blockchain data provider, BOME and Solana are currently the most talked about assets on social media. This is driven by the brilliant performance of both of them recently. The crypto community sees Solana and related meme coins as an attractive alternative to Ethereum-based projects.

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Causes of BOME Collapse

There are several factors that are thought to be the main cause of the BOME price correction. One of them is a general correction in the crypto market ahead of the FOMC (Federal Open Market Committee) meeting. Apart from that, the rapid increase in BOME prices in a short time makes corrections a natural thing to happen.

Reports of alleged insider trading of BOME on Binance which emerged on March 18 were also said to be the trigger for the price decline. Binance itself stated that they were investigating the report and were open to receiving evidence regarding these allegations.

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Impact on Other Meme Coins and Solana

Apart from BOME, other meme coins such as PEPE, WIF, FLOKI, BONK, and others also experienced a significant price decline, namely around 20% in the last 24 hours.

Even so, this meme coin boom indirectly benefits Solana. Token Terminal reports that a surge in meme coin trading activity on the Solana blockchain saw Solana's transaction fee revenue jump to $17.8 million in the past week. 

This figure even exceeds Bitcoin transaction fee income which is at $17.5 million. In three consecutive days, Solana's daily transaction fee revenue consistently topped $3 million and hit a new record high.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

BOME Price Skyrockets 1800% in a Week, What's the Secret?

Bitcoin Halving Prediction: Deja Vu Strikes As BTC Price Plummets

Why do BOME prices continue to soar? This is the Secret Behind His Rise!

Booming BOME, Darkfarms Trigger Memecoin Millionaire Trend on Solana!

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.