Against the tide of decline, Book of Meme (BOME) has actually performed strongly in the last few days. Based on CoinMarketCap data, the price jumped more than 11% in the last 24 hours. BOME has also become the second most popular meme coin with the highest daily trading volume after Dogecoin (DOGE).

BOME's daily transactions reached nearly $1.14 billion, taking the token's weekly gain beyond 37%. BOME's dominance is increasingly visible because the trend of other meme coins has reversed direction. Shiba Inu (SHIB) and Pepe (PEPE) recorded weekly declines when this article was written.

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The Secret Behind BOME's Rise

Several factors are thought to be driving the increase in BOME prices. One of them is a drastic increase in token burning.

Based on AMBCrypto's observations using the Dune dashboard, more than 25 million BOME tokens have been burned (removed from circulation) in the last seven days. This creates deflationary pressures, which are generally associated with rising prices.

Apart from that, BOME's daily active users have also increased significantly in the last two days. This increase occurred after previously stabilizing at the end of March. As a result, daily transactions on the blockchain also increased.

The number of wallets holding BOME also jumped to almost 64,000 as of April 2.

High On-Chain Activity, But Minimal Discussion on Social Media

Source: ambcrypto.com

Even though on-chain activity is high, this is not necessarily directly proportional to attention on social media. AMBCrypto's analysis of Santiment data shows that mentions of BOME on leading crypto platforms actually declined sharply after the initial hysteria of its launch.

This has the potential to influence retail investor participation in the future.

Book of Meme Flashback

BOME, born out of the pre-sale frenzy in the Solana ecosystem, managed to reach a market cap of $1 billion in less than three weeks since launch.

Created by Darkfarms, an art producer who also previously designed the frog-themed token PEPE, BOME is an experimental project that aims to combine memes with a decentralized storage solution.

Also Read Who is Darkfarms, the figure behind the Book of Meme (BOME) coin

Since the pre-sale, demand for BOME has skyrocketed, driven by the decision of several top crypto exchanges to install it on their platforms.

Retail investors are racing to catch the meme coin wave on the Solana blockchain, hoping to make quick profits. However, reports of mismanagement and fraud have also emerged, leading skeptics to warn of the risks of such projects.

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How to Buy Book of Meme (BOME) on Bittime

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

Book of Meme (BOME) is available on Bittime with the market pair BOME/IDR . To be able to buy BOME IDR at 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 the complete guide on how to buy Book of Meme (BOME) on Bittime . 

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

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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.