Bittime – Last week, the crypto market crash gave rise to negative sentiment where the prices of most crypto assets experienced a drastic decline.
Amid investor panic, "whales" or investors with large crypto holdings are taking advantage of this moment to increase their holdings.
One of the cryptocurrencies that whales were targeting at that time was the Book of MEME (BOME), a token based on the Solana (SOL) blockchain.
BOME Recovery Initiation
The last few days have been a bad period for the crypto market. Most coins, including BOME, experienced a significant decrease in market capitalization. According to CoinMarketCap, the value of this meme coin fell by more than 37% in the past week.
Interestingly, after the market crash, Solana whales used the opportunity to buy BOME. As per the latest tweet from Lookonchain, a whale withdrew 15,751 SOL, worth $2.25 million, from Binance.
The funds were then used to purchase 67.53 million BOME worth $661,000 at $0.0098 per coin. This buying interest from whales provided the impetus BOME needed to begin recovery as market conditions improved.
In the last 24 hours, the BOME chart shows an increase in price with a jump of more than 5%. At the time of writing, BOME was trading at $0.00894 with a market cap of just over $493 million.
However, this price increase does not necessarily increase market sentiment positively. Analysis of Sentiment data by AMBCrypto reveals that BOME's weighted sentiment is still relatively low.
This indicates that negative sentiment towards this token still dominates the market. BOME's social volume also experienced a decline after surging on April 12, indicating a decline in popularity.
Check Today's Crypto Market:
Will BOME Fully Recover?
With BOME's daily chart back in the green, AMBCrypto checked data from Hyblock Capital to see if the memecoin can fully recover from its losses this week.
Based on our analysis, BOME will face potentially high selling pressure near the price of $0.010. BOME needs to exceed that threshold to offset its losses from the previous week.
If the breakout occurs successfully, BOME has the potential to reach a price of $0.013 at the end of this week.
Unfortunately, the market indicator for BOME shows a bearish signal (price decline). For example, the Relative Strength Index (RSI) shows a slight decline.
Apart from that, Chaikin Money Flow (CMF) is also below the neutral point. These two indicators show that BOME's price movements have the potential to weaken again, so BOME may find it difficult to recover lost market capitalization in a short time.
Nonetheless, just like BOME, Solana is also showing signs of recovery with a price increase of almost 5% after last week's 15% drop. At the time of writing, SOL is trading at $148.84 with a market cap of just over $66.4 billion.
The good news is that SOL's weighted sentiment graph shows an increase, which indicates that investor confidence in SOL is starting to increase.
Conclusion: Be Careful and Do Your Research
BOME's fluctuating price movements in the last few days are an example of how quickly sentiment changes in the crypto market. The BOME accumulation decision by Solana whales may be an indicator of their long-term optimism for this asset. However, retail investors need to be careful and not immediately follow the whales' steps.
Here are some things to consider before investing in BOME:
- Fundamental analysis: Study the underlying technology of BOME and its project development plans.
- Technical analysis: Use technical indicators to understand BOME's past price movements and predict its future movements.
- Market sentiment: Observe market sentiment towards BOME via social media and crypto analysis platforms.
Apart from that, keep in mind that BOME is a memecoin category that has a high risk. A short-term increase in BOME prices does not necessarily guarantee long-term growth. Investors need to have a high-risk tolerance and be ready to face potentially large price fluctuations.
The crypto market is still dominated by uncertainty. Although BOME is showing initial signs of recovery, it is recommended to conduct in-depth research and implement sound risk management strategies before investing in this crypto asset.
Also Read How To Buy Crypto:
How to Buy Book of Meme (BOME) on Bittime
You can buy and sell Book of Meme (BOME) easily and safely 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 and is not an offer or solicitation 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.
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