Digital currency rises 220% What is the reason?

Digital currency rises 220% What is the reason?

The cryptocurrency token BOME, built on the Solana blockchain, caused a storm in the crypto market, recording a staggering price increase of over 145% overnight and reaching up to 220% previously. Simultaneously, several factors may have contributed to the recent gains in BOME’s price. It’s worth noting that the sudden surge in BOME’s value can largely be attributed to an announcement by Binance, shaking up the trading scene for this thriving cryptocurrency.

Binance unveiled the USDS-M BOME perpetual contract, paving the way for a seismic shift in the trading world through its recent announcement. Notably, the announcement reveals the launch of the USDS-M BOME perpetual contract on Binance Futures, featuring leverage of up to 50x. This move not only expands Binance’s trading offerings but also injects new momentum into BOME’s price trajectory.

Meanwhile, the newly introduced perpetual contract, set to launch on March 16, 2024, at 12:30 (UTC), underscores Binance’s commitment to enabling traders with diverse opportunities. With BOME USDT Perpetual Contract set as the underlying asset, traders can leverage up to 50 times their initial investment, potentially amplifying gains in the thriving cryptocurrency market.

Furthermore, Binance’s announcement comes on the heels of Bybit’s listing of BOME/USDT spot pairs on its platform. This dual endorsement from major trading platforms boosts investors’ confidence in BOME’s potential, paving the way for further growth in the near term.

Whale activity on Solana fuels discussions, providing additional support for the broader upward trend witnessed in the Solana ecosystem. Solana-based altcoins, including BOME, have garnered significant investor interest, driven by Solana’s recent price surge and related projects such as Jupiter (JUP), which surged by nearly 50% in a single day. Additionally, Solana’s price also rose by 10% at the time of writing, indicating increasing investor confidence in cryptocurrency potentials.

Moreover, the on-chain analytics platform Lookonchain reported massive BOME transactions, suggesting insider knowledge. Lookonchain’s report reveals a recent transaction where a wallet withdrew 12,721 SOL, worth $2.3 million, from Binance yesterday to purchase 314 million BOME at a price of $0.0074 in just 30 minutes.

Simultaneously, another wallet spent 14,371 SOL, worth $2.69 million, for 715 million BOME, raising concerns about price manipulation. Furthermore, the initial purchase of 314 million BOME sparked discussions about potential insider knowledge.

With BOME continuing to make headlines through significant price increases, the cryptocurrency market is gearing up for further developments fueled by Binance’s game-changing announcement and the evolving dynamics within the meme coin ecosystem.

Back to top button