TL;DR

• The most recent meme coin constructed on the Solana blockchain skilled a outstanding debut, with its value rallying by 5,000%.
• Regardless of the potential for substantial income, the meme coin market is very unstable, posing dangers to buyers.

The New Potential Successful Horse

The ever-evolving cryptocurrency market typically witnesses the emergence of recent tokens, with a few of them turning into sensations in a brief time frame.

Evidently the most recent meme coin constructed on the Solana blockchain – BOOK OF MEME (BOME) – has such potential.

The asset noticed the sunshine of day earlier this week, and its value had already skyrocketed by almost 5,000% (per CoinGecko’s information). Buying and selling quantity has surpassed the $350 million mark.

The explosive begin may be one cause the favored crypto change Bitrue determined to record the meme coin on its platform through the buying and selling pair BOME/USDT.

🔥 New itemizing $TREES is coming to #Bitrue Spot within the #Meme sector. @Darkfarms1

🔹 Deposits open now (Solana)
🔹 BOME/USDT buying and selling: 10:00 UTC, 15 March

👉 Particulars: https://t.co/ou3q9WtXNm pic.twitter.com/uZCqAXVjVv

— Bitrue (@BitrueOfficial) March 15, 2024

We’re but to see whether or not different trade gamers will embrace the token and whether or not its valuation will preserve rising within the close to future.

Solana Memes Have Taken Middle Stage

The meme coin area of interest has been booming previously few months, with a number of Solana-based tokens, comparable to Dogwifhat (WIF) and Bonk Inu (BONK), being among the many greatest performers.

The previous has skyrocketed by nearly 700% in a month, not too long ago hitting an all-time excessive of $3.44. Its market capitalization briefly exceeded the $3 billion degree, making it the fourth-biggest meme coin.

Its important improve has possible been fueled by an enormous frenzy from buyers, assist from main crypto exchanges like Binance, and endorsements from distinguished trade individuals, comparable to BitMEX’s co-founder Arthur Hayes.

WIF’s rally has been greater than welcomed by savvy merchants who entered the ecosystem in its early days. Final month, CryptoPotato reported the case of 1 explicit investor who bought over 2.5 million tokens on the finish of final yr, spending simply $310. The stash is presently price greater than $7 million.

Nonetheless, merchants needs to be conscious that coping with meme cash might additionally result in devastating losses because of the notorious volatility of the cohort. If you’re about to hop on the bandwagon, please test the commonest errors that you must keep away from: