New Solana-Based Memecoin Explodes After Binance Launches Perpetual Futures Support

A newly launched memecoin on Solana (SOL) has achieved a $1.1 billion market cap in lower than 48 hours following its itemizing on Binance, the most important crypto trade on the earth.

Early on Saturday, Binance introduced it was launching perpetual futures for Ebook of Meme (BOME), a coin launched by artwork producer DarkFarms who makes a speciality of items primarily based on Pepe the Frog, a personality usually used for numerous memes.

BOME skyrocketed instantly after launch, and following the announcement from Binance, BOME went from $0.0077 to $0.0268 in simply a number of hours, a further rally of practically 250%.

BOME has retraced since and is buying and selling at $0.0186 at time of writing with a market cap of $1.037 billion and a completely diluted valuation of $1.297 billion.

First spotted by blockchain monitoring agency Lookonchain, an unknown pockets withdrew $2.3 million price of Solana with a view to purchase BOME shortly earlier than the Binance itemizing.

Says Lookonchain,

“A recent pockets withdrew 12,721 SOL ($2.3 million) from Binance and acquired 314 million BOME at $0.0074 [in] 30 minutes.

Does he know one thing we don’t?”

Across the identical time as its itemizing on Binance, crypto trade Kucoin – identified for its “altcoin gems” – additionally announced it could be supporting the brand new memecoin. KuCoin says customers can now commerce the BOME/USDT pair on its spot buying and selling platform.

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