There has been a meme coin craze in the cryptocurrency markets in recent weeks. Solana-based meme coins, in particular, attracted the attention of investors. However, the decline in Bitcoin attracted attention. Additionally, BOME’s largest investor sold tokens, causing a huge decline in this coin. This decline also affected other meme coins. So, is the meme coin craze coming to an end? What will be the future of BOME?
Fall alarm in BOME: Is the madness over?
Solana-based meme coin BOME has dropped nearly 50% in the last 24 hours. Therefore, investors are in a panic. This decline is attributed to BOME’s largest investor selling 340 million tokens and the general decline in Bitcoin. cryptokoin.com As we reported, BOME experienced a rapid rise after launching on the Solana Blockchain on March 16, reaching a market cap of $1 billion within 24 hours. However, on March 18, the wallet named “sundayfunday.sol”, BOME’s largest investor, sold 340 million tokens.
This sell-off reduced BOME’s price by 47%, leading to a 59% loss in 24 hours. The sudden fall of BOME caused panic among investors. Many investors began selling their tokens to limit their losses. This led to a further decline in the price of BOME. Bitcoin also played a role in the decline of BOME. Bitcoin fell below $65,000 on March 19, affecting all cryptocurrency markets. BOME also got its share of this decline.
Other meme coins are also falling
BOME’s decline is not specific to this coin. Many meme coins that have hit the market in recent days have been affected by the decline in Bitcoin and panic selling by investors. Popular meme coins such as Dogecoin, Shiba Inu, Pepe, Bonk and CorgiAI have also fallen between 10% and 22% in the last 24 hours. It is unclear how the prices of BOME and other meme coins will move in the coming days. If the price of Bitcoin rises again, meme coins may also recover somewhat. However, investors need to be careful and consider the risks before investing in these coins.
Experts say that meme coins are extremely risky investments and investors should do detailed research before investing in these coins. It is also recommended that investors do not invest all their assets in a single coin and diversify their risks. In conclusion, the sudden decline of BOME and other meme coins shows how volatile the cryptocurrency markets are. Investors need to consider the risks and act consciously before investing in these markets.
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