While the cryptocurrency market has been subject to fluctuations lately, Bitcoin (BTC) has fallen below the $61,000 level. Contrary to this downward trend, Solana-based meme coin projects Book of Meme (BOME) and SLERF experienced a significant increase in value. This situation brought up the attractiveness and risks of meme coins as an investment tool again. In this article, we will examine the rise of BOME and the challenges faced by other meme coins such as Slerf (SLERF). BOME’s success and Slerf’s experiences attract attention.
Meme coin projects continue to attract attention
cryptokoin.com As we reported, the cryptocurrency market is experiencing a downturn with Bitcoin (BTC) falling below $61,000. But amidst the red, a ray of sunshine shines through in the land of meme coins. Book of Meme (BOME), a Solana-based token with a humorous theme, attracted attention at this point. Because it defied the trend by witnessing a significant increase in value.
BOME’s impressive performance has also sparked controversy. On the positive side, it surged 30% in a single day, briefly pushing its market cap to over $700 million. This rapid growth has pushed it into the top 140 cryptocurrencies by market cap. It is noteworthy that BOME experienced a rapid rise at the beginning of this week. It even ranks among the coveted top 100 coins with a market value approaching $1.5 billion.
SLERF also attracts attention
Launched a few days ago, BOME has garnered significant attention. It subsequently secured listing on leading exchanges such as Binance and Bitrue. This widespread availability has undoubtedly fueled its remarkable run. BOME serves as a prime example of how meme coins, often dismissed as meaningless fads, can experience explosive growth in a short period of time.
However, the story of another meme coin, Slerf (SLERF), paints a similar picture. Slerf, featured with its sloth mascot, mirrored BOME’s initial success by experiencing a price increase that reached nearly $1.30. This rapid rise was likely due to investor excitement and support from leading crypto exchange HTX.
Trader earned $3 million in 12 minutes
Although Slerf initially appeared to follow BOME’s uptrend, it later crossed it. As we reported, the developer of this project accidentally burned through the huge $10 million investor funds collected during the pre-sale. However, this development did not alienate investors from the project. The price has increased. In fact, on-chain data showed that an anonymous trader made a profit of $3 million in 12 minutes.
Blockchain monitoring company Lookonchain first noticed a trader who spent approximately 10,000 SOL to accumulate approximately 70 million Slerf (SLERF) tokens. Lookonchain said the trader did not plan to keep the SLERF stack for a long time and immediately emptied it at the first available time. Thus, the trader earned approximately $3.02 million in just 12 minutes. The trader initially bought the coin by spending $1.98 million. He later sold it for $5 million.
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