{"id":3199,"date":"2024-03-18T04:19:33","date_gmt":"2024-03-18T04:19:33","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/03\/18\/new-solana-based-memecoin-explodes-after-binance-launches-perpetual-futures-support\/"},"modified":"2024-03-18T04:19:33","modified_gmt":"2024-03-18T04:19:33","slug":"new-solana-based-memecoin-explodes-after-binance-launches-perpetual-futures-support","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/03\/18\/new-solana-based-memecoin-explodes-after-binance-launches-perpetual-futures-support\/","title":{"rendered":"New Solana-Based Memecoin Explodes After Binance Launches Perpetual Futures Support"},"content":{"rendered":"
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A newly launched memecoin on Solana (SOL<\/a>) has achieved a $1.1 billion market cap in less than 48 hours following its listing on Binance, the largest crypto exchange in the world.<\/p>\n

Early on Saturday, Binance announced it was launching perpetual futures for Book of Meme (BOME), a coin launched by art producer DarkFarms<\/a> who specializes in pieces based on Pepe the Frog, a character often used for various memes.<\/p>\n

BOME skyrocketed immediately after launch, and following the announcement<\/a> from Binance, BOME went from $0.0077 to $0.0268 in just several hours, an additional rally of nearly 250%.<\/p>\n

BOME has retraced since and is trading at $0.0186 at time of writing with a market cap of $1.037 billion and a fully diluted valuation of $1.297 billion.<\/p>\n

First spotted<\/a> by blockchain tracking firm Lookonchain, an unknown wallet withdrew $2.3 million worth of Solana in order to buy BOME shortly before the Binance listing.<\/p>\n

Says Lookonchain,<\/p>\n

\u201cA fresh wallet withdrew 12,721 SOL ($2.3 million) from Binance and bought 314 million BOME at $0.0074 [in] 30 mins.<\/em><\/p>\n

Does he know something we don\u2019t?\u201d<\/em><\/p>\n

Around the same time as its listing on Binance, crypto exchange Kucoin \u2013 known for its \u201caltcoin gems\u201d \u2013 also announced<\/a> it would be supporting the new memecoin. KuCoin says users can now trade the BOME\/USDT pair on its spot trading platform.<\/p>\n

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Generated Image: Midjourney<\/span><\/em><\/p>\n<\/p><\/div>\n