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Binance Lists Book of Meme (BOME): Price Impact
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Binance, the largest crypto exchange by trading volume, has revealed its intentions to introduce a USDT-margined BOME Perpetual Contract, offering leverage of up to 50x.
BOME, known as the Book of Meme, is a meme coin built on the Solana blockchain. Its recent surge in popularity has attracted a significant number of traders, many of whom have reaped substantial profits in the past few days.
Binance to List Book of Meme (BOME) With Seed Tag
Binance’s BOMEUSDT Perpetual Contract enables traders to leverage USDT’s stability against BOME’s potential volatility. The contract has a tick size of 0.001 and a funding rate capped between +2.00% and -2.00%.
Qualified liquidity providers stand to benefit from 0.005% maker fee rebates for trades within 14 to 15 days. However, Binance retains the flexibility to adjust contract specifications based on market risk conditions. More importantly, an intriguing feature of the BOMEUSDT Contract is its Multi-Assets Mode, allowing users to trade across various margin assets, including Bitcoin.
In addition, Binance will enable trading for BOME across multiple spot trading pairs, including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY.
“The Seed Tag represents an innovative project that may exhibit higher volatility and risks compared to other listed tokens. The Seed Tag will be applied to BOME,” Binance added.
BOME’s listing on Binance arrives amidst the exchange tightening criteria for token listings, aiming to bolster investor protection. New projects eyeing Binance listing face extended cliff periods, stretching from six months to a year. This entails a freeze on coin sales, increased allocations to market makers, and collateral requirements.
Additionally, Binance may demand a larger share of tokens to be allocated to market makers to ensure robust liquidity.
Read more: 7 Best Binance Alternatives in 2024
Since its market debut, the Solana-based meme coin BOME has skyrocketed, quickly becoming one of the most actively traded digital assets. According to CoinMarkeCap, the token surged by approximately 450% in the past day, reaching a trading price of around $0.02189 at present. Notably, it ranks among the top 10 traded assets during this period.
Numerous traders have capitalized on the meme coin’s momentum during this surge, yielding significant profits. Blockchain analyst Lookonchain reported that one trader earned $4.3 million in two days of BOME trading.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Specifically, the trader invested 3,505 Solana (SOL) valued at $645,000 to acquire 532.45 million BOME tokens before converting them into 26,933 SOL, equivalent to $4.95 million.
“In just 2 days, this guy made $4.3 million by trading BOME! He spent 3,505 SOL($645,000) to buy 532.45M BOME 2 hours after it opened trading and sold it all 10 hours ago for 26,933 SOL(equivalent to $4.95 million). Earning 23,428 SOL($4.3 million) in just 2 days,” Lookonchain explained.
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