Binance Lists Book of Meme (BOME): Price Impact

Binance, the largest crypto exchange by trade, has announced its intention to introduce a USDT-margined BOME Perpetual Contract, offering leverage of up to 50x.

BOME, also known as the Book of Memes, is a meme coin built on the Solana blockchain. Its recent popularity has attracted a large number of traders, many of whom have made huge profits in the past few days.

Binance to List Book of Meme (BOME) by genealogy

Binance's BOMEUSDT Perpetual Contract allows traders to take advantage of the stability of USDT with the potential volatility of BOME. The contract has a ticket rate of 0.001 and a funding rate between +2.00% and -2.00%.

Eligible liquidity providers will benefit from 0.005% maker fee discounts for trades within 14 to 15 days. However, Binance retains the flexibility to adjust contract details based on market risk conditions. Above all, an interesting feature of the BOMEUSDT contract is the multi-asset mode, which allows users to trade on various margin assets, including Bitcoin.

Additionally, Binance enables trading for BOME on various spot trading pairs, including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY.

“The seed token represents a new project that may exhibit greater volatility and risks compared to other listed tokens. The seed identifier will be applied to BOME,” Binance added.

BOME's listing on Binance comes amid the exchange's strengthening requirements aimed at strengthening investor protection. New projects to list on Binance expect a grace period of six months to a year. This includes a freeze on coin sales, allocations to market makers and collateral requirements.

Additionally, Binance may require a larger share of tokens to be allocated to market makers to ensure strong liquidity.

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Since its market launch, Solana-based meme coin BOME has skyrocketed, quickly becoming one of the most active digital assets. According to CoinMarkeCap, the token has increased by approximately 450% in the past day, currently trading at $0.02189. Notably, it ranks among the top 10 assets traded during this period.

Many traders have taken advantage of the Mem coin's movement and made huge profits. Blockchain analyst Lookonchain reports that one trader earned $4.3 million in two days of BOME trading.

Read more: 7 Hot Meme Coins and Altcoins Trending in 2024

Specifically, the trader invested 3,505 Solana (SOL) worth $645,000 to get 532.45 million BOME tokens before converting to 26,933 SOL.

“In 2 days this guy made $4.3 million trading BOME! 532.45M BOME spent 3,505 SOL ($645,000) to buy 2 hours after opening trade and sold all 10 hours ago for 26,933 SOL (equivalent to $4.95 million). Earning 23,428 SOL ($4.3 million) in 2 days,” Loonchain revealed.