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Solana’s Meme Coin Party Ends, BOME Price Collapses 50%

The sharp BOME price correction comes amid heavy selling by BOME's personal holding address sundayfundday.sol and broader market pullback.
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Solana’s Meme Coin Party Ends, BOME Price Collapses 50%

Highlights

  • Despite 50% Correction, BOME is still trading 1000% up on weekly chart.
  • Massive correction across broader meme coin market and BONK, PEPE and others correct 20%.
  • Meme coin frenzy helps Solana overtake Bitcoin in fee collection last week.

After its strong outperformance in the broader cryptocurrency market, Solana and its meme coins have faced some pullback amid the broader market correction. While the Solana price is down by 10% at $185, the BOME price has corrected by a massive 50%, as of press time.

BOME Price Sees Major Selling Across Counter

After delivering a mega bull run, the BOME price seems to have entered a steep correction by dropping another 50% in the last 24 hours. At press time, BOME is trading at $0.009813 with a market cap of $541 million. Currently, it is the 11th most-traded cryptocurrency with daily trading volumes of $2,367,455,325.

The BOME price has already corrected 55% from its weekly high of $0.026, however, it is still trading at a staggering 1000% gains on the weekly chart.

The major selling comes from BOME’s personal holding address sundayfundday.sol. Over the last nine hours, the leading holder of BOME tokens has once more sold 340 million BOME tokens, resulting in earnings of 18,660 SOL.

The tokens were sold at an average price of $0.0107 per token, yielding a profit of $3.62 million. Despite retaining 900 million tokens, the holder’s assets have decreased to $8.38 million due to a significant decline in the price of BOME tokens.

According to on-chain data provider Santiment, BOME and Solana are currently the most discussed assets across social media platforms. This increased attention is largely due to their recent strong performance in the markets. The community perceives Solana and related meme coins as credible alternatives to Ethereum-based projects.

What’s Behind the Recent Crash?

One of the major reasons behind the BOME price correction is the strong pullback in the broader cryptocurrency market ahead of the FOMC meeting. Furthermore, after a massive run-up in a very short period of time, this correction seemed to be overdue.

Furthermore, as CoinGape reported on Monday, March 18, reports of BOME insider trading at Binance surfaced. The crypto exchange stated that it is addressing these concerns and welcomed any proof in this regard.

On the other hand, other meme coins have also experienced significant declines, with PEPE, WIF, FLOKI, BONK, and others all dropping by nearly 20% within a 24-hour period.

The meme coin trading boom has certainly helped Solana. Token Terminal reports that amid the flourishing on-chain trading of memecoins, Solana’s fee capture has surged to $17.8 million in the last week, surpassing that of Bitcoin, which stood at $17.5 million. Solana’s daily fee capture has consistently exceeded $3 million for three consecutive days, setting continuous new all-time highs.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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