New Solana-Based Memecoin Explodes After Binance Launches Perpetual Futures Support

A newly launched memecoin on Solana (SOL) 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.

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

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

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.

First spotted 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.

Says Lookonchain,

“A fresh wallet withdrew 12,721 SOL ($2.3 million) from Binance and bought 314 million BOME at $0.0074 [in] 30 mins.

Does he know something we don’t?”

Around the same time as its listing on Binance, crypto exchange Kucoin known for its “altcoin gems” also announced it would be supporting the new memecoin. KuCoin says users can now trade the BOME/USDT pair on its spot trading platform.

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This article was originally reported on The Daily Hodl.