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- BOME looks set to outshine BONK for the sixth position as it records a 36% surge in the last 30 days and 1189% surge in the last 90 days.
- BONK is also set to double its market cap as its recent listing on Bithumb boosts its social metrics, opening it up for wider investors.
Book of Meme (BOME) quickly became a sensation in the crypto market after spiking to over a billion dollar market cap within 48 hours of its launch, providing an incredible 40X Return on Investment (ROI) to early investors. On March 14, BOME was trading at $0.000858. By March 16, the asset had reached $0.028. However, the broad market pullback dragged the price down to $0.008 before staging a sharp rebound to the current price of $0.011. Interestingly, the current price represents a 7.8% decline in the last 24 hours and a 36% surge in the last 30 days.
Positively, there is a current renewal of inflows triggered by the positive United States Consumer Price Index (CPI). To many, this meme coin could move into the top five largest meme coins. However, it would first have to outshine BONK which has a current market cap of $1.68 billion. BONK remains the sixth-largest meme coin, sealing its position with a 67% surge in the last 30 days and an 86% upsurge in the last 90 days.
Can BOME Surpass BONK?
The market cap of BOME currently sits at $849 million, trailing BONK by $830 million. According to some users, a sustained price rally in 12 months could propel BOME to close the gap. With this, its on-chain activities would also play a significant role. At press time, BOME had a 24-hour trading volume of $498 million. However, BONK is showing signs of not slowing down as it records a daily trading volume of $309 million. Regardless of their recent growth, analysts believe that BOME could be more responsive to change considering its circulating supply of 68 billion. BONK has a circulating supply of 63 trillion.
Also, investigating the daily and 4-hour timeframe of BONK discloses an underlying negative momentum which could sweep liquidity 10% below the $0.00002089. From the current price of $0.00002454, BONK could find intermediate support at the May 13 low of $0.00002144. However, it could also retest the resistance at the May 13 high of $0.00002542, right below the $0.00002552, the 23.6% Fibonacci retracement of the climb between April 13 and April 25.
BONK Targeting the Fifth Position
Reclaiming the sixth position could also be very difficult for BOME as investors react strongly to the recent announcement that the second largest crypto exchange in South Korea, Bithumb, has listed BONK. The exchange disclosed that the decision was influenced by an excessive number of requests. With that being said, it would also give airdrop to users who trade in BONK.
Prior to that, the asset had spent almost four weeks hovering within support at $0.00002 and resistance at $0.000028. However, the support was reinforced by an ascending trendline, enabling bulls to resist a further loss. Unfortunately, their effort weakened after sellers seized control at $0.000028. With all of these considered, BOME has the potential to secure the sixth position in the long run with BONK also endowed with the potential to secure the fifth position from Floki.
