The meme coin frenzy that gripped traders over the past few weeks might have cooled, but Book of Meme (BOME) remains firmly in the spotlight.
After an explosive debut that saw the Solana-based meme coin surge over 21,000% before crashing back down, investors are watching closely to see if BOME can recapture its bullish momentum.
The Rise & Fall of Book of Meme Token
Book of Meme’s rise has been nothing short of sensational.
Launched on March 14, just under a week ago, the Solana-based meme coin began trading on the Raydium DEX at just $0.000858.
But what happened next defied early investors’ expectations. Fueled by enormous speculation, BOME’s price rocketed to hit an all-time high of $0.028 on March 16.
At its peak, the token’s market cap was over $1.4 billion.
The bullish momentum didn’t last long, though – over the past four days, BOME has retraced by 56% due to aggressive profit-taking from investors.
Still, it remains the fourth most traded meme coin with $1.5 billion in spot volume over the last 24 hours. But why has Book of Meme been so hyped up?
Beneath the Pepe the Frog branding lies a project aiming to utilize decentralized storage to “immortalize” internet memes and culture on the blockchain.
While this use case is still unproven, BOME’s price action has undoubtedly captured the attention of meme coin investors.
Can BOME’s Roadmap Drive the Next Price Rally?
The key question now is: what’s next for the Book of Meme price?
Currently trading at $0.0123 after the pullback, several catalysts could reignite the buying frenzy.
For one, the project’s creators plan to launch several tools and platforms to drive utility, including a meme generator and a decentralized social network app.
Building out an ecosystem around BOME could help it become more than just another speculative token.
Moreover, the community behind Book of Meme remains highly engaged, with a vast Telegram following and the creator’s Twitter account having over 120,000 followers.
Strong social sentiment is often a precursor to explosive rallies in meme coins.
Considering these factors, a bullish forecast for BOME wouldn’t be outrageous.
If the creators can successfully deliver on their roadmap and continue driving retail hype, $0.015 or even a return to the $0.02 level could be possible over the next few weeks.
However, a string of negative catalysts or waning interest in meme coins could just as easily see BOME’s price fall further in the near term.
Which Meme Coins Could Have Better Prospects Than BOME?
While Book of Meme’s future remains uncertain, some fresh meme coin projects in their presale phases could offer a more sustainable upside.
One such token generating buzz is Dogecoin20 (DOGE20), which has already raised $3.5 million in funding.
Dogecoin20 Offers Colossal Staking Rewards & Could Be the Next Breakout Star
What sets Dogecoin20 apart from other meme coins is its innovative staking mechanism built on Ethereum.
By staking their DOGE20 tokens, holders can earn passive rewards over two years – with annual yields set at 247%.
The tokenomics are compelling too, with 15% of the total supply allocated for staking incentives.
Moreover, Dogecoin20 addresses one of Dogecoin’s core issues by deploying a fixed supply, allowing for potential long-term price appreciation.
As outlined in the project’s whitepaper, DOGE20 will be listed on Uniswap once the presale ends, providing a liquidity boost immediately.
With a roadmap that includes CEX listings and aggressive marketing campaigns, Dogecoin20 has the ingredients to succeed in the meme coin space.
YouTuber Austin Hilton thinks so, discussing the project with his 260,000+ subscribers.
As speculation around Book of Meme wanes, forward-looking traders may find Dogecoin20’s combination of hype and fundamentals to be a more appealing proposition.