BOME, the third-largest meme coin, experienced a significant price increase on October 14, as Bitcoin rebounded to levels not seen since the beginning of last week. The Solana-based meme coin, known as the Book of Meme, surged over 25% within 24 hours, reaching $0.008841—its highest point in two months, according to data from crypto.news.
This price rally elevated BOME’s market capitalization to $610 million, ranking it as the 131st largest digital asset. Daily trading volume skyrocketed by more than 195%, hitting $928 million, with the majority of trading occurring on Binance, followed by Gate.io and Bitget.
Simultaneously, the futures market for BOME witnessed a dramatic increase, with open interest reaching a record $131.12 million, more than double the previous week’s low of $57 million, as reported by CoinGlass.
This surge in BOME’s price aligned with a broader market uptrend, as Bitcoin and other altcoins also experienced substantial gains. The global cryptocurrency market grew by 2.6%, rising from $2.27 trillion to $2.33 trillion.
CoinGlass indicated that this market rally resulted in $167.2 million in liquidations, with $101.6 million attributable to short traders. This suggests that many investors were caught off guard by the unexpected bullish momentum, having anticipated a decline in prices. The wave of liquidations likely intensified the upward pressure on prices, as short positions were forced to close, further energizing the market rally.
Community sentiment surrounding BOME remains optimistic, with 71% of the 3,792 traders surveyed on CoinMarketCap expecting short-term price gains. Positive sentiment has also emerged on social media platform X, where analysts and traders alike are predicting continued upward momentum for altcoins.
Pseudo-anonymous trader Bluntz noted that BOME has successfully breached a critical daily resistance level of $0.0085, which it struggled to surpass since August 24. He anticipates further upward movement, bolstered by a significant increase in daily trading volume and Bitcoin’s recent gains.
Another trader pointed out that BOME has broken out of a falling wedge pattern on the one-day chart, indicating bullish potential. This trader suggested that the meme coin could possibly retest price levels between 80% to 120% above its current value.
BOME’s rally is part of a larger trend in the global meme coin market, which has seen a 1.4% increase in the last 24 hours. According to CoinGecko, the combined market cap of all tracked meme tokens now exceeds $57.6 billion.
On October 11, analyst Moustache noted on X that the altcoin market appears to be approaching an “up-only season.” He highlighted the Altcoin Season Index, which has been developing an Inverse Head and Shoulders pattern—one of the most bullish formations in technical analysis—over the past 3.5 years. This pattern often precedes a major breakout, suggesting that altcoins may soon enter a sustained rally, reversing years of stagnation and downward pressure.
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