A newly launched memecoin has seen a dramatic price rise of over 3000% over the past 24-hour period, and a cryptocurrency trader has managed to take advantage of its rise by betting 50 $SOL, worth around $9,000, in the cryptocurrency. Its rise has seen them make a profit of over $123,000.
According to on-chain analysis service Lookonchain, a cryptocurrency trader bet 50 SOL on the presale event of the meme-inspired cryptocurrency BOME, and 14 hours later they managed to sell their allocation of 170.25 million BOME for a whopping 767 SOL tokens, making 717 SOL in profit.
The newly launched cryptocurrency Book of Meme ($BOME) was created by crypto artist Darkfarms and aims to establish a permanent digital archive for memes. The project, launched on March 10, envisions a multifaceted platform encompassing a regularly updated digital magazine, meme creation tools, and a library of memes categorized under a Creative Commons Zero license (CC0).
Darkfarms, known for their contributions to the Pepe meme universe through the non-fungible token (NFT) series like SMOWL, conducted a 24-hour presale of BOME on Solana. Unlike traditional token sales, the price wasn’t fixed and instead, the allocation of BOME tokens was determined by the proportional contribution of SOL by each participant.
The presale surpassed Darkfarms’ initial expectations, raising over 10,131 SOL, nearly double the anticipated amount. The cryptocurrency’s success has seen it get listed on various popular exchanges, including Crypto.com and Gate.io.
Notably, other memecoins including SHIB and PEPE have recently seen large whales sell their tokens on centralized cryptocurrency exchanges to realize their gains, with one whale realizing over $6 million in gains by depositing over 200 SHIB onto Gemini and Crypto.com.
Featured image via Pixabay.
