The cryptocurrency market has recently been abuzz with the remarkable ascent of Book of Meme (BOME), a meme coin within the Solana (CRYPTO: SOL) ecosystem, which has seen a significant price increase.

This surge is attributed to various factors, including a notable rise in open interest among derivatives traders, The Daily Hodl reports.

On Friday, March 22, BOME's value soared by over 42% from its low, reaching a peak of $0.01681.

At the time of writing, the coin's price has increased by 25% to $0.01476, boasting a market capitalization of $814.08 million.

The meme coin opened trading on March 14 at $0.000059 and has gained more than 22,000%.

According to data from Coinmarketcap, the 24-hour trading volume for BOME also experienced a dramatic increase. 

The spike in BOME's open interest, which surged by 11.76% to $156.16 million, and a significant increase in derivatives volume, up by 111.96% to $3.51 billion, have been pivotal in the coin's price movement.

A notable short squeeze, resulting in approximately $2.54 million in short liquidations, has further propelled the price upward, indicating a potential for higher prices before a correction.

Also Read: Whopping $33.8 Million Worth Of Dogecoin Shifted To Robinhood — And People Suspect This Person Could Be Behind It

In a post on X, Crypto analyst Altcoin Sherpa said that the meme coin will probably be a good one to look for shorts eventually.

$BOME: Prob going to be a good one to look for shorts eventually. I think this could go a bit higher first though. pic.twitter.com/lc7F2E5AYC

— Altcoin Sherpa (@AltcoinSherpa) March 21, 2024

However, the rapid fluctuations in BOME's price have attracted scrutiny from Binance. Last week, Binance initiated an investigation into potential insider trading related to the "BOME rat warehouse" incident, offering rewards of up to $5 million for information on the case.

In addition to the ongoing investigation, the crypto community is also anticipating the debut of Book of Meme 2.0 (BOME2) on LBank.

This listing, scheduled for March 23, 2024, introduces a new opportunity for traders with the BOME2 spot pairs. It also includes an additional transaction fee to support the project's sustainability.

Now Read: Forget Dogecoin And Shiba Inu, This Meme Coin Has Surged Nearly 70% In Just 24 Hours

Image created using artificial intelligence with Midjourney.