Book of Meme (BOME), the eighth-largest meme coin, experienced a significant decline of 14% as investors engaged in overselling amid a market-wide fear, uncertainty, and doubt (FUD). The Solana-based meme coin fell by over 5.7% in the last 24 hours, dropping to $0.00976 from a six-week high of $0.0114 on July 31, according to data from crypto.news.
Despite this sharp downturn, BOME remains the top gainer among the leading 100 cryptocurrencies by market capitalization over the past seven days. However, the price drop brought its market cap down to $680 million, making it the 95th-largest digital asset at the time of reporting. The daily trading volume for BOME also witnessed a significant decrease of 24.7%, currently standing at $282 million.
The Relative Strength Index (RSI) for BOME is around 37 on a 100-point scale, indicating that the meme coin is oversold at its current price level. Data from Santiment shows that BOME’s total open interest has decreased from $109.58 million on July 30 to $76.76 million, suggesting lower price volatility due to fewer liquidations.
Despite the decrease in trading volume and open interest, the number of trades betting on BOME’s price surge has increased, according to Santiment. The total funding rate for BOME dropped from 0.0052% on July 30 to 0.0021% on July 31, and is currently at 0.0059%. This indicates that traders are still bullish on the meme coin, despite a 3.1% decline in the global crypto market capitalization.
The market-wide FUD has impacted BOME’s performance, leading to a significant drop in its price and market cap. Investors are closely monitoring the situation to see how the meme coin will fare in the coming days amidst the ongoing market volatility. Stay tuned for more updates on BOME and its position in the cryptocurrency market.