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HomeBusinessWhales on Solana purchase BOME during market crash: Is recovery imminent?

Whales on Solana purchase BOME during market crash: Is recovery imminent?

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The memecoin Book of MEME (BOME) saw a significant increase of over 5% in the last 24 hours, despite technical indicators pointing in a bearish direction. In the aftermath of a recent market crash that affected most cryptocurrencies, whales took advantage of the situation to accumulate BOME, which is based on the Solana blockchain. This accumulation by whales helped initiate a recovery for BOME, as the market conditions turned bullish.

During the market crash, BOME suffered a loss of over 37% in market capitalization, but the intervention of Solana whales helped bolster its value. The increase in demand among whales caused BOME’s price to spike by more than 5% in the last 24 hours, with the cryptocurrency trading at $0.00894 and boasting a market cap of over $493 million. However, despite the price surge, market sentiment remained predominantly bearish for BOME, as evidenced by low weighted sentiment and declining social volume, hinting at a drop in popularity.

Looking ahead, there are concerns that BOME’s price action could turn bearish again, given that market indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are not showing positive signs. While there is optimism for a full recovery if BOME manages to break past the $0.010 threshold and reach $0.013 by the end of the week, the current indicators suggest a challenging path ahead for the memecoin’s price.

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