TL;DR
- Bitcoin (BTC) dropped below $61,000, but some Solana-based meme coins like Book of Meme (BOME) are well in the green.
- Another meme coin, Slerf (SLERF), spiked in price before being involved in a suspicious activity that erased $10 million in investor funds.
The correction in the cryptocurrency market has intensified in the past 24 hours, with Bitcoin (BTC) dropping below $61,000 for the first time in two weeks. However, some Solana-based meme coins continue defying the negative trends, witnessing substantial gains.
One evident example is Book of Meme (BOME), whose valuation briefly spiked by 30% on a daily scale before slightly retracing in the following hours.
Its market capitalization exceeded the $700 million mark, making it the 137th biggest cryptocurrency. Recall that BOME was part of the top 100 club earlier this week when its market cap neared a whopping $1.5 billion.
The asset is one of the latest meme coins built on the Solana blockchain. Launched a few days ago, it has already received support from leading crypto exchanges such as Binance and Bitrue.
Another similar token that has made waves as of late is the sloth-themed Slerf (SLERF). As CryptoPotato reported on March 19, its price peaked at almost $1.30, potentially fueled by huge excitement generated around the coin and support coming from HTX.
SLERF was also one of the assets a mysterious trader dealt with to make a profit (at least on paper) of approximately $3.5 million in less than three days.
Nonetheless, its valuation is deep in the red today, while the token was also involved in suspicious activity, with the developer behind it accidentally burning $10 million worth of funds raised from investors during the presale.
This came as another warning that meme coins can be quite dangerous and lead to devastating losses. Those willing to avoid some common mistakes when entering the ecosystem of a certain meme coin should watch our dedicated video below:
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