What next for Solana’s BOME price after 2,200% gains in March?

The closing price of Book of Meme (BOME) on the March 2024 market was just $0.15, marking a staggering surge of over 2,265% in value. Social media buzz indicates that there may be even more bullish activity to come in April.

Over the past few weeks, the Solana memecoin market has experienced significant growth, with Dogwifhat (WIF) and BONK taking the lead since the beginning of the year. Notably, the newest entry, Book of Meme (BOME), has been spearheading this rally recently.

Book of Meme social media trends hint at April rally

Launched on Solana on March 14, Book of Meme (BOME) quickly gained popularity as a memecoin and reached unicorn status within its first week of trading. As a result, it became the third largest meme project in the Solana ecosystem.

It’s worth noting that the price of Book of Meme has remained relatively stable since March 19, hovering between $0.1 and $0.15. In contrast, coins like WIF and BONK have experienced significant growth and reached new highs due to extensive media coverage.

After being out of the spotlight for two weeks, recent media tendencies indicate that BOME may be at a pivotal moment.

Santiment’s weighted sentiment analysis gathers information from notable crypto media sources and calculates the difference between the number of negative and positive statements regarding a specific project.

What next for Solana’s BOME price after 2,200% gains in March?

After the thrilling 2,000% price surge BOME experienced when it first came out and received widespread excitement, the media frenzy around the project has since calmed down.

Currently, BOME‘s social sentiment score is at -0.23% as of April 1st, indicating more negative and downbeat opinions about the company compared to positive and optimistic views.

Strategic investors who didn’t take part in the dramatic market surge of March 2024 might now see an opportunity to join. With most media discussions turning unfavorable, these savvy investors could believe that the current climate is ideal for entering the market.

If this situation unfolds, the surge of fresh investment might cause BOME‘s price to experience yet another dramatic increase in April.

BOME maintains high liquidity, despite flat price action

Although the price of Book of Meme has been unchanged since mid-March, indicators suggest that investors remain committed. While WIF and BONK have received the majority of attention, liquidity and investor engagement in BOME have remained strong over the past fortnight.

Simply put, the TVMC ratio is a measurement tool for evaluating a crypto asset’s liquidity and trading intensity. By dividing the amount of an asset traded during a given timeframe by its total market value, we can determine this ratio.

What next for Solana’s BOME price after 2,200% gains in March?

Starting from its launch on March 14, BOME has had an average daily trading volume of approximately $1.1 billion, based on Coingecko’s data. With a market capitalization of $840 million, this equates to a Trading Volume to Market Capitalization (TVMC) ratio of around 1.3.

In simpler terms, an asset is considered underpriced if its trading volume to market capitalization ratio (TVMC) is more than one. For instance, in the BOME markets, the trading volume has been about 30% higher than the market capitalization.

For two primary reasons, BOME‘s current situation sets the stage for favorable price movements in the short term: first, its substantial TTM revenue (Trailing Twelve Months) to market capitalization ratio and persistent heavy trading volume indicate robust liquidity and heightened investor attention towards BOME during this two-week long period of price stability.

Additionally, when the trading volume exceeds the market capitalization of BOME, it suggests that favorable conditions exist for price increases in the short term. New investors might perceive BOME as underpriced based on its active trading activity.

Simply put, with minimal media attention and a large number of shares available for purchase (TVMC ratio), BOME has the potential to draw in new investors, possibly leading to further price increases toward $0.02.

Forecast: BOME price heading straight to $0.02 in April?

On April 1st when I’m penning this down, Book of Meme’s price is barely holding above the $0.015 mark. However, due to minimal media attention and a high trading volume to market capitalization ratio of 130%, there’s an excellent chance for BOME to draw in new investments. This influx could ignite another price surge towards the next significant level at $0.02.

Instead of “However, the $0.18 territory poses significant short-term resistance,” you could say “The price level of $0.18 acts as a major hurdle for BOME investors looking to sell in the short term, based on historical data shown below.”

If the Book of Meme’s bulls manage to surmount the historically notable selling zone, there is a strong possibility of a substantial price increase beyond $0.02, as previously anticipated.

What next for Solana’s BOME price after 2,200% gains in March?

From another perspective, if the support level of BOME at $0.10 gives way, there is a risk that it could enter a prolonged decline. However, considering the abundant market liquidity and the generally optimistic mood in the wider Solana memecoin community, such an outcome appears unlikely at present.

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2024-04-01 15:06