Meme coins experience a price correction as BOME, WIF, PEPE, and FLOKI fall

 

• BOME's price dropped by almost 50% after an impressive 3000% rally.
• A BOME whale made over $3.62 million from a recent sale.
• The meme coin rally shows weakness after a 17.6% decline in the meme market.

Prices of meme coins fall sharply on Tuesday, suggesting that either their popularity is waning or that traders are taking profits from the recent rallies. Prices of tokens such as Book of Meme (BOME), dofwifhat (WIF), Pepe (PEPE) or Floki Inu (FLOKI) are registering double-digit price declines.

BOME's loss is SLERF's gain

Book of Meme (BOME) has been trending since Friday and barely three days after it went live, Binance launched the meme coin on its exchange, sending its price up by 3,000% on Saturday.

However, the price of the rising meme token tanked by almost 50% on Tuesday after a major sell-off from whales, including one of its largest holders, sundayfunday.sol. The address sold 340 million BOME tokens in exchange for 18,660 SOL. The sale comes at an average price of $0.0107 per token, reaching a profit of $3.62 million.

Another potential reason for BOME’s price decrease may be traders shifting their holdings to other meme tokens. For example, the market capitalization of Slerf (SLERF), a meme token with a controversial presale, is rising steadily on Tuesday,, according to Coingecko.

This also follows a BOME insider trading accusation thrown at a Binance on Sunday. However, the exchange has since said that the personnel involved in the trading incident isn't one of its staff.

While BOME is down sharply on Tuesday, those investors who bought the token during the presale are still in profit.

BOME/USDT 1-hour chart

Also read: Solana-based meme coin SLERF surges more than 3,700% as developer burns $10 million presale tokens

Memecoin rally may slow down considering the fall in other popular meme coins

Apart from BOME, other popular meme coins have also seen huge declines in the past 24 hours. The general meme coins category is down by about 17.6%, according to data from Coingecko. Market leaders like Shiba Inu (SHIB), Pepe (PEPE), Floki Inu (FLOKI), and dogwifhat (WIF), among many others, have posted losses between 10% to 20% in the last 24 hours.

Meme coins category

The general crypto market correction, especially with the fall in Bitcoin (BTC) and Ether (ETH) prices, may be one reason for the decline. Additionally, many traders are beginning to book profits after an impressive meme coin bull run last week.

Traders may also be looking to exercise caution considering the upcoming Federal Reserve’s (Fed) Federal Open Market Committee (FOMC) meeting, the outcomes of which will be announced tomorrow.

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