BOME, the third-largest meme coin, saw a significant increase on Oct. 14 as Bitcoin bounced back to levels observed at the start of last week.
The Book of Meme (BOME), a meme coin based on Solana, surged by over 25% in the past 24 hours, reaching $0.008841—its highest point in two months, according to data from crypto.news.
BOME’s price increase lifted its market capitalization to $610 million, making it the 131st-largest digital asset. Daily trading volume surged by over 195%, hitting $928 million, primarily on Binance, followed by Gate.io and Bitget.
In parallel, futures open interest saw a substantial rise. According to CoinGlass, open interest in BOME futures reached a record $131.12 million, more than doubling from last week’s low of $57 million.
This rally coincided with an overall market upswing, with Bitcoin (BTC) and other altcoins experiencing sharp price gains. The global crypto market expanded by 2.6%, increasing from $2.27 trillion to $2.33 trillion.
CoinGlass reports that this surge resulted in $167.2 million in liquidations, including $101.6 million from short traders. This indicates that many investors were caught off guard by the bullish momentum, having wagered against rising prices.
The sudden spike in liquidations likely added upward pressure on prices as short positions were forced to close, further energizing the market’s rally.
The community’s sentiment surrounding BOME has been positive, with 71% of 3,792 traders on CoinMarketCap anticipating short-term price increases. Similarly, sentiment on X has shifted favorably, with numerous analysts and traders forecasting strong bullish momentum for altcoins.
According to the pseudonymous trader Bluntz, BOME has effectively surpassed a crucial daily resistance level of $0.0085, which it struggled to break since Aug. 24. He expects further upward movement for the meme coin, bolstered by a notable rise in daily trading volume and Bitcoin’s recent climb.
Another trader remarked that BOME had exited a falling wedge on the 1-day chart, a bullish sign, suggesting that the meme coin might potentially retrace 80%-120% above its current price levels.
BOME’s rally aligns with a growth in the global meme coin market, which saw a 1.4% increase in the last 24 hours. According to CoinGecko, the total market cap for all monitored meme tokens now exceeds $57.6 billion.
In a post on X dated Oct. 11, analyst Moustache predicted that the altcoin market is approaching an “up-only season,” referring to the Altcoin Season Index, which has been forming an Inverse Head and Shoulders pattern—one of the most bullish signals in technical analysis—over the past 3.5 years.
This formation often precedes a significant breakout, indicating that altcoins may soon enter a sustained rally, reversing years of stagnation and downward pressure.
