After its strong outperformance in the broader cryptocurrency market, Solana and its meme coins have faced some pullback amid the broader market correction. While the Solana price is down by 10% at $185, the BOME price has corrected by a massive 50%, as of press time.

BOME Price Sees Major Selling Across Counter

After delivering a mega bull run, the BOME price seems to have entered a steep correction by dropping another 50% in the last 24 hours. At press time, BOME is trading at $0.009813 with a market cap of $541 million. Currently, it is the 11th most-traded cryptocurrency with daily trading volumes of $2,367,455,325.

The BOME price has already corrected 55% from its weekly high of $0.026, however, it is still trading at a staggering 1000% gains on the weekly chart.

The major selling comes from BOME’s personal holding address sundayfundday.sol. Over the last nine hours, the leading holder of BOME tokens has once more sold 340 million BOME tokens, resulting in earnings of 18,660 SOL.

The tokens were sold at an average price of $0.0107 per token, yielding a profit of $3.62 million. Despite retaining 900 million tokens, the holder’s assets have decreased to $8.38 million due to a significant decline in the price of BOME tokens.

According to on-chain data provider Santiment, BOME and Solana are currently the most discussed assets across social media platforms. This increased attention is largely due to their recent strong performance in the markets. The community perceives Solana and related meme coins as credible alternatives to Ethereum-based projects.

What’s Behind the Recent Crash?

One of the major reasons behind the BOME price correction is the strong pullback in the broader cryptocurrency market ahead of the FOMC meeting. Furthermore, after a massive run-up in a very short period of time, this correction seemed to be overdue.

Furthermore, as CoinGape reported on Monday, March 18, reports of BOME insider trading at Binance surfaced. The crypto exchange stated that it is addressing these concerns and welcomed any proof in this regard.

On the other hand, other meme coins have also experienced significant declines, with PEPE, WIF, FLOKI, BONK, and others all dropping by nearly 20% within a 24-hour period.

The meme coin trading boom has certainly helped Solana. Token Terminal reports that amid the flourishing on-chain trading of memecoins, Solana’s fee capture has surged to $17.8 million in the last week, surpassing that of Bitcoin, which stood at $17.5 million. Solana’s daily fee capture has consistently exceeded $3 million for three consecutive days, setting continuous new all-time highs.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.