The eighth-largest meme coin, Book of Meme (BOME), experienced a notable decline as the broader cryptocurrency market faced a bearish trend. This Solana-based meme coin fell by over 5.7% in the last 24 hours to $0.00976, marking a 14% drop after hitting a six-week high of $0.0114 on July 31.

BOME Performance and Market Data

Despite the recent downturn, BOME remains the top gainer among the leading 100 cryptocurrencies by market capitalization over the past week.

BOME’s price drop has brought its market cap down to $680 million, making it the 95th-largest digital asset currently. The meme coin also saw a 24.7% decrease in its daily trading volume, which is now around $282 million.

Data indicates that the BOME Relative Strength Index (RSI), which measures price momentum, is around 37 on a 100-point scale, suggesting that the meme coin is oversold at the current price level.

Open Interest and Volatility

According to data, BOME’s total open interest plunged from $109.58 million on July 30 to $76.76 million. With the decrease in trading volume and open interest, BOME is expected to experience lower price volatility due to fewer liquidations.

Trader Sentiment and Funding Rates

Market intelligence indicates that the number of trades betting on BOME’s price surge has increased. The total funding rate aggregated by BOME dropped from 0.0052% on July 30 to 0.0021% on July 31 and is now hovering at 0.0059%. This suggests that traders remain bullish on BOME despite a 3.1% decline in the global crypto market capitalization.

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