The eighth-largest meme coin, Book of Meme, witnessed a sharp decline as the broader cryptocurrency market experienced a bearish storm.
Despite the recent downturn, BOME is still the top gainer among the leading 100 cryptocurrencies by market cap over the last seven days.
BOME’s price drop brought its market cap to $680 million, ranking it as the 95th-largest digital asset. The meme coin saw a 24.7% decrease in daily trading volume, now at $282 million.
Data indicates the BOME Relative Strength Index, which measures price momentum, is around 37 on a 100-point scale, suggesting that the meme coin is oversold at its current price level.
According to data by Santiment, BOME’s total open interest fell from $109.58 million on July 30 to $76.76 million. Lower trading volume and open interest imply reduced price volatility due to fewer liquidations.
Market intelligence indicates a resurgence in trades betting on BOME’s price surge.
Per Santiment, the total funding rate aggregated by BOME dropped from 0.0052% on July 30 to 0.0021% on July 31, currently hovering at 0.0059%. This shows traders remain bullish on the meme coin despite the 3.1% decline in global crypto market capitalization.
