Twenty-four hours in the crypto space are equivalent to five years in the traditional finance space, and the rise and fall of Book of Meme ($BOME) clearly illustrates this. $BOME plummets as a trader unloads 340 million tokens for $3.6 million profit. Where did $BOME come from, and how did it get listed on Binance so fast? Allegations of insider trading are flying, and despite rallying massively in 48 hours, $BOME is already 50% down from its all-time highs. Investors searching for the top cryptos to buy right now need to learn to separate the wheat from the chaff, and when things rally rapidly, it is an early sign that a pump and dump could be in play.
Book of Meme ($BOME) Plummets As Insider Wallet Unloads 340 Million Tokens
Book of Meme was the meme token that dominated mindshare earlier this week. This Solana-based project appeared out of nowhere before attracting $1 billion in trading volume. But something smells fishy. $BOME was listed on Binance, HTX, and Bybit almost immediately, and usually, there is a prolonged delay in new memecoins being listed on centralized exchanges. Why? Unless wallets control a significant portion of the total supply, centralized exchanges must either purchase directly from the open market or enter negotiations with the team. This rapid turnaround for $BOME suggests centralized insider wallets controlling a large percentage of the total supply. On-chain data tells the whole story with one wallet Sundayfunday.sol loading up 420 $SOL during the presale and then selling at the top, dumping more than 430 million tokens in seven large chunks for a tidy $3.6 million profit. $BOME’s price remains a long way from its ATH. But what cryptos to buy now for investors who want to enjoy that 100X memecoin thrill?
Galaxy Fox ($GFOX) A Safer and More Stable Memecoin
Galaxy Fox ($GFOX) has been listed as one of the top cryptos to buy right now for its unique approach to deployment. The protocol leverages a Fair Launch mechanism, allocating 70% of tokens to the presale, and an open funding round ensures no insider wallets. This even distribution, known as distributed ownership, is the number one factor for a successful memecoin. Most investors do not realize this, but all the most successful meme projects have had distributed ownership, ensuring that large wallets do not dump, wreck the chart, and kill the token’s future. After raising an impressive $5.2 million, more investors are taking notice of Galaxy Fox and its hybrid architecture. It has taken a classic memecoin build and integrated a play-to-earn game. This infinite runner, a gaming staple, comes with a Web3 twist, and each season, the top-ranked players win part of the prize pool. Galaxy Fox aims to become a widely adopted and recognized currency across DeFi and leverages a clever tokenomics model to accrue value for holders. A token burn increases the scarcity of $GFOX on the open market, and staking rewards opens up a passive income avenue for holders. This simplified approach to earning makes $GFOX a great crypto for beginners. But how can a token pay staking rewards while being deflationary? The project has implemented a taxation system that routes capital to drive growth and rewards stakeholders. Becoming a staker in this ecosystem promises to be lucrative as it enters its price discovery phase. Already 90% sold out, the window of opportunity to become an early adopter is closing.
Closing Thoughts: Memecoins & Distributed Ownership
When searching for the top cryptos to buy right now in the memecoin space, investors need to pay attention to token distribution and avoid projects with wallets that hold an oversized percentage of the total supply. Compare $BOME and $GFOX. One token dumped, whereas the other employs a Fair Launch mechanism. Galaxy Fox is a top crypto to invest in this quarter while markets are cooling off. Its launch will coincide with bullish conditions returning, and now is the ideal time to enter this presale.
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