briefly surged past $1 billion in market capitalization as Binance begins investigation into insider trading incident. Crypto traders show huge risk appetite as more than $100 million worth of SOL has been sent into meme projects. Other investors raise concerns about controversial presale methods amidst the meme coin rally. Book of Meme , a recently released meme coin on the Solana network, saw a huge boost to $1 billion in market capitalization on Monday after its launch on Binance.
rat warehouse incident that may be related to insider trading on the exchange. insider trading in Binance? Book of Meme saw increased attention recently after some crypto community members pointed fingers at Binance for conducting insider trading. Suspicions started rising after the largest crypto exchange listed the coin barely three days after it went live. With the increased volume of Binance,
briefly skyrocketed 36,000% to $1.45 billion in market capitalization on Saturday from around $4 million three days earlier, according to data from Coingecko. While the surge made the founders rich, many investors accused Binance that one of its staff may be conducting insider trading. However, the exchange had stated through a statement on X that after an internal investigation, the person mentioned in the relevant information has no connection with Binance.
episode comes after a recent presale meme coin mania on the Solana network. Within the last 72 hours, memecoin presales on Solana have garnered over $100 million, sending the price of SOL to $200. As memecoins continue their surge, indications show that crypto market participants are beginning to show signs of increased risk and greed appetite, according to Coinmarketcap's fear and greed index.
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