Binance Investigates 300M BOME Token Pre-Listing Purchase In Insider Trading Scandal

Crypto exchange Binance has investigated allegations of insider trading concerning the listing of Solana meme coin Book Of Meme (BOME).
Binance Investigates Insider Trading Claims
On March 14th, Pepe Meme artist Darkfarms introduced the Solana meme coin BOME. He initiated the token’s presale by sharing a Solana address on Twitter, where raised SOL funds were utilized to add liquidity.
Within three days, BOME skyrocketed from zero to a peak market value of over $2 billion (currently valued at $700 million) and secured a listing on the Binance exchange.
However, before the listing of the meme coin, a whale – a person or entity that holds a large amount of crypto – purchased 314 million BOME tokens for $2.3 million on the Raydium decentralized exchange (DEX) on March 15, at an average price of $0.0074 per token.
After the listing, the token’s value skyrocketed to $0.026, making the purchased tokens worth approximately $5 million. This suspicious transaction triggered community discussions, with some speculating about the possibility of insider trading.
Binance promptly responded to the allegations by launching an internal investigation into the insider trading claims linked to BOME’s listing on their exchange.
In a statement, Binance addressed the community’s concerns, stating that it takes such information seriously and is committed to conducting a thorough investigation. The exchange’s preliminary findings indicate that the individual named in the allegations has no connection to Binance.
Moreover, Binance expressed gratitude for the community’s vigilance and emphasized the importance of transparency and fairness. The exchange promised to continue investigating the matter in-depth to uncover the truth surrounding the allegations.
To encourage reporting any instances of currency quotation corruption or insider misconduct involving Binance team members, the exchange offered financial rewards ranging from $100,000 to $5 million while ensuring the confidentiality of the whistleblower’s identity.
According to CoinGecko data, the BOME token currently trades at $0.01114, marking a significant 51% decline from its listing price and all-time high (ATH) of $0.02689. Additionally, the trading volume has decreased by 35%.
OKX Founder Responds To Speculations
In contrast to Binance, the second-largest offshore exchange, OKX, has not listed any recent Solana meme coins. The founder of OKX, StarXu, has responded to speculations regarding this matter.
StarXu clarified that the OKX listing team’s primary focus is to discover valuable and promising utility tokens for their customers at an early stage. Unlike some exchanges, OKX does not entertain requests or pitches for listings.
Instead, the founder of OKX stated that they thoroughly researched potential projects in the market and closely monitored the performance of the tokens over a long period. Final listing decisions are made independently by OKX’s Listing Committee.
StarXu emphasized that repeatedly promoting or pushing tokens to OKX team members on Twitter will not influence the listing process in any way. He urged individuals to refrain from such activities and stated that they have no influence on the selection of tokens for listing on the OKX exchange.
Binance Coin (BNB) is trading at $543, down 4.8% in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K

Bitcoin price struggled to recover above the $68,800 resistance. BTC is now moving lower and there is a risk of more downsides below the $65,000 support.
- Bitcoin price is struggling to start a fresh increase above the $68,000 zone.
- The price is trading below $68,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $68,000 resistance zone in the near term.
Bitcoin Price Faces Resistance
Bitcoin price attempted a fresh increase above the $65,500 zone. BTC climbed above the $67,200 and $68,000 levels. However, the bears were active near the $69,000 zone.
A high was formed at $68,898 and the price is now moving lower. There was a move below the $67,500 support zone. The price declined below the 50% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.
Bitcoin is now trading below $68,000 and the 100 hourly Simple moving average. It is testing the 76.4% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.
There is also a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $66,750 level. The next key resistance could be $67,800 or the trend line, above which the price could rise toward the $68,800 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the $68,800 resistance zone, the price could even attempt a move above the $70,000 resistance zone. Any more gains might send the price toward the $71,200 level.
More Losses In BTC?
If Bitcoin fails to rise above the $67,800 resistance zone, it could start another decline. Immediate support on the downside is near the $65,550 level.
The first major support is $65,000. The main support sits at $64,500. If there is a close below $64,500, the price could start a drop toward the $63,500 level. Any more losses might send the price toward the $62,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $65,500, followed by $65,000.
Major Resistance Levels – $67,800, $68,800, and $70,000.