Bulls are finally taking charge of the crypto market in March 2024. The Solana blockchain has experienced an influx of activity, largely due to hype around memecoins. One of the new tokens that has spurred such growth in network activity is Book of Meme (BOME). But what is BOME, and what does it do? Is there a new memecoin with utility on the block? Find out everything you need to know, including where to buy BOME, in this comprehensive explainer.
Methodology
BeInCrypto selected the top platforms to purchase BOME after testing each one for a period of six months. The primary factor considered was availability of the asset BOME. However, exchanges were further narrowed down with a set of key criteria, including usability, features, and security. Here’s a quick snapshot demonstrating why each was chosen.
Gate.io
Gate.io is a global exchange that is renowned for its payments support. It is available in over 100 countries and has large support for altcoins. It’s acceptability of payment methods makes it a great candidate for purchasing BOME.
- Spot and derivatives trading (futures and options)
- Low fees
- Trading bots
Bitget
Bitget is another exchange that supports a variety of payment options via third-party payment processors. This allows it to support more than 190 countries for crypto services. It’s fees are in alignment with industry standards, coming in at 0.1%.
- Copy trading and trading bots
- Spot and NFT trading
- Loans and staking services
KuCoin available in over 200 countries, making it a truly global CEX. Additionally, the exchange publishes a proof-of-reserves and has a safety fund to protect the integrity of the platform. Lastly, Kucoin also hAs a vast altcoin selection.
- Spot and derivatives trading
- Kucoin Insurance fund
- Fractional NFTs and wallet
Bybit
Bybit boasts low fees, coming in at 0.1% and descending when users upgrade to VIP level. It is renowned for its payment support, allowing over 300 payment methods. It is available in over 160 countries, which allows it to support customers on a global scale.
Binance
Binance is known as the world’s largest exchange by 24-hour trading volume. This makes it an excellent source for deep liquidity. Additionally, Binance has already created futures trading for BOME, giving customers different options for gaining exposure.
- Deep liquidity
- Low fees
- Support for multiple countries
This methodology was fact checked and peer reviewed for accuracy. To learn more about BeInCrypto’s verification methodology, please refer here.
Where to buy BOME tokens?
Before we dive into this Book of Meme explainer, here’s a quick list of BeInCrypto’s tried and tested platforms that support BOME. If you’re looking to buy the memecoin safely and securely, choose a trusted exchange. Only follow official links to avoid phishing attacks and other crypto scams.
Bitget
Bitget is a cryptocurrency exchange platform for trading various digital assets and cryptocurrencies. It is known for offering spot, futures, and other derivative products, catering to a wide range of traders from beginners to advanced.
KuCoin
KuCoin is a global cryptocurrency exchange offering a wide range of financial services to novice and experienced investors. Launched in September 2017, KuCoin has grown to be a key player in the market and is known for its user-friendly interface, wide selection of cryptocurrencies, and innovative features.
Bybit is a cryptocurrency exchange specializing in derivatives trading, particularly cryptocurrency futures and options. Established in March 2018, it has quickly become one of the more popular platforms in the crypto derivatives market, appealing to a range of traders, from beginners to experienced professionals.
Binance
Binance is one of the world’s leading cryptocurrency exchanges, offering a platform for trading digital assets. Founded by Changpeng Zhao in 2017, Binance has expanded to serve millions of users globally.
The platform offers a comprehensive suite of services, including spot trading, futures trading, margin trading, P2P (peer-to-peer) trading, staking, savings, and a launchpad for new cryptocurrency projects. It supports many cryptocurrencies, providing traders with high liquidity and numerous trading pairs.
Gate.io is a global cryptocurrency exchange platform for trading various digital assets. It offers trading in a wide range of cryptocurrency pairs, including Bitcoin, Ethereum, and many altcoins, as well as newer and less established cryptocurrencies.
In addition to spot trading, Gate.io provides services such as margin, futures, and options trading, allowing users to leverage their positions.
What is the Book of Meme (BOME)?
Book of Meme (BOME) is a new Solana-based memecoin created by enigmatic crypto artist Darksfarm1.
BOME aims to create a long-lasting storage system for memecoins, revolutionizing web3 culture through a blend of memes, decentralized storage, and trading functionalities. The project’s vision is to immortalize meme content by securing it indefinitely on the blockchain.
The fusion of meme culture and decentralized storage led to an unexpected, rapid surge in BOME’s value. The token’s market capitalization skyrocketed to $1.5 billion shortly after launch before settling at just over $700 million, as per CoinMarketCap price data.
How does Book of Meme (BOME) work?
BOME is designed as both a creative platform for meme generation and a gateway to a vast archive of memes available under the CC0 license. It aims to establish a centralized hub for meme culture, providing tools for creation and a comprehensive library, all while harnessing blockchain technology for secure distribution and ownership.
So how does it do this? BOME introduces a novel approach to decentralized social media by embedding every meme onto the blockchain, leveraging platforms like IPFS and Arweave. This effectively turns the Book of Meme into a vast digital repository connected through token metadata.
Future updates anticipate linking all content associated with a specific meme through a single NFT. Note that the BOME token serves as the primary medium of exchange within its ecosystem.
The Book of Meme includes a constantly updating e-magazine, tools for crafting memes, and an extensive collection of non-mint JPEGs.
Why is BOME popular?
BOME’s rising popularity can be attributed to its status as a meme token based on the Solana network, echoing the success of similar tokens like Dogwifhat (WIF). Projects like Jupiter, Marinade, and Jito have all contributed to the growth of the Solana ecosystem in 2024.
BOME’s ascent is part of a larger movement in the memecoin sector, which saw its total market capitalization hit $40 billion in early March 2024. Tokens such as Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) led this wave.
This resurgence in the memecoin niche has been a dual force, with tokens like BOME benefiting from and contributing to the recent surge. Since the introduction of the Book of Meme, the BOME token has seen a significant increase in value (as shown above), mirroring the broader trend.
Is Book of Meme worth investing in?
Investing in BOME is a risk. Memecoins are extremely volatile and one of the more precarious categories in crypto investing.
Many memecoin projects can turn out to be scams or have poorly thought out tokenomics. Even the projects that are not rug pulls do not have a high probability of long-term success due to the saturation of tokens on the market. For some commentators, today’s meme token interest can be attributed to a sort of financial nihilism.
“Financial nihilism is this idea that basically claims that when people lose any since of connection between financial markets and real-world outcomes they start to think that, like actually this idea that financial assets should be priced on intrinsic value is bs. “
Haseeb Qureshi, DragonFly Capital: YouTube
The term describes a disconnect between the financial markets and real-world outcomes, leading some to reject traditional notions of value based on intrinsic properties. This mindset can contribute to the unpredictable swings in memecoin valuations, as investments may be driven more by social movements or trends rather than underlying economic principles.
In other words, while BOME is not like traditional memecoins, it is still a memecoin and subject to the speculative nature of these types of markets. If you do decide to invest, do so with caution, create an exit strategy, and never invest more than you can comfortably afford to lose.
A memecoin with a difference?
BOME is unlike most memecoins in the sense that it has utility. Like Shiba Inu and Dogecoin, it has created an ecosystem to set itself apart. The token has also benefited from a unique set of circumstances resulting from growth in the Solana ecosystem, particularly memecoin growth, in the early stages of the bull market. As a result, BOME has shown an impressive price trajectory. Time will tell whether this hype will fade or if the founders manage to build on the project’s initial success.
Frequently asked questions
Book of Meme (BOME) is a memecoin based on the Solana blockchain. It was created by the pseudonymous artist known as Darkfarms1. This project aims to establish a permanent storage library for memecoins.
BOME operates as a memecoin within the Solana ecosystem, aiming to create a decentralized library where each meme is permanently stored and secured on the blockchain. By combining Arweave and IPFS, BOME offers a solution for meme preservation. The Book of Meme also includes a constantly updated e-magazine.
Disclaimer
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