Speculators are flocking towards the memecoin sector in 2024. Book of Meme (BOME) is one token grabbing the attention of traders. But what is the Book of Meme project, and how can you buy the Solana-based BOME? This guide demonstrates everything you need to know about adding the memecoin to your portfolio.
Methodology
Many factors were considered when BeInCrypto selected the top wallets and platforms to purchase Book of Meme (BOME) for this guide. Our product teams tested each exchange for a period of six months and compared our top platforms with a list of those which supported BOME.
Some of the factors that were taken into account for both wallets and exchanges were asset availability and safety of the platform. Beyond this, exchange fees, region availability, and trading features were considered. In the case of wallets, safety, features, and platform availability were major factors. Here’s a quick peak into why each was chosen.
Exchanges
- KuCoin: Globally accessible in over 200 countries, offering a truly international CEX experience. Features include proof-of-reserves publication and a safety fund for platform integrity. Also known for its extensive altcoin selection.
- Gate.io: Renowned for its extensive payment support, available in more than 100 countries. It is celebrated for its large altcoin support, making it ideal for purchasing BOME.
- Bitget: Supports a wide range of payment options through third-party processors, serving over 190 countries. Charges industry-standard fees of 0.1%.
- Binance: The world’s largest exchange by 24-hour trading volume, providing deep liquidity. Offers futures trading for BOME, allowing various exposure options.
- Bybit: Known for low transaction fees starting at 0.1%, reducing further for VIP members. Offers extensive payment support with over 300 methods and available in over 160 countries.
- Trust Wallet: Renowned for its user-friendly interface and strong security features, Trust Wallet is an excellent choice for storing BOME due to its support for multiple cryptocurrencies and integration with decentralized applications.
- Guarda Wallet: Offers versatility and security, allowing users to manage BOME alongside a wide array of other digital assets. Its multi-platform availability and built-in exchange features provide a comprehensive crypto management tool.
- OKX Wallet: Part of the OKX platform, this wallet supports a broad range of cryptocurrencies including BOME. It’s known for its seamless integration with the OKX exchange, providing a smooth trading and storage experience.
- Math Wallet: A multi-chain wallet supporting over 70 blockchains, including networks compatible with BOME. Math Wallet is appreciated for its wide ecosystem support and user-friendly interface, making it a solid option for diverse crypto activities.
- Gem Wallet: Offers a variety of operations such as sending, receiving, trading, and purchasing crypto assets. It is accessible for both iOS and Android devices. Gem Wallet also allows users to swap and trade over 1000+ crypto assets privately, stake cryptocurrencies, and store NFTs, among other things.
Wallets
To learn more about BeInCrypto’s Verification Methodology, visit the link here.
- Where to buy Book of Meme (BOME)
- Bitget
- KuCoin
- Bybit
- Binance
- Gate.io
- How to buy Book of Meme (BOME)
- What is Book of Meme (BOME)?
- How does Book of Meme (BOME) work?
- Book of Meme (BOME) vs. other cryptocurrencies
- Book of Meme (BOME) ecosystem
- Book of Meme (BOME) wallets
- OKX Wallet
- Guarda
- Trust Wallet
- Math Wallet
- Gem Wallet
- Book of Meme (BOME) staking
- Pros and cons of investing in Book of Meme (BOME)
- Memecoin volatility is a feature of the asset class
Where to buy Book of Meme (BOME)
The first step when looking at how to buy BOME is to choose a safe and secure crypto exchange that suits your personal needs and priorities. Here’s a quick list of BeInCrypto approved platforms that support BOME. Remember to only ever click on official links — be mindful of phishing attempts and other crypto scams, especially where memecoins are concerned.
Bitget
Bitget is a cryptocurrency exchange platform where you may trade a variety of digital assets and cryptocurrencies. It is well-known for its spot, futures, and other derivative products, which cater to traders of all levels.
KuCoin
Launched in September 2017, KuCoin is a global cryptocurrency exchange that provides a wide range of financial services to both experienced and novice investors. The company is well-known for its user-friendly interface, large selection of cryptocurrencies, and cutting-edge features.
Bybit is a cryptocurrency exchange that specializes in derivative trading, namely Bitcoin futures and options. It was launched in March 2018 and has quickly become one of the most popular platforms in the crypto derivatives market, appealing to a wide variety of traders, from novices to experienced pros.
Binance
Binance is one of the world’s top cryptocurrency exchanges, providing a trading platform for digital assets. It was founded by Changpeng Zhao in 2017 and has since grown to service millions of users worldwide. The platform provides a wide range of services, including spot trading, futures trading, margin trading, peer-to-peer (P2P) trading, staking, savings, and a launchpad for new cryptocurrency initiatives.
Gate.io is a global cryptocurrency exchange platform for trading various digital assets. It allows trading in a variety of cryptocurrency pairs, including Bitcoin, Ethereum, and numerous altcoins, as well as smaller and less established cryptocurrencies. In addition to spot trading, Gate.io offers margin, futures, and options trading, which allows users to leverage their positions.
How to buy Book of Meme (BOME)
Purchasing Book of Meme (BOME) with cryptocurrencies on the KuCoin spot market involves a few strategic steps to utilize your existing crypto assets to acquire BOME. Here’s how you can go about it:
- Account sign-up: Register for an account on KuCoin by providing your email address or phone number and setting a secure password.
2. Complete KYC: Undergo the Know Your Customer (KYC) verification by submitting necessary ID documents, which include personal details, ID photos, and face verification. Completing the KYC unlocks additional benefits. Ensure all your information is accurate to prevent any issues with your review. You’ll receive the outcome of the review via email.
3. Finalize facial verification: After uploading your photo, click “Continue” to initiate facial verification. Choose your device and follow the prompts to complete the process. Your information will automatically be submitted for review.
4. Buy stablecoins: Utilize KuCoin’s Fast Trade service, engage in peer-to-peer (P2P) transactions, or buy from third-party sellers to obtain stablecoins like USDT. This step is essential if you still need to own crypto that you wish to trade.
5. Transfer existing crypto: If you have cryptocurrencies in another wallet or trading platform, you can transfer them to your KuCoin account. Be vigilant about the blockchain network you choose for the transfer to ensure it matches KuCoin’s deposit address for the specific crypto. Incorrect transfers to the wrong blockchain address can lead to a permanent loss of assets.
6. Find BOME trading pairs: In the KuCoin spot market, look for the trading pairs that match Book of Meme (BOME) with your current crypto.
7. Place your order: With your desired trading pair selected, you can order to exchange your current cryptocurrencies for Book of Meme (BOME).
8. Check your trading account: Following the successful execution of your order, verify that the Book of Meme (BOME) you purchased is now visible in your KuCoin trading account. This confirmation indicates that your transaction was successful, and you now own BOME.
What is Book of Meme (BOME)?
The Book of Meme (BOME) token is an experimental project that aims to transform web3 culture by integrating memes with decentralized storage and trading. It’s designed to preserve meme culture on the blockchain, making it immutable and accessible.
The project utilizes the Solana blockchain, with plans to use Arweave, IPFS for storage, and Bitcoin inscriptions. Darkfarms1 created the initiative, including the $BOME memecoin, and released it to the public on March 13, 2024.
BOME is the latest addition to an ongoing craze for memecoins on Solana. Since the Bitcoin ETF approvals in January 2024, many altcoins have benefitted vicariously. The cryptocurrency market has rallied, and many coins and tokens have made higher highs and all-time highs.
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It’s not quite as good an onramp, no doubt. But I think it’s more like culturally an onramp, getting people financially invested, getting people thinking about this sort of thing, and then you start to think, and you have [a] Bitcoin ETF, then you start to thinking, well maybe I should buy all my Bitcoin outright or maybe I should buy some other [of] these, like what are these other altcoins.
Alex Pack, Managing Partner at Hack VC: YouTube
This has likely fueled the renewed interest in memecoins, which, to an extent, mirrors the DeFi summer of 2020. Speculators have allocated over $120 million to the Solana meme market since the trend began, according to on-chain sleuth ZachXBT.
How does Book of Meme (BOME) work?
BOME is an ecosystem that integrates various elements like a digital magazine, decentralized storage solutions such as IPFS and Arweave, and leveraging the Creative Commons Zero (CC0) license for memes. Here’s a breakdown:
- Magazines: BOME might use digital magazines or e-zines as part of its content strategy, featuring collections of memes, articles, and possibly community-generated content. These can serve as a curated snapshot of meme culture at various points in time.
- IPFS/Arweave storage: For decentralized storage, BOME uses IPFS (InterPlanetary File System) and Arweave. These platforms offer a way to store data across a distributed network of computers, ensuring memes are preserved without reliance on a single server or company. IPFS facilitates decentralized access to content, while Arweave provides permanent, immutable storage solutions.
- CC0 License: The use of the Creative Commons Zero (CC0) license means that the memes within the BOME ecosystem are made available to the public domain. This allows anyone to use, modify, and distribute the memes without needing permission or attributing the creator, fostering a more open and accessible meme culture.
By combining these elements, BOME aims to create a self-sustaining, decentralized platform where meme culture can thrive for future generations. The project seeks to empower users and creators by providing tools for meme creation, sharing, and archiving, all within a blockchain-based framework.
Book of Meme (BOME) vs. other cryptocurrencies
How does BOME compare with other memecoins? We’ve put BOME and PEPE side by side to see how they measure against one another. Here is a brief overview of BOME and PEPE tokenomics and features.
Book of Meme (BOME) vs. PEPE
BOME and PEPE have a lot in common. They both draw inspiration from the infamous Pepe the Frog meme, taken from the Boy’s Club comic. They both use the frog as a symbol.
When it comes to metrics, PEPE has an exorbitant max supply of 420.69 trillion PEPE. BOME has a total supply of about 69 billion BOME. Both are priced under a dollar, as of March 20, 2024. BOME is $0.127 and PEPE is a little over seven-millionths of a cent ($0.000007166).
PEPE reached an all-time high market cap of about $4.47 billion in early March 2024. BOME was not too far behind, reaching $1.55 billion. Shortly after reaching all time highs, both tokens made a pullback to more reasonable valuations.
Moving on to intrinsic value, you could arguably say that neither has any. PEPE technically doesn’t have an ecosystem or use case. Although some community members have built services around PEPE, the token itself doesn’t have any inherent utility. BOME, on the other hand, plans to create an ecosystem around the token. Time will tell whether this vision is realized.
Book of Meme (BOME) ecosystem
As of March 2024, BOME only has plans to create an ecosystem around its token. There is no actual decentralized application, website, or smart contracts for the Book Of Meme ecosystem outside of the BOME token.
Book of Meme (BOME) wallets
Once you have purchased BOME, you will need a safe and secure crypto wallet to store your tokens. Here’s a quick roundup of the tried and tested wallets that support BOME.
OKX Wallet
Guarda
Trust Wallet
Math Wallet
Gem Wallet
Book of Meme (BOME) staking
BOME is a Solana SPL token. The token creator has plans to create an ecosystem for memes. However, there is no mention of a staking mechanism as of March 2024.
Pros and cons of investing in Book of Meme (BOME)
| Pros | Cons |
|---|---|
| Low price, less than a dollar | Doesn’t have any actual applications built |
| On the Solana blockchain | Memecoins are very volatile and risky |
| Plans to create ecosystem outside of speculative purposes | |
| Caught up in the Solana and meme token craze |
There are many ways to look at the benefits and risks of BOME. For example, BOME has a low price as of March 20, 2024. Its token supply is also far less than most memecoins, which is typically in the trillions and quadrillions.
As a result, BOME remains cheap, but not so cheap that you have to acquire billions of tokens to make a decent profit. However, BOME is also not a panacea.
While the project boasts a low price and a reasonable token supply, the project creator has also promised an ecosystem around BOME. As of today, this infrastructure does not exist. This isn’t exactly a necessity for memecoins, as their sole purpose is speculation.
Memecoins intentionally have no utility. This is evident, considering BOME has already retraced its all time high without delivering any product. One would even question whether it actually needs the BOME ecosystem. It is clear that the market is signaling that it wants memecoins. Therefore, having no actual application isn’t necessarily a con. However, tokens like SHIB, which successfully built a fortifying ecosystem after an initial memecoin token launch, point towards the potential for long-term growth, should BOME make good on its promises.
Is Book of Meme (BOME) a good investment for you?
Investing in memecoins is a double-edged sword. Scams aside, if you invest early, you have a better chance of making a decent profit. Additionally, because of the low cost, it is easier to make multiples on your initial investment. The downside to this scenario is that by the time most people hear about memecoins they have already peaked. This means that there is less of a chance to make a profit. The bottom line is you have to get in early.
Memecoins like BOME are unpredictable. You never know which tokens will increase in price by orders of magnitude. Moreover, with a saturated market, mathematically, it is clear that not all can succeed.
Memecoin volatility is a feature of the asset class
If you were looking to know how to buy BOME, this guide has demonstrated step-by-step the best way to do so. But should you really buy into the hype around the token? While there is no right answer, always exercise caution when trading memecoins, even with safe projects. Remember that volatility in memecoins is a feature, not a bug. Make sure you never risk more capital than you can comfortably afford to lose, and don’t get caught up in FOMO.
Frequently asked questions
Book of Meme (BOME) is a memecoin that aims to be the decentralized library for memes on the blockchain. It was created by the anonymous X (formerly Twitter) user Darkfarms1. BOME is also an SPL token on Solana.
In general, any wallet that supports the SPL token standard can store BOME. Some of these wallets include Trust Wallet, Guarda, OKX Wallet, and many others. Make sure that you are using the correct token address on the Solana blockchain to ensure that your wallet can import BOME.
There are many exchanges that support Book Of Meme (BOME). Some of these include Binance, KuCoin, Gate.io, Bybit, and Bitget. However, you should make sure that the exchange is available and offers the token for your specific region.
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