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What is Book of Meme (BOME) Crypto?

7 mins
Fact Checked
by Maria Petrova
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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

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.

Availability
190+ countries
Fees
0.1%
Payment methods
Third-party payment processors
Availability
200+ countries
Fees
0.1%
Payment methods
Crypto and third-party payment processors
Availability
160 countries
Fees
0.1%
Payment methods
Cash, debit/credit, and 300+
Availability
100+
Fees
0.1%
Payment methods
Crypto and third-party payment processors
Availability
100+ countries
Fees
0.1%
Payment methods
Bank, debit, and credit

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.

what is bome market cap
BOME market cap: CoinMarketCap

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.

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.

what is bome solana
24-hour volume on Solana: CoinMarketCap

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

Top crypto projects in the US | May 2024

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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