The Book of Meme (BOME) token, created by the artist behind Pepe, Darkfarms, saw a twentyfold increase in value within three hours. This significant surge raised the crypto asset’s market value to approximately 400 million dollars. The pre-sale for the BOOK OF MEME project started on March 13th, allowing participants to send unspecified amounts of Solana (SOL) to a designated address.
The Craze for Memecoins Continues
BOME quickly gained interest particularly within Chinese and English communities. The pre-sale collected an unexpected 10,131 SOL, far surpassing Darkfarms’ expectation of 500 to 600 SOL. Due to the overwhelming response, a community vote was held to decide on the allocation of the pre-sale funds.
Following the pre-sale, Darkfarms integrated the collected funds into a liquidity pool, setting the initial price of BOME at $0.0000496. Large purchase orders of 100 SOL created a highly liquid market, leading to a peak price of $0.0012. This surge subsequently increased the token’s market value to 375 million dollars.
Following the rise of BOME, several exchanges including BitMart and HTX announced they would list the asset. Bitmart later confirmed its primary listing of the altcoin project with its first USDT trading pair.
Memecoin Culture and Solana
Book of Meme consists of an updatable electronic magazine, a meme creation tool, and a comprehensive library containing NFTs. Built on Solana by the artist behind the Pepe meme coin project, it uses Arweave, IPFS, and Inscriptions for data storage and stands out as a social platform for cross-chain storage. Future plans include using a single NFT to link all content stored related to a specific meme.
The rise of BOME coincides with a broader surge in the meme coin sector, which recently reached a market value of 40 billion dollars. Earlier this year, Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) were in the spotlight, with WIF increasing by 45% to reach an all-time high of $3.45.
However, the recent increase in Solana network activity has also attracted malicious actors. Security firm BlockAid reported crypto scams targeting Solana users through wallet-draining attacks two months ago.
