A new phenomenon has appeared and caused fever in the cryptocurrency community with a huge increase of 23,000% in just two days after its launch. The brightest name today is Book of Meme (BOME), created by the artist behind Pepe, Darkfarms, reaching a market cap of over $700 million.
The BOME presale begins on March 13, allowing participants to send an unspecified amount of SOL to a designated address.
Why has BOME increased so much?
BOME quickly attracted attention with a presale that unexpectedly brought in 10,131 SOL, far exceeding Darkfarms' expectations of 500 to 600 SOL. The overwhelming response led to a further community vote on the allocation of presale funds.
After the presale, Darkfarms integrated the raised funds into the liquidity pool, setting the initial price of BOME at 0.0000496 USD. Large orders of 100 SOL created a highly liquid market leading to a peak price of 0.012 USD. This increase subsequently raised the token's market capitalization to $748 million.
Listed exchange
Following the rise of BOME, several exchanges, including Bybit, Kucoin, OKX, HTX, announced listing of the asset. Bitmart later confirmed the listing of the altcoin with the USDT trading pair. Notably, Binance Futures also just announced the BOME listing with up to 50x leverage.
Book of Meme includes an updatable e-zine, a meme generator, and a comprehensive meme library with value-free JPEGs. Built on Solana by the artist behind Pepe, the project uses Arweave, IPFS and shards to store data and serves as a crosschain storage social platform. Its future plans include using a single NFT to link all stored content related to a specific meme.
Huge profit opportunity
A savvy trader, known as “shatter.sol”, soon realized the potential of BOME and invested 50 SOL (about 8,500 USD) in the presale.
In return, the trader received 170.25 million BOME tokens. As memecoin value skyrocketed, Tader took advantage of the opportunity and sold his entire holding for 767 SOL, netting a significant profit of 717 SOL (about $123,000 USD) in just 14 hours.
However, the value of the BOME tokens sold has now skyrocketed to 5,440 SOL (about 956,000 USD). As a result, this investor missed out on significant profits by not being more patient.
Another investor took an even bolder approach, spending 421 SOL (about $72,000) to buy 1.43 billion BOME tokens during the presale. As BOME's value skyrocketed to $1.5 million, this investor became the largest memecoin holder, with an unrealized profit of $1.45 million. The investor further increased their exposure to the rapidly appreciating asset by purchasing an additional 128.37 million BOME through another wallet for 231 SOL (about $40,000).
While the potential for significant profits in the meme coin market is undeniable, it is important that investors recognize the inherent risks associated with these extremely volatile assets.
