What is Book of Meme (BOME)?

Want to invest in Book of Meme (BOME)? BOME is another memecoin that's becoming increasingly popular in 2024. Learn about Book of Meme and what makes it unique.

What is Book of Meme (BOME)?

Book of Meme (BOME) is a memecoin project launched on the Solana blockchain that aims to revolutionize the intersection of meme culture and blockchain technology. Launched on March 10, 2024, BOME quickly gained attention in the crypto market with a remarkable 3,000% surge in value shortly after its launch.

Created by Darkfarms, the artist behind the popular Pepe memes, BOME was designed to serve as a permanent storage library for memecoins. This unique project leverages decentralized storage solutions such as Arweave and the InterPlanetary File System (IPFS) to ensure that memes are immutably preserved on the blockchain. Additionally, BOME doubles as a social platform, facilitating cross-chain storage and community interaction.

The BOME token has been listed on major exchanges, including Crypto.com and CoinEx.

How does Book of Meme work?

BOME is still a relatively new project, with a lot of space for the development of utility and other features. That said, this is what we know so far about BOME tokenomics, utility, and more.

BOME tokenomics and distribution

• Total supply: BOME has a total supply of 69,000,000,420 tokens, with 55.19 billion currently in circulation.

• Allocation: 50% of the tokens were allocated during the presale phase, allowing early adopters to invest. 30% is reserved for liquidity pools to ensure sufficient trading volume, making it easier for users to buy and sell the tokens. 20% is reserved for community initiatives, with these tokens set to unlock three months after the launch.

• Metadata mutability: BOME features metadata mutability, allowing the token to be continuously updated with new content, keeping the project fresh and engaging.

Integration with NFTs

• BOME is closely tied to the Bored Ape Yacht Club (BAYC) NFTs. Users can stake BAYC NFTs to generate $BOME tokens, creating a direct link between the NFT world and the BOME ecosystem. This integration adds real utility to NFTs and forms the backbone of the BOME token’s generation process.

• Within the BOME ecosystem, NFTs are not just digital art; they play a crucial role in generating value and utility, fostering a sustainable digital economy.

Decentralized storage and blockchain technology

• BOME operates on the Solana blockchain, known for its high processing speed and scalability, which is ideal for handling the rapid and extensive meme creation and sharing processes.

• The project uses Arweave and IPFS to store memes, ensuring that they are permanently and immutably stored on the blockchain. This decentralized storage approach makes memes unstoppable, preserving them for future generations.

Read next: The best Solana wallets

Governance and community engagement

• Governance: $BOME token holders have voting rights, enabling them to participate in the decision-making processes of the BOME ecosystem. This democratic approach ensures that the community has a say in the project's future direction.

• Community role: The BOME project fosters strong community engagement, with users contributing to the ecosystem’s growth and sustainability through content creation, governance participation, and active interaction within the platform.

Utility and future potential

BOME’s utility extends beyond being a simple memecoin; it serves as a medium of exchange, a governance token, and a tool for engaging with NFTs. The project aims to evolve into a decentralized social network or explore other areas like meme games, depending on community contributions and the project's growth trajectory.

Read next: What are the Different Types of Crypto?

What’s the future of Book of Meme?

Your guess is as good as anyone’s. As a very new project, BOME has the potential to develop into a more legitimate and established project long-term provided it continues to engage its community and attract investors.

Where to buy Book of Meme (BOME)

You can buy BOME on popular crypto exchanges including:

• Binance

• Raydium

• ByBit

• Gate.io

• HTX

• KuCoin

• MEXC

• Bitget

• Crypto.com

Read next: Best Crypto Exchanges

How to buy Book of Meme (BOME)

To buy BOOK OF MEME (BOME) tokens, follow these steps:

1. Create an account on a cryptocurrency exchange: Choose a reputable exchange such as Binance, KuCoin, or Bitget. Register by providing your email address and creating a secure password. Complete any required identity verification steps.

2. Fund your account: Deposit funds into your exchange account using various methods such as credit/debit cards, bank transfers, peer-to-peer trading, or third-party payment channels. Make sure you have sufficient funds to buy BOME tokens.

3. Find the BOME trading pair: In the exchange's spot market, search for trading pairs that match BOME with your deposited currency, such as BOME/USDT.

4. Place your order: Select the desired trading pair and choose the type of order you wish to place, such as a market order, limit order, stop order, or TWAP order. Enter the amount of BOME you want to buy and confirm the order.

5. Transfer BOME to your wallet: Once your order is executed, check that the BOME tokens are reflected in your exchange account. You can then transfer them to your non-custodial wallet.

Read next: What’s Pepe Coin?

BOME taxes

BOME, like other memecoins, is often viewed as a fun and speculative part of the crypto market, but it comes with tax implications. Profits from trading and selling BOME are subject to the same tax regulations as other cryptocurrencies. You can learn more about the rules where you live in our crypto tax guides.

Koinly tracks BOME and other popular memecoins to help you calculate your gains and manage your tax reporting. Get your BOME taxes done quickly and accurately with Koinly.