beincrypto.com
The Book of Meme (BOME) token, created by the artist behind Pepe, Darkfarms, has surged 20 times in three hours. This remarkable increase has propelled the crypto asset’s market value to nearly $400 million.
The pre-sale for the BOOK OF MEME altcoin began on March 13, allowing participants to send an unspecified amount of Solana (SOL) to a designated address.
Solana Meme Coin Skyrockets
BOME quickly gained traction within the Sino-British community. The pre-sale garnered an unexpected 10,131 SOL, far surpassing Darkfarms’s 500 to 600 SOL expectations. The overwhelming response led to a subsequent community vote on allocating pre-sale funds.
Following the pre-sale, Darkfarms integrated the raised funds into a liquidity pool, setting BOME’s initial price of $0.0000496. Large purchase orders of 100 SOL created a highly liquid market that led to a price peak of $0.0012. This surge later increased the token’s market capitalization to $375 million.
Following BOME’s rise, several exchanges, including BitMart and HTX, said they would list the asset. Bitmart later confirmed the primary listing of the altcoin with an initial USDT trading pair.
“BitMart is thrilled to announce the primary listing of BOOK OF MEME (BOME) on March 14th, 2024…Deposit feature: Available… Trading Pair: BOME/USDT,” BitMart said.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Book of Meme comprises an updateable electronic magazine, a meme creation tool, and a comprehensive meme library with non-mint JPEGs. Built on Solana by the artist behind the Pepe meme coin, the project uses Arweave, IPFS, and inscriptions for data storage and doubles as a social platform for cross-chain storage. Its later plans include using a single NFT to link all stored content related to a particular meme.
BOME’s surge coincides with a broader uptick in the meme coin sector that reached a market cap of $40 billion recently. Earlier this year, Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) were at the forefront, with the WIF soaring 45% and setting a new all-time high of $3.45.
Read more: Which Are the Best Altcoins To Invest in March 2024?
However, the recent increase in Solana network activity has also attracted malicious actors. Security firm BlockAid reported crypto scams two months ago targeting Solana users through wallet drainer attacks.