While some financial experts may dismiss meme coins as frivolous, their ability to attract millions of traders underscores their legitimacy as an investment avenue. Keeping abreast of current crypto market trends can lead to exciting discoveries, such as the emergence of novel meme coins. Take, for example, the recent buzz surrounding Book of Meme (BOME), a new Solana-based meme coin with a market capitalization exceeding $1 billion.

Let’s delve deeper into understanding this new crypto and explore its unique features, pros and cons, and tokenomics.

What is Book of Meme?

Book of Meme (BOME) represents an experimental initiative poised to redefine web3 culture by seamlessly integrating memes, decentralized storage solutions, and speculative coin trading and gaming. This innovative experiment seeks to showcase the dynamic nature of meme culture through a digital journal, the BOOK OF MEME, ensuring that each creation is permanently recorded on the blockchain.

BOOK OF MEME leverages a memecoin on the Degen chain and a digital book intricately linked to token metadata and enriched with images stored on IPFS, ARWEAVE, and ONCHAIN. Moreover, it provides users with a decentralized social networking application, meme creation tools, and a CC0 Meme Clipart Collection, offering an unparalleled memecoin experience.

How Does Book of Meme (BOME) Work?

BOME operates as an integrated ecosystem, incorporating various components such as a digital magazine, decentralized storage solutions like IPFS and Arweave, and using the Creative Commons Zero (CC0) license for memes. Here’s a breakdown:

• Digital Magazines: BOME may utilize digital magazines or e-zines as part of its content strategy. These magazines feature compilations of memes, articles, and potentially user-generated content. These magazines serve as curated snapshots of meme culture at different points in time.

• IPFS/Arweave storage: BOME relies on IPFS (InterPlanetary File System) and Arweave for decentralized storage. These platforms enable data storage across a distributed network of computers, ensuring the preservation of memes without dependence on a single server or entity. IPFS facilitates decentralized content access, while Arweave provides enduring, unalterable storage solutions.

• CC0 License: Embracing the Creative Commons Zero (CC0) license means that memes within the BOME ecosystem are placed in the public domain. This grants everyone the freedom to utilize, modify, and distribute the memes without requiring permission or attributing the creator, fostering a more inclusive and accessible meme culture.

By combining these elements, BOME endeavors to establish a self-sufficient, decentralized platform conducive to the flourishing of meme culture for generations to come. The project aims to empower users and creators alike by furnishing meme creation, sharing, and archiving tools within a blockchain-based framework.

Pros of BOME

• Innovative Concept: BOME strives to merge memes, decentralized storage, and crypto in a fresh and inventive manner, potentially fostering an interactive ecosystem for meme lovers and crypto enthusiasts.
• Robust Initial Price Surge: Following its launch, the token experienced a notable surge in price, indicative of considerable interest from investors at the outset.
• Diverse Utilities: BOME is designed with multiple utilities in mind, including meme preservation, storage incentives, trading, and governance, offering a broad spectrum of applications.

Cons of BOME

• Memecoin Category: BOME is classified as a memecoin, associated with elevated risk and reliance on hype and social media trends for value fluctuations.
• Heightened Volatility: The recent decline in price underscores the inherent volatility prevalent in meme coins, rendering them inherently precarious investment ventures.
• Novel Project Status: BOME represents a developing project with an untested concept. Its sustained success hinges on its ability to fulfill its commitments over the long term.

Book of Meme Tokenomics

Tokenomics Overview

The BOME token serves as the native crypto of BOOK OF MEME, facilitating various functions, including:

• Transaction fee payments
• Staking by validators
• Governance participation

Token Specifications

• Total Supply: 68,999,649,476 BOME
• Circulating Supply: 55,199,727,655 BOME
• Current Price: $0.01271
• Market Capitalization: $704,288,507

Please note that the above information is accurate as of March 28th, 2024, and the token’s price, market capitalization, and circulating supply are subject to fluctuations.

Token Distribution

• Community Fund: 20%
• Liquidity Pools: 30%

Buying Book Of Meme (BOME) in India

Below are a few simple steps you can follow and buy the BOME token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy BOME tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy BOME using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling BOME, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy BOME through P2P to the WazirX wallet. The BOME will act as funds to help you buy your favorite cryptos.

Step 5 – Finally, buy BOME on WazirX.

You can now easily purchase BOME tokens using INR Deposits. In the case of P2P trade, check BOME to INR here and BOME to USDT here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

The order might take a few minutes to complete, but as soon as it is executed, you will receive the BOME Tokens you purchased in your WazirX wallet.

Happy Trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.