Bittime - The crypto world is being enlivened by the presence of a new memecoin (coin with a cute picture) called Book of Meme (BOME). This coin managed to raise funds amounting to US$100 million (around Rp. 1.57 trillion) through initial sales (presale).
BOME's achievement also pushed the Solana (SOL) cryptocurrency to the fourth largest position based on market capitalization. Not only that, the prices of Bitcoin (BTC) and Ethereum (ETH) also rose after falling at the end of last week.
What is a Book of Memes (BOME)?
Book of Meme (BOME) is a cryptocurrency based on the Solana network. The creator of BOME is Darkfarms, a famous crypto artist. BOME's main goal is to provide permanent storage for memecoins.
The BOME concept was first teased on March 10, and officially announced on March 12 under the name "Book of Meme".
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Darkfarms calls BOME a multifunctional platform with features such as an upgradable e-magazine, a meme creation tool, and a library of CC0-licensed memes. Remember, the CC0 license means the memes in this library can be used freely by anyone.
Simply put, BOME wants to be a hub for memes. BOME offers tools for creating memes, access to a meme library, and uses blockchain technology for meme ownership and distribution.
Book of Memes and the Controversial Early Sales Model
Book of Meme was built on the Solana blockchain network by anonymous artist Darkfarms. In the last 56 hours, the BOME token price skyrocketed by more than 36,000%! Its market capitalization also reached US$1.45 billion (around Rp. 22 trillion).
BOME's initial sales model was controversial. Investors must send funds to a certain address (similar to crowdfunding) to get BOME tokens later.
Experts warn that there is a high risk in this model because investors may not necessarily get the promised tokens.
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Memecoins and the Risk of “Ponzi Schemes”
Anthony Sassano, an early investor and Ethereum educator, believes the initial sales model resembled a "Ponzi scheme" with a 99.9% chance of failure.
Nick, founder of Web3Alert, warns that the biggest danger of memecoins is the expectation that prices rise at lightning speed. "Memecoin teaches us about instant gratification," said Nick.
The Impact of Memecoins on Prices of Other Cryptos
The soaring demand for Solana-based memecoins such as BOME, NAP, and NOS pushed the Solana network to become the fourth largest cryptocurrency.
Apart from that, the prices of several other memecoins also rose, such as Shiba Inu (SHIB) rose 10.8%, DogWifHat (WIF) rose 30%, and CORGIAI rose 8.5%.
The price of the original token of the network where this memecoin was built also increased. The price of the SOL (Solana) token rose 10.8% to $205 (around Rp. 3.2 million) and AVAX (Avalanche) rose 15% to $61 (around Rp. 860 thousand).
Overall, the global crypto market has experienced an increase. Bitcoin and Ethereum, which had fallen last weekend, have stabilized again at around $68.5 thousand (around Rp. 1 billion) for BTC and $3,600 (around Rp. 56 million) for ETH in the last 72 hours.
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Other Driving Factors of Crypto Price Rise
Even though crypto prices fluctuate, the influence of macroeconomic policies from the Federal Open Market Committee (FOMC) on Bitcoin and other cryptocurrencies is relatively small.
A 2020 study showed crypto price changes following the FOMC announcement were “not significant.”
The next FOMC meeting will be held in about two days. Data shows there is a high probability of interest rates remaining unchanged.
Dear Beli Crypto from Bittime
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the Complete Guide on How to Buy Crypto at Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
$BOME Makes This Trader Make Lots of Money, Here's the Story!
BOME Price Skyrocketed 20x in a Short Time, Here's the Reason
Why do BOME prices continue to soar? This is the Secret Behind His Rise!
BOME Skyrockets 300%, These are Interesting Facts about the Book of Memes
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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