A few days old meme coin reaches a capitalization of 1 billion USD

Book of Meme, a four-day-old cryptocurrency started by an anonymous artist on X, has reached a market capitalization of $1 billion, making it one of the largest cryptocurrencies in the market.

According to CoinMarketCap, Book of Meme (BOME), a cryptocurrency launched by an artist on X who goes by the name Darkfarms , has reached a market capitalization of $1 billion. It also entered the top 100 cryptocurrencies with the highest market capitalization.

This project is introduced as a new generation meme coin when combining the components of meme coin, social network and developing a digital storage for this type of cryptocurrency. 48 hours after being created, Book of Meme became the most interested name in the market when reaching the capitalization milestone of 1 billion USD.

This cryptocurrency has also been announced to be listed by major exchanges, such as Binance and HTX, further increasing investors' FOMO (fear of missing out) mentality.

According to blockchain data, early investors in BOME have made hundreds of times their initial investment in just a few days. One investor initially invested 420.69 SOL (about $72,000) in BOME and the tokens are now worth over $19 million, just 36 hours later.

Image representing the Book of Meme (BOME) cryptocurrency. Photo: Coinpedia — Image representing the Book of Meme (BOME) cryptocurrency. Photo: *Coinpedia*

Meme coins are considered a joke in the cryptocurrency world. These cryptocurrencies are created based on popular images on the Internet or real-life events. Unlike cryptocurrency projects like Bitcoin or Ethereum, meme coins are created for entertainment purposes, without any fundamental technical value or solving any problems in life. Most people who play meme coins are just for entertainment or speculation.

The cryptocurrency management arm of Franklin Templeton — one of the world's largest asset managers — said that "meme coin jokes" have become popular over the past year due to their unique nature.

The Avalanche Foundation has launched a “cultural catalyst” program to begin buying meme coins to support what it believes are “culturally important” Web3 projects, while Franklin Templeton attributes the increased use of Ethereum and Solana in part to the opportunity for quick returns on these tokens.

At the same time, meme coin projects seem to be doing everything they can to increase their value. People often think of meme coins as jokes of the cryptocurrency market with no fundamental value, but more and more meme coin creators are investing time and money to make their projects stand out.

These types of cryptocurrencies have recently gained attention as Bitcoin has surged. The biggest meme coins on the market, Dogecoin, Shiba Inu, Pepe... have all skyrocketed since the beginning of March. Pepecoin (PEPE), a coin inspired by the image of a green frog, increased more than 7 times in just one week of trading in early March. Dogecoin more than doubled, from $0.085 to nearly $0.20 in just a few days. ShibaInu also more than tripled in a short period of time.

“Traders are pumping into meme coins to satisfy their appetite for short-term position changes, as blue chips and altcoins have largely sat out the recent rally,” said Nick Ruck, COO of ContentFi Labs.

However, the money entering the meme game is largely speculative, leading to very high volatility. Futures contracts tied to meme coins have seen unusually high levels of liquidation as the market has moved.

After peaking at $0.028 on March 16, BOME has fallen more than 30% in the past two days. The current market capitalization of this cryptocurrency is $1.03 billion.

Minh Son

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