March 10, 2024 marks a day of extremes in the cryptocurrency world. While Bitcoin’s network hashrate established a new all-time record of 618 exahash per second, the Solana blockchain witnessed the explosive birth of Book of Meme (BOME), a memecoin that surged 3,000% within hours of its launch. Together, these events encapsulate the dual nature of the current crypto cycle — institutional-grade infrastructure growth coexisting with retail-fueled meme mania.
TL;DR
- Book of Meme (BOME) launched on Solana on March 10, 2024, created by Darkfarms, the artist behind popular Pepe memes
- BOME surged 3,000% shortly after launch, combining meme culture with decentralized storage (Arweave and IPFS)
- Users can mint memes as NFTs, adding collectible and utility layers to the token
- Bitcoin’s hashrate hit a record 618 EH/s on the 7-day SMA, up 9.57% in just six days
- The 3-day SMA reached 661 EH/s, edging closer to the zettahash milestone
- Fewer than 6,000 blocks remained until the Bitcoin halving at the time
BOME: Where Memes Meet Blockchain Utility
Book of Meme arrived on the scene with a bang. Created by Darkfarms — the pseudonymous artist celebrated for shaping the visual language of Pepe meme culture — BOME positions itself as more than just another memecoin riding the Solana wave. The project aims to build a permanent, decentralized library for memes, storing them on Arweave and the InterPlanetary File System (IPFS) to ensure they remain accessible indefinitely.
The token’s mechanics go beyond simple speculation. Holders can mint memes as NFTs, transforming internet jokes into on-chain collectibles with verifiable ownership. This approach gives BOME a utility layer that distinguishes it from pure speculation tokens like Dogecoin or Shiba Inu, although the distinction may matter little to traders chasing rapid gains.
The numbers speak for themselves. Within hours of launch, BOME recorded a 3,000% price surge, making it one of the most explosive debuts in Solana’s history. The token capitalized on a broader memecoin supercycle that has defined parts of the 2024 crypto market, with traders rotating profits from Bitcoin’s rally into higher-risk, higher-reward plays on alternative blockchains.
Solana’s Meme Coin Moment
BOME’s launch highlights Solana’s growing dominance as the blockchain of choice for memecoin activity. The network’s high throughput — capable of processing up to 65,000 transactions per second — and its negligible fees make it an ideal environment for the rapid trading patterns that characterize meme token markets. Decentralized exchanges like Raydium and aggregator platforms like Jupiter have become the primary venues for memecoin trading on Solana, handling billions in daily volume during peak periods.
The memecoin frenzy on Solana has drawn both excitement and concern. Proponents argue that tokens like BOME demonstrate the power of community-driven projects and on-chain creativity, bringing new users into the crypto ecosystem through humor and accessibility. Critics counter that the speculative excess distracts from more substantive blockchain development and exposes unsophisticated investors to significant losses.
Bitcoin Hashrate Reaches Unprecedented Levels
While meme tokens grabbed headlines on Solana, Bitcoin’s foundational infrastructure reached a milestone of a different kind. The network’s hashrate climbed to 618 exahash per second as measured by the 7-day simple moving average on March 10, 2024, establishing a new all-time record for the world’s largest cryptocurrency.
The pace of growth is striking. Just six days earlier, on March 4, the 7-day SMA stood at 564 EH/s, meaning Bitcoin’s computing power surged 9.57% in less than a week. The 3-day SMA pushed even higher, reaching 661 EH/s. For context, 618 quintillion hashes per second is a number so vast it approaches estimates of the total grains of sand on Earth.
Mining pool Foundry USA led the charge, contributing 204.41 EH/s — roughly 33.62% of the total network hashrate. Antpool followed with 122.65 EH/s (20.17%), and Viabtc contributed 97.59 EH/s (16.05%). The concentration among the top three pools underscores the industrialized nature of modern Bitcoin mining.
The Halving Looms
The hashrate record arrives at a critical juncture for Bitcoin. With fewer than 6,000 blocks remaining until the fourth Bitcoin halving — expected in April 2024 — miners are racing to accumulate revenue before the block subsidy drops from 6.25 BTC to 3.125 BTC. The record hashrate indicates that miners are deploying increasingly powerful hardware and expanding operations despite the impending revenue reduction, a signal of confidence in Bitcoin’s long-term price trajectory.
At the time, Bitcoin traded near $69,000, having briefly touched $69,860 earlier in the day before settling around $69,400. MicroStrategy, the largest corporate Bitcoin holder, maintained approximately 205,000 BTC on its balance sheet, acquired at an aggregate cost of roughly $6.91 billion. The combination of record prices, record hashrate, and approaching halving creates a unique confluence that market participants are watching closely.
Two Sides of the Same Coin
The juxtaposition of BOME’s memecoin mania and Bitcoin’s hashrate milestone on the same day illustrates a fundamental truth about the 2024 crypto market: it is a market of parallel realities. On one hand, institutional capital flows into Bitcoin ETFs, mining infrastructure scales to unprecedented levels, and the network’s security reaches new heights. On the other, retail-driven meme tokens surge thousands of percent in hours, fueled by social media hype and the desire for life-changing returns.
Both phenomena are enabled by the same underlying technology and driven by the same macroeconomic forces — a search for yield in a world where traditional financial instruments increasingly feel inadequate to a growing class of investors. Whether the future belongs to decentralized meme libraries or zettahash-scale monetary networks remains to be seen, but on March 10, 2024, both visions claimed their share of the spotlight.
Why This Matters
March 10, 2024 demonstrates the extraordinary breadth of the cryptocurrency ecosystem. Bitcoin’s hashrate surpassing 618 EH/s represents a fundamental strengthening of the world’s most secure blockchain — a testament to billions of dollars in infrastructure investment and long-term conviction. Simultaneously, BOME’s 3,000% launch surge on Solana shows that innovation and speculation remain inseparable forces in crypto. For investors and observers, the lesson is clear: the crypto market is not monolithic. Understanding its many layers — from institutional Bitcoin infrastructure to memecoin culture — is essential for navigating what comes next.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments, particularly in memecoins, carry extreme risk including the potential for total loss. Always conduct your own research before making any investment decisions.
Darkfarms creating BOME and letting people mint Pepe memes as NFTs on Arweave is actually clever. 3000% in hours though… pure degen
BTC hashrate at 618 EH/s with the 3-day SMA hitting 661 EH/s and were talking about a memecoin. this market has zero attention span
fewer than 6000 blocks to the halving and hashrate still climbing. miners are sprinting to get every last subsidy sat
^ 9.57% hashrate increase in 6 days is insane right before a halving. normally youd see miners dropping off