What exactly is the Ethereum meme that Tom Lee is following?

Written by: BUBBLE, Rhythm

In August 2025, two heavyweight figures in the Ethereum ecosystem were almost simultaneously caught up in a memecoin narrative. On one side is Tom Lee, the CEO of BitMine Immersion Technologies, which has the world's largest Ethereum enterprise treasury. On the other side is Joseph Lubin, CEO of ConsenSys and co-founder of Ethereum, who also serves as the chairman of SharpLink Gaming. The listed companies behind them are the top two institutions holding Ethereum, with a value of over $10 billion in Ethereum.

The voices of two industry leaders not only prove the institutional recognition of Ethereum's long-term value but also bring new attention to the associated memecoin. On social media, some investors noticed that Tom Lee and Lubin's social accounts have successively followed the memecoin project Book of Ethereum (BOOE).

Driven by market sentiment, BOOE has become the center of discussion. This article will discuss the concept, history, and related projects of this long-standing project BOOE, while also delving into the whale fbb4 that operates behind this token.

The Concept and History of BOOE: Religious Narratives and Community Economy

BOOE will be issued on the Ethereum mainnet on April 24, 2024. The project team has packaged it as the "Bible" of the Ethereum ecosystem. The official website constructs a virtual universe with religious symbols and lists "Ten Commandments" such as prohibiting the purchase of Bitcoin and shorting BOOE, emphasizing loyalty and community awareness. Furthermore, the "Sacred Economics" section of the website shows that the total supply of BOOE is 100 million, the contract has been audited and control has been permanently relinquished, with all liquidity locked until the year 1337 and no trading taxes. This economic model makes it more difficult for holders to withdraw their funds, reinforcing the symbolism of long-term faith.

The community culture construction is combined with religious narratives. A Medium article written by the BOOE team describes holders referring to themselves as "believers," claiming that this Ethereum book is a refuge for the deceived, encouraging investors to gather during the bear market and wait together for "opportunity." Although this article has obvious promotional undertones, it reflects the project's attempt to unite the community through religious language and downplay the speculative aspects.

During the development of BOOE, the project team launched two cooperative tokens, HOPE and PROPHET. HOPE's official website shows a total supply of 1 billion coins, the contract has been abandoned and passed an audit, with team members using the pseudonyms Shiba Prophet, Lord NPC, and Saint Vitalik. The project's mission is to "bring hope," encouraging collaboration among different memecoin communities like Pepe and Doge. The other token, PROPHET, also has a supply of 1 billion coins, with the official promise of permanent liquidity lock and no transaction tax. The BOOE website refers to the three tokens as the "Trinity of Faith," attempting to expand community boundaries through a trinity structure.

In addition to creating a story universe, the BOOE community has also made attempts in the NFT space. There is a collection series called Booelievers on OpenSea, which includes art pieces and derivatives related to the BOOE theme. Although the scale of such assets is limited, they provide additional cultural symbols and revenue sources for the project.

Overall, BOOE utilizes religious narratives and decentralized finance concepts to construct a unique community economic model. In the face of the widespread impact of Solana Meme, the sustainability and diffusion ability of this narrative become key to whether the project can maintain vitality, with the key figure behind it being the well-known "diamond hands" fbb4 in the E Guardians.

The mastermind behind BOOE fbb4

Since the launch of BOOE, the movements of the anonymous whale fbb4 have attracted much attention. As one of the most well-known "barometers" of Ethereum memes, its earlier successes in assets like Pepecoin and GME have greatly increased its fame.

The trading strategy of fbb4 is vastly different from the current style of P Xiaojiang. Media personality Brian Fanzo analyzed and pointed out that fbb4's wallet valuation is between 28 million and 40 million USD, and it recorded about 9 million USD in profit in just one month. Overall, fbb4's trading model is simple and straightforward, summarized as "buy, provide liquidity, hold, and shift narratives while maintaining the market." Typically, he will first transfer ETH from centralized exchanges or buy target coins in batches after multiple cross-chain transactions to reduce slippage; then provide liquidity to stabilize prices; and finally rotate investment targets based on the popularity of the narrative.

The most striking thing is that he almost never sells the tokens he buys, of course this does not rule out the possibility that he simultaneously has other "small wallet sales", but this open and transparent long-term holding strategy still attracts many retail investors to imitate his behavior. Often, after his public wallet "fbb4" makes a purchase, there will be a corresponding "rising green bar".

Since the launch of BOOE, fbb4 has been continuously buying in.

This trading style also makes people compare it to Michael Saylor as well as Roaring Kitty, the leader of the GameStop retail investors in their battle against Wall Street. Community member Roar4Kitty even compared the actions of both, showcasing their skepticism that fbb4 is indeed Roaring Kitty.

The major event storyline of fbb4 and Roaring Kitty, source: Roar4Kitty

Of course, this is not without reason. fbb4 indeed has a considerable loyalty to GameStop. According to the New York Post, in August this year, he spent $250,000 at an auction to support GameStop culture by purchasing a stapler and the GameStop CEO's underwear. A few days later, he tweeted announcing another purchase of $100,000 in GameStop and in the same article announced a partnership with the charity CMNHospitals, also donating $100,000 to raise funds for 170 children's hospitals in the United States and Canada.

fbb4 purchased GME "stapler", CEO underwear, source: NewYork Post

Fanzo's article also documents fbb4's layout for multiple memecoins, including Pepecoin, the Ethereum version of GameStop token $GME, BasedAI, KEK, BOOE, KPOP, and others. These projects share the common characteristics of a distinct narrative, an active community, and ample liquidity. fbb4 is known as the "narrative curator," as he drives narrative engagement through personally writing posts and interacting with the community.

The success of fbb4 also has its limitations. His strategy heavily relies on personal credibility and community sentiment, and once the narrative loses its heat or he changes his strategy, it could lead to investors getting trapped. Furthermore, he plays the role of a market promoter in multiple projects, which easily raises discussions about price manipulation. From a regulatory perspective, if large holders concentrate their buying and selling without regulation, it may touch the boundaries of market manipulation. For BOOE, fbb4's involvement undoubtedly brings in funds and attention, but whether it can translate into sustained growth remains to be seen.

For investors, understanding the strategies of fbb4 and institutional trends is certainly important, but what is more crucial is discerning the real value and risks behind the narrative. As Lubin said, the long-term value of Ethereum cannot be ignored, but the bubble cycles and regulatory risks of memecoins also need to be heeded. Between faith and bubbles, rational judgment is the key to navigating market noise.