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, CEO of BitMine Immersion Technologies, which holds the largest Ethereum treasury globally. 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 institutional holders of Ethereum, possessing over $10 billion worth of Ethereum.

The statements from these two industry leaders not only affirm 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 successively followed the memecoin project Book of Ethereum (BOOE).

Driven by market sentiment, BOOE quickly became the center of attention. This article will discuss the concept, history, and related projects of this established project BOOE, while also delving into the whale behind the token, fbb4.

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

BOOE was launched on the Ethereum mainnet on April 24, 2024, and the project team packaged it as the "Bible" of the Ethereum ecosystem. The official website constructed a virtual universe using religious symbols, listing "commandments" such as prohibiting the purchase of Bitcoin and shorting BOOE, emphasizing loyalty and community awareness. Additionally, 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 transaction taxes. This economic model makes it more difficult for holders to withdraw their investments, reinforcing the symbolism of long-term belief.

Complementing the religious narrative is the construction of community culture. An article written by the BOOE team on Medium describes holders referring to themselves as "believers," claiming that this book of Ethereum is a refuge for the deceived, encouraging investors to gather during bear markets and wait together for "opportunities." Although this article has a clear promotional tone, it reflects the project's attempt to unite the community through religious language and downplay speculative elements.

During the development of BOOE, the project team launched two collaborative tokens, HOPE and PROPHET. The official website of HOPE shows a total supply of 1 billion tokens, the contract has been abandoned and audited, and team members use pseudonyms like 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 tokens, with the official promise of permanent liquidity lock and no transaction taxes. The BOOE website refers to the three tokens as the "Trinity of Faith," attempting to expand community boundaries through this trinitarian structure.

In addition to creating a narrative universe, the BOOE community has also made attempts in the NFT space. There exists a collection series on OpenSea called Booelievers, which includes artworks and derivatives related to the BOOE theme. Although the scale of these 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 overwhelming 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 hand" fbb4 in the E-Guardians.

The Driving Force Behind BOOE: fbb4

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

fbb4's trading style is quite different from the current style of P. Media personality Brian Fanzo analyzed that fbb4's wallet is valued between $28 million and $40 million, and he recorded approximately $9 million in profits 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." He typically transfers ETH from centralized exchanges or makes multiple cross-chain transfers before buying target coins in batches to reduce slippage; then he provides liquidity to stabilize prices; finally, he rotates investment targets based on narrative popularity.

Notably, he almost never sells the tokens he purchases, although this does not rule out the possibility of him having other "small wallets" selling off. However, this open and transparent long-term holding strategy still attracts many retail investors to mimic his behavior, often resulting in a "green bar" of price increase following his public wallet's purchases.

fbb4 has continued to buy since the launch of BOOE

This trading style has led to comparisons with Michael Saylor and Roaring Kitty, the leader of the GameStop retail investors' battle against Wall Street. Community member Roar4Kitty even compared the action lines of the two, expressing skepticism that fbb4 is indeed Roaring Kitty.

Action lines of major events for fbb4 and Roaring Kitty, source: Roar4Kitty

Of course, this is not without basis; fbb4 indeed shows considerable loyalty to GameStop. According to New York Post reports, in August of this year, he spent $250,000 at an auction to buy a stapler and the CEO of GameStop's underwear to support GameStop culture. A few days later, he tweeted announcing another purchase of $100,000 in GameStop and, in the same article, announced a collaboration with the charity CMNHospitals, donating another $100,000 to raise funds for 170 children's hospitals in the U.S. and Canada.

The GME "stapler" and CEO's underwear purchased by fbb4, source: New York Post

Fanzo's article also documented fbb4's investments in multiple memecoins, including Pepecoin, the Ethereum version of the GameStop token $GME, BasedAI, KEK, BOOE, KPOP, and others. These projects share the characteristics of having a clear narrative, an active community, and ample liquidity. fbb4 is referred to as a "narrative curator," promoting narrative popularity through personally written posts and community interaction.

fbb4's success also has its limitations. His strategy heavily relies on personal credibility and community sentiment; if the narrative popularity declines or he changes strategies, it could lead to investors being trapped. Additionally, he plays the role of market mover in multiple projects, which can easily spark discussions about price manipulation. From a regulatory perspective, large holders concentrating their buying and selling without oversight could touch on the boundaries of market manipulation. For BOOE, fbb4's involvement undoubtedly brings funding and attention, but whether this can translate into sustained growth remains to be seen.

For investors, understanding fbb4's strategies and institutional movements is certainly important, but more crucial is discerning the real value and risks behind the narratives. As Lubin stated, the long-term value of Ethereum cannot be ignored, but the bubble cycles and regulatory risks of memecoins also require vigilance. In the space between faith and bubble, rational judgment is key to navigating market noise.

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