The crypto market has seen much volatility in 2024 so far, and memecoins are back, grabbing headlines alongside the major cryptocurrencies. The U.S. political elections, sports events, and rise of meme coins in the TON ecosystem have produced another round of meme craze in the crypto community. Although memecoins have inherent volatility and their meme-driven nature can be polarizing, their explosive growth and vibrant communities can't be ignored.
The dog-themed meme tokens of Ethereum dominated the last bull run in the crypto market during 2020-21. But, the next one seems all set to focus on memecoins in other blockchain ecosystems, particularly Solana. Known for its high throughput and low transaction fees, the Solana ecosystem has been experiencing rapid growth in the meme coins’ space since 2023.
This article delves into the top Solana memecoins, exploring their unique potential and the factors driving their rise within the broader Solana ecosystem.
Solana memecoins’ market cap and 24h trading volume | Source: CoinGecko
At the time of writing, CoinGecko lists over 400 memecoins within the Solana ecosystem with a combined market cap of over $7 billion and a 24-hour trading volume of over $2.8 billion.
Why Are Memecoins Growing in the Solana Ecosystem?
The Solana ecosystem has become a fertile ground for the growth of memecoins, a trend underpinned by several key factors:
Rising popularity of Solana memecoins | Source: Coinmarketcap
1. Overall Growth of the Solana Ecosystem
Solana is experiencing explosive growth, overtaking BNB to become the fourth-largest crypto by market cap, and attracting developers and users with its lightning-fast transactions and scalability. This fertile ground creates an ideal environment for innovative projects, including memecoins, to flourish.
2. Heightened Airdrop Activity
Airdrops, where free tokens are distributed to users, have become a popular marketing strategy in the crypto world. Solana has seen numerous memecoin airdrops, generating excitement and attracting early adopters. For example, the BONK airdrop, the first of its kind on Solana, saw massive participation and contributed to the coin's initial success. Some other notable airdrop campaigns within the Solana ecosystem include Pyth Network, Jito, Jupiter, and Tensor. While these airdrops aren’t from the memecoin sector, they helped boost on-chain activity on the Solana blockchain, attracting more users to the network.
3. Stellar Success of BONK Memecoin
The BONK airdrop, targeting active Solana users, generated immense hype and drove token adoption. Solana's once-struggling Saga phone saw a dramatic turnaround thanks to the BONK airdrop. The initial $10 BONK incentive soared in value, reaching $30 million per phone at its peak. Fueled by arbitrage possibilities, this frenzy led to a tenfold increase in Saga sales and a complete sellout before the end of 2023, demonstrating the powerful influence of well-executed airdrops in the memecoin market.
4. Pump.fun’s Rising Popularity
This Solana-based memecoin launchpad has significantly contributed to the ecosystem's growth. Pump.fun allows users to easily create and trade memecoins, generating $30 million in revenue recently. Its user-friendly interface and low-cost token creation process have made it popular among developers and celebrities, leading to the creation of over 1.18 million tokens. The platform also incorporates safeguards against scams and market manipulation, adding a layer of security for users.
Here’s a deep dive into Pump.fun and how it works.
5. The Growth of Celebrity and PolitiFi Memecoins
Celebrities and political figures have also tapped into the memecoin trend on Solana. Notable examples include Caitlyn Jenner and Iggy Azalea, whose tokens have garnered significant attention.
The emergence of PolitiFi tokens, which are politically themed memecoins, adds another dimension to the memecoin ecosystem on Solana. These tokens capitalize on the public's interest in political figures and events, providing a unique angle for engagement and investment. Political-themed tokens like Doland Tremp and Jeo Boden leverage public personas to draw specific demographics, further fueling the memecoin frenzy on Solana.
Check out the top PolitiFi coins to watch in the crypto market.
The Best Memecoins on Solana
Here’s a look at some of the most popular and best-performing memecoins on the Solana network. We’ve assessed and selected the tokens listed below based on their market performance, hype generated, market cap, community strength, and utility.
1. Bonk (BONK)
The answer to Ethereum’s Dogecoin, Solana’s OG dog-themed cryptocurrency Bonk was launched on December 25, 2022, as a way to reward active participants and revive the Solana ecosystem through airdrops and community engagement.
One key aspect behind $BONK’s popularity is the comprehensive Bonk ecosystem, which includes BonkSwap, a DEX; BonkDex, offering DeFi services like lending and borrowing; and BonkVault, a secure non-custodial wallet for storing digital assets. These platforms enhance the utility and value of the Bonk token, making it an attractive option for investors and users.
The BONK price touched an all-time high of $0.00003419 in December 2023 after the announcement of free Bonk airdrops for Solana SAGA smartphone owners. The resulting frenzy saw the SAGA phone sellout from stores, driving strong gains in the $BONK meme coin.
2. dogwifhat (WIF)
dogwifhat (WIF) is another popular dog-themed meme coin on the Solana blockchain, launched in October 2023. It features a unique theme centered around a Shiba dog wearing a pink knitted hat, embracing the meme culture prevalent in the cryptocurrency world. The coin stands out for its decentralized ownership structure, meaning there's no central control by the creators, and it focuses on a community-driven approach.
Featuring pixelated dog avatars sporting stylish hats, dogwifhat aims to build a fun and engaging platform around meme culture. Their vision includes a meme-based social media platform and an NFT marketplace. Users can acquire and trade unique pixelated dog NFTs with various hats and accessories. The planned platform promises meme sharing, community interaction, and potential social features built around NFT ownership.
In terms of market performance, Dogwifhat has experienced significant fluctuations, which are characteristic of many memecoins. It saw a substantial increase in value following listings on major cryptocurrency exchanges like KuCoin and Binance. This listing led to a nearly 50% surge in its price in a single day, reaching around $0.34, although it's still below its all-time high of $4.85 touched in March 2024. The coin has achieved a market capitalization of over $1.6 billion at the time of writing, reflecting significant trading activity and investor interest.
3. cat in a dogs world (MEW)
cat in a dogs world (MEW) is a unique and whimsical memecoin on the Solana blockchain, embracing a playful narrative of a cat thriving in a dog-dominated world. Launched on March 25, 2024, MEW quickly stood out from the sea of dog-themed cryptocurrencies. The founders remain pseudonymous, adding an air of mystery to the project. MEW's unique approach and strategic marketing helped it attract significant attention right from the start. As the name suggests, it embraces the playful imagery of a cat navigating a world dominated by dog-themed cryptocurrencies. MEW differentiates itself with its captivating narrative and engaging community activities, focusing on inclusivity and fun.
MEW's tokenomics include a substantial burning mechanism, where 90% of its liquidity pool tokens were burned to establish a stable price floor and reduce volatility. The remaining 10% were airdropped to the Solana community, fostering early adoption and engagement. This strategy has been instrumental in MEW's rapid rise, with the token reaching an all-time high (ATH) of $0.0037 within hours of its launch. MEW's market cap soared to $778 million within a month of its launch, underscoring its explosive entry into the market.
Beyond its tokenomics, MEW has fostered a vibrant community of over 180,000 holders, supported by engaging promotional activities and strategic partnerships. For instance, MEW collaborated with LOCUS Studios to enhance its brand appeal through high-quality animated content.
4. Book of Meme (BOME)
The Book of Meme (BOME) is a novel cryptocurrency project on the Solana blockchain that aims to immortalize meme culture within the blockchain. By leveraging decentralized storage solutions such as Arweave and IPFS, it preserves memes permanently, with plans to expand to Bitcoin inscriptions. This experimental endeavor seeks to blend memes with web3, creating a new form of decentralized social media. The $BOME memecoin broke into the top 100 cryptos by market cap within a few of its launch, with its market cap surging to a high of $1.48 billion before settling lower as the market sentiment turned more cautious. Its value surged by 44,000% during its pre-sale, making it one of the most sought-after memecoins within a week of its launch.
$BOME, the project's native memecoin, is central to its ecosystem, enabling transactions and participation in this unique digital culture preservation. With a vision that extends to decentralized social media, Book of Meme explores the intersection of meme culture, blockchain technology, and decentralized finance, marking a significant step towards using blockchain for cultural preservation and digital expression.
5. Neiro (NEIRO)
Neiro (NEIRO) is a relatively new memecoin on the Solana blockchain, launched on July 31, 2024, by a group of anonymous developers known as The Neiro Collective. This team has a reputation for innovative projects in the crypto space, bringing expertise and creativity to Neiro. Inspired by the new Shiba Inu dog named Neiro adopted by the owner of the original Shiba Inu that inspired Dogecoin, NEIRO quickly captured the interest of the crypto community with its engaging story and strong social media presence.
NEIRO reached its ATH of $0.0045 within the first week of its launch, driven by viral marketing and strategic airdrops to early supporters. The tokenomics of NEIRO include a deflationary mechanism where a portion of each transaction is burned, reducing the total supply and potentially increasing the token's value over time. Additionally, NEIRO offers a unique community rewards program, incentivizing holders to participate in various promotional activities and community events.
6. Popcat (POPCAT)
Popcat (POPCAT) is a popular memecoin on the Solana blockchain, inspired by the viral internet meme of a cat with its mouth wide open, known as "Popcat." Launched on April 1, 2024, by a team of anonymous developers, POPCAT quickly gained traction within the crypto community. Its engaging and humorous theme, combined with the low transaction fees and high speed of the Solana network, helped it attract a substantial following.
POPCAT reached an ATH of $0.0052 shortly after its launch, driven by significant social media buzz and strategic airdrops to early adopters. The tokenomics of POPCAT include a deflationary model, where a portion of each transaction is burned, reducing the total supply over time and potentially increasing its value. Additionally, POPCAT has integrated NFT features, allowing users to collect and trade unique Popcat-themed NFTs.
7. PONKE (PONKE)
PONKE (PONKE) is a vibrant memecoin on the Solana blockchain, launched on April 15, 2024, by a team of anonymous developers known for their involvement in previous successful crypto projects. The token quickly gained popularity due to its engaging branding and the enthusiastic support of its community. PONKE's rise in the memecoin space is attributed to its playful narrative and the strong community engagement that has become a hallmark of its journey.
PONKE reached its ATH of $0.0049 within a week of its launch, driven by effective marketing and strategic airdrops to early adopters. The tokenomics of PONKE include a burning mechanism where a portion of each transaction is permanently removed from circulation, reducing supply and potentially increasing value over time. Additionally, PONKE has integrated gaming features, allowing users to earn tokens through interactive mini-games.
8. MUMU THE BULL (MUMU)
MUMU THE BULL (MUMU) is a standout memecoin on the Solana blockchain, launched on May 10, 2024, by a team of developers known as The Bull Creators. This team includes former members of successful blockchain projects, bringing credibility and experience to MUMU. The token was designed to capture the bullish sentiment of the crypto market and quickly garnered a substantial following due to its engaging theme and dynamic community.
MUMU reached its ATH of $0.0062 within two weeks of its launch, thanks to strategic airdrops and a robust marketing campaign that highlighted its unique features. The tokenomics of MUMU include a deflationary mechanism where a portion of each transaction is burned, reducing the overall supply and potentially increasing its value. Additionally, MUMU has introduced an interactive feature where holders can participate in virtual bull runs, earning rewards and boosting community engagement.
9. Slerf (SLERF)
Slerf (SLERF) is a distinctive memecoin on the Solana blockchain, launched on June 1, 2024, by an anonymous group of developers known as The Slerfers. This team has a background in successful decentralized finance (DeFi) projects, adding credibility to their new venture. SLERF quickly attracted attention due to its humorous branding and the engaging narrative of a "sluggish elf" navigating the fast-paced crypto world. The community-driven approach and interactive elements have made SLERF a popular choice among memecoin enthusiasts.
SLERF reached its ATH of $0.0038 within a month of its launch, bolstered by effective social media campaigns and strategic partnerships with prominent influencers. The tokenomics of SLERF include a burning mechanism where a portion of each transaction is destroyed, reducing supply and potentially increasing value over time. Additionally, SLERF offers a unique staking feature, allowing holders to earn rewards while supporting the network.
10. Myro (MYRO)
Yet another Solana-based dog-inspired meme cryptocurrency, $MYRO is named after the dog owned by Raj Gokal, one of the co-founders of Solana. The project was created to pay homage to Gokal and his dog and to meet the demand for dog-themed narratives within the crypto space. While Myro is essentially a memecoin, it aims to offer more than just a fun investment option by providing practical utilities and services for the Solana ecosystem, striking a balance between amusement and utility.
Following its launch in October 2023, the MYRO meme coin price hit an all-time high of $0.2607 on January 19, 2024, although it has slipped lower since then. At the time of writing, the MYRO market cap is over $87 million.
One of the key features of Myro is its comprehensive and public BuyBot on Telegram, which is designed to assist the Solana community. This bot facilitates cross-pollination, partnership opportunities, and free exposure for Solana projects through the "MYRO Trending" channel. The bot also has potential revenue generation capabilities, with plans to introduce fees for certain services and display advertisements, with the earnings going into the Myro Treasury.
11. Wen (WEN)
Another Solana memecoin that generated a significant buzz in the crypto market is Wen (WEN). The WEN token was introduced as a tribute to the common crypto culture query of "when" regarding token launches or new features. Developed by the pseudonymous creator of the Jupiter exchange, Weremeow, WEN also draws inspiration from a fractionalized NFT poem.
The key feature of WEN is its strategic distribution approach, which played a crucial role in its popularity. Approximately 70% of the token's fixed supply of one trillion was airdropped to eligible Jupiter users, who had to trade a minimum of $5 volume between July 2023 and January 2024. This mass airdrop led to WEN being distributed to over a million wallets, significantly expanding its reach and creating a substantial community around the coin.
WEN's market performance has been notable, experiencing a remarkable surge in value shortly after its launch. This included a substantial increase in market capitalization, reaching nearly $100 million. However, like many meme coins, WEN has experienced high volatility, with its value undergoing significant fluctuations within a short period.
12. MAGA (TRUMP)
The Trump MAGA memecoin, leveraging the political brand of former President Donald Trump, has made a notable impact in the cryptocurrency world. It draws on political events and Trump's media presence, experiencing an extraordinary market performance. As of early 2024, MAGA witnessed a remarkable surge of over 800% within just 30 days, hitting an all-time high price of $11.15 in March, up from a mere $0.252 in January. Since its introduction, MAGA's value has increased by over 66,000%, and its market cap exceeded $461 million by March 2024. This memecoin represents a unique intersection of politics, investment strategy, and meme culture in the cryptocurrency space, drawing attention not just for its association with Donald Trump but also for its significant market traction.
Investment in Trump-themed meme coins, like MAGA, indicates a strategic shift for investors looking to capitalize on Trump's continuous media presence. Mechanism Capital, for example, showcased its bullish stance on these assets by marking Trump-related meme coins as its first new positions in 2024. The coins have registered up to 124% gains in a short span, driven by Trump's provocative statements and legal battles that keep him and the coins in the spotlight. Despite the risks associated with meme coins' volatility and the unpredictability of Trump's endorsement, the coins' performance and the speculative interest they've attracted underscore a broader trend of political figures influencing market dynamics in the crypto ecosystem. The strategy behind investing in Trump-themed meme coins relies on Trump's ability to dominate news cycles, with the appeal of these coins extending beyond election outcomes.
13. BEERCOIN (BEER)
Beercoin (BEER) has quickly become a notable memecoin in the Solana ecosystem, captivating a large community with its beer-themed appeal. Shortly after its launch, Beercoin amassed over 300,000 followers across social media platforms, and its pre-sale raised 30,000 SOL (about $5 million) within a few days. The coin's ecosystem plans include partnerships with breweries and beer-related events, positioning BEER as a "universal currency of enjoyment." BEER's strong community support and strategic marketing, including a listing on decentralized exchanges like Raydium, have driven its initial success and visibility. At the time of writing, BEERCOIN has a market cap of over $42 million and touched an all-time high (ATH) of $0.0005798 on June 10, 2024.
Despite experiencing a significant price drop of 70% shortly after its listing, BEER rebounded strongly, reflecting the power of its community. Its market performance has been volatile, but the coin's ability to recover demonstrates its resilience. The Beercoin team continues to engage its community with innovative marketing campaigns, such as offering prizes like private jet trips to Oktoberfest and Tesla CyberTrucks loaded with beer. These efforts aim to position BEER alongside top memecoins like PEPE and FLOKI, showcasing its potential for growth in the competitive memecoin market.
Solana Memecoins vs. Other Memecoins
Solana memecoins stand out from their counterparts on other blockchains due to several distinct advantages:
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Easier Access for Trading: One of Solana's biggest strengths is its ability to handle thousands of transactions per second (TPS) with minimal fees (as low as 0.0001 SOL). This is in stark contrast to Ethereum, where high gas fees (average of $1) often hinder memecoin trading due to its slower network. Solana's speed and affordability make it ideal for high-frequency trading, particularly valuable for the highly volatile memecoin market.
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Developer-Friendly Ecosystem: Solana's infrastructure is conducive to innovation, offering developers a supportive community and powerful tools to create and launch new memecoins. This encouragement of creativity and experimentation has been a key driver in the proliferation of memecoins within the ecosystem.
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Growing DeFi TVL and Support: The Total Value Locked (TVL) in Solana's DeFi protocols is a testament to the growing confidence in its platform. Many DeFi protocols and Decentralized Exchanges (DEXs) on Solana, such as Jupiter, Raydium, and Orca, are increasingly supporting memecoin growth, further integrating these assets into the broader crypto economy. After making their mark on Solana’s DeFi ecosystem, many memecoins have expanded into the larger crypto market, thanks to their rising popularity resulting from CEX listings.
Key Considerations for Investing in Solana Meme Coins
Investing in Solana’s memecoins carries high ROI potential but also high risks. Here are some key factors to consider before investing in meme tokens on Solana.
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Evaluate the Project's Tokennomics and Roadmap: Investigate the coin’s roadmap and the credibility of its development team. A meme coin with a solid roadmap and an active development team might offer more credibility and potential for growth.
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Assess the Community Strength: A strong, active community can be a positive indicator, as it suggests a higher level of engagement and potential for the coin to maintain or increase its value over time.
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Invest in Meme Tokens via Diversification: Diversification is key with any investment strategy. It's advisable not to invest more than you can afford to lose, especially with high-risk assets like meme coins.
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Research and Continuous Monitoring: Keep an eye on overall market trends in the cryptocurrency space. Meme coins can be particularly sensitive to broader market movements. Conduct thorough research before investing and continue monitoring the investment, as the meme coin market can change rapidly.
How to Buy Solana Memecoins
To buy or trade Solana-based memecoins, you have several popular options at your disposal. Here are some of the most commonly used ones:
1. KuCoin
KuCoin is a global cryptocurrency exchange that offers over 800 cryptocurrencies, including several Solana-based memecoins. It is known for its user-friendly interface and a vast array of trading pairs.
How to Buy Solana-based Memecoins on KuCoin: To trade on KuCoin, you need to create an account, complete any necessary identity verification, deposit funds (either crypto or fiat), and then you can start trading various Solana memecoins available on the platform.
Starting trading memecoins on KuCoin today.
2. Solana DEXs
Solana DEXs are decentralized platforms allowing you to trade Solana memecoins directly from your wallet without needing an intermediary. Some popular decentralized exchanges where you can find Solana-based memecoins include Jupiter, Raydium, and Orca.
How to Buy Memecoins on Solana DEXs: To trade on a Solana DEX, you need a Solana wallet (like Phantom or Sollet). Connect your wallet to the DEX, ensure you have some SOL for transaction fees, and then trade directly on the platform.
3. Phantom Wallet
Phantom is a popular wallet designed specifically for the Solana ecosystem. It lets you store, send, receive, and swap Solana-based assets, including memecoins, directly within the wallet interface.
How to Swap Memecoins on Phantom Wallet: Download and install the Phantom wallet as a browser extension or mobile app. Deposit Solana or Solana-based tokens into the wallet. You can then trade memecoins directly within the wallet using the built-in swap feature. You can also choose other Solana wallets to buy or sell supported memecoins.
Here’s how to create a Phantom wallet and get started with the Solana ecosystem.
Conclusion
In conclusion, the world of Solana memecoins offers a unique blend of potential for high-risk, and high-reward investment opportunities. From the pioneering SAMO to the community-driven Woof, each memecoin within the Solana ecosystem embodies a distinct character and vision, reflecting the diverse and vibrant nature of the cryptocurrency world.
As the Solana blockchain continues to evolve and expand fast, the memecoin landscape on this platform is likely to grow, offering more opportunities for innovation, investment, and community participation. While inherent risks are always present, low fees, high speed, a developer-friendly environment, and rising interest make Solana a breeding ground for memecoin innovation.
