Solana is a high-performance blockchain known for its unique capabilities and has become a popular place for meme coin projects. Whether you’re an experienced trader or just starting, understanding how to navigate the Solana ecosystem can open up exciting opportunities. This guide will cover essential strategies for identifying promising meme coins and effectively managing your trades.
The Solana network enables seamless and cost-efficient trading, making it an ideal platform for meme coin enthusiasts. Are you ready to trade like a pro? Let’s get started!
What Is Solana?
Solana Coin is a cryptocurrency that operates on the Solana blockchain network. Established by Anatoly Yakovenko, Solana Coin came in 2017, and Mainnet launched in 2020 as a high-performance blockchain platform designed to handle decentralized applications and crypto transactions at lightning-fast speeds. Solana uses a remarkable combination of proof-of-stake (PoS) and proof-of-history (PoH) mechanisms. Solana proof of stake ensures the network via staking, while PoH allows for speedy transaction processing by pre-verifying the order of transactions. This combination is what Solana claims gives it its high speed and low transaction fees.
What Is Solana Chain?
Solana is a high-performance blockchain platform designed for decentralized applications and cryptocurrency projects. It is known for its fast transaction speeds and low fees, making it an attractive option for developers and users. The significance of the Solana chain lies in its scalability and efficiency. Capable of processing thousands of transactions per second, Solana can support large-scale applications without sacrificing speed or incurring high costs. This makes it particularly suitable for projects that require high throughput and low latency.
At the core of Solana’s functionality is its unique consensus mechanism called Proof of History (PoH). PoH timestamps transactions before they are executed, enabling nodes to agree on the order of events without waiting for network latency. This innovative approach allows Solana to achieve fast and high performance compared to other blockchains.
Why Is Solana Meme Coin Hype On The Market?
The hype surrounding meme coins in the Solana chain on the market can be attributed to their social media engagement nature on trends. Meme coins often gain popularity through memes and online communities, which creates a sense of FOMO (fear of missing out) among investors and retail traders. Investors and retail traders are drawn to meme coins due to the potential for high returns, similar to the success seen with coins like Wif and Bonk.
The meme coin hype on Solana shows no signs of slowing down as new animal-themed or other-themed coins emerge. While they lack utility, the community enthusiasm makes them significant parts of the Solana crypto ecosystem. Their popularity provides a fun entry point for new crypto users in the Solana community.
The quick rise in value and the excitement generated by these meme coins can lead to significant investment gains for early adopters. As more crypto investors and traders participate in these trends, the demand for meme coins increases, further driving their value. However, investors must exercise caution and conduct thorough research before investing in meme coins, as their volatile nature can also lead to substantial losses.
How To Find The Top Solana-Based Meme Coin.
Solana has become a hotbed for new meme coins due to its fast and low-cost transactions. The cheap fees make it easy to create and trade new coins. Samoyedcoin, featuring the image of the Samoyed dog breed, was one of the first popular meme coins on Solana. Others like SolanaDoge, CorgiCoin, Bonk, and Wif followed its path as viral meme coins on the Solana blockchain.
Here are some websites you can check for Solana’s top meme coins. They all trade on centralized and decentralized exchanges. These top coins are hot on the market and give the best return on investor investment. Here is a process you should follow to check for Solana-based top meme coins.
First, Go to the Coingecko website. Then, go to the categories. Then you see the Solana meme coin. Or you can check the Dex scanner or birdseye to where a new Solana-based coin is listed.
How to Buy Solana Meme Coin.
Purchasing Solana meme coins requires careful consideration and a basic understanding of cryptocurrency centralized or decentralized exchanges and wallets. Crypto users interested in these meme tokens should research the project behind each coin, examine the Team’s credentials, and understand the meme coin’s utility and roadmap. Due diligence is essential as the meme coin market is volatile and unpredictable.
To buy Solana meme coins, one needs a Solana-compatible wallet to store the tokens and access a cryptocurrency exchange that supports the Solana chain and its tokens.
Some steps include creating and securing the wallet, researching on-chain data, buying Solana (SOL) with fiat currency or other cryptocurrencies, exchanging SOL for the desired meme coins, and, lastly, storing the meme token. The process emphasizes the importance of gathering knowledge, researching project security, and measuring personal wallets, such as enabling two-factor authentication and maintaining the confidentiality of private keys.
Which Step Must You follow To Trade Sol Meme Coin?
Before trading and storing Solana meme coins, you need a secure and compatible digital wallet. Choosing the right wallet and addressing security are crucial steps.
Choosing a Wallet
When selecting a digital wallet for Solana-based assets, one should consider compatibility with the Solana blockchain. A popular choice is Solflare, which can manage SOL and tokens built on Solana. So, when choosing a wallet for trading and storing Solana meme coins, here are some steps you should follow.
You can download it from the official Solflare website or the Google Store’s browser extension. I am following the on-screen instructions to create a new wallet. First, you go to the solflare.com, and then you see the page like that.
To create a wallet, click on “Access Wallet. You will then see two options, “Need a New Wallet” and “I Already Have a Wallet.” If you do not have an account, select the “Need a New Wallet” option. If you already have a wallet, click on “I Already Have a Wallet.”
Click on “Need a wallet.” In the left option, save your private key on your personal device or write down your recovery phrase. In the right option, if you already have a wallet, simply copy and paste your recovery phrase.
After pasting your recovery phrase, you will see the left option: “Your wallet is ready.” Click the marked space, enter “Solana,” and you will see your wallet with many options.
Security Considerations: Securing your digital wallet is crucial cause it prevents hacking and unusual transactions. Implement these strategies to protect your assets.
Secure Backup: Write down the seed phrase and store it in multiple secure locations.
Regular Updates: Keep the wallet software updated to the latest version.
Two-Factor Authentication (2FA): Always Enable 2FA causes it for an additional layer of security.
Avoid Public Network: Public networks can be vulnerable. Avoid conducting transactions over these networks.
Finding Solana Meme Coins.
Thorough research, active community engagement, and social media awareness are the primary tools for investors seeking Solana meme coins. These strategies effectively guide investors and traders through the decentralized exchanges of available tokens.While there are many platforms, these two make learning about and exploring the latest Solana meme coin trends easy.
First On is Birdseye. You see the interface in below.
The second one is the Dex Scanner. check the below image.
Both Dex had Solana coins you can trade and analyze. After Finding the Solana meme coin, we need to research some steps to acquire any meme coin. We know that meme coin hype and trends are skyrocketing, but it can fail your investment. So always DYOR.
Coin Search On Dex Scanners.
Before, we looked at Birdeye and Dex Scanner to see where we might find any Solana coin that was currently trending. In the 1H, 6H, 24H, and 7D charts of Dex Scanner, we observed a new coin pair for the Sol chain. The chart displays the price, volume, makers, liquidity, valuation, and more from the past 24 hours.
Using Birdeye, we can view the top trending tokens on the Solana blockchain, performance charts, and the trading volume from the last 24 hours to help identify potential gems. Additionally, there is a search option to find your favorite tokens by their ticker symbol or token address.
Fundamental Analysis In Solana Meme Coin.
Research Meme Coin Projects Thoroughly Before Investing. Consider the basics of any meme project before investing in it; this is the guide to avoiding loss and finding successful meme coin projects and understanding their utility, project valuation, community engagement, and future roadmap. When considering an investment in any cryptocurrency project, it’s essential to evaluate it thoroughly. Here are some common steps you should consider:
- Tokenomics: Understand the token supply, precisely how much is locked, and what the unlocking procedures are.
- Website: Examine the project’s website to determine whether it offers solutions, rewards, or other utilities. A well-designed website is crucial in the cryptocurrency market.
- Team Members: Most successful crypto projects prominently display their Team members to establish trust. They are verifying their legitimacy by checking their profiles on LinkedIn and Twitter.
- Social Media Channels: Analyze their social media engagement level. Check if they post regularly, which platforms they are most active on, and whether they respond to inquiries.
Many cryptocurrency scam projects fail to adhere to these guidelines, so you can use this approach to evaluate their legitimacy. Also, for exceptional meme projects, be cautious if they do not display their Team members’ photos on their website. In such cases, you can verify their credibility through on-chain analysis and GitHub for their development work.
After you’ve done the fundamentals for a crypto meme project, you can move on to the advanced guide, which I’ll write below.
This information will help you assess your investment in crypto meme coins and give you a broader perspective on whether a project is highly volatile or risky. You can also follow additional points or terms on a DEX scanner.
- Pair Creation Time: This indicates when the token was created on the blockchain.
- Coin Total Supply: This information refers to the token’s total supply.
- Audited: The process is where DEX scanners or other platforms evaluate the token, specifying whether it is mintable or freezable.
- Pooled Token: This shows how many coins are pooled for liquidity.
- Pooled Sol: indicates the amount of coins pooled for liquidity.
Considering these aspects, you can make more informed decisions about your crypto investments.
You can find more options in Birdeye.
The image above is divided into three parts, and in the following section, we will discuss each of these parts in detail.
- Mintable: The Mint function enables the contract owner to issue more tokens and causes the coin price to plummet. It is extremely risky. However, if ownership is renounced or changed to a burn address, this function will be disabled.
- Mutable Info ( The token information, such as name, logo, and website address, can be changed by the owner.)
- First Mint Tax & Mint Date (This information is when the token is first minted or created at this transaction. Whether the owner created or minted a new coin or not, there can be several other mint events after this.)
- Ownership renounce (no one can execute functions such as minting more tokens if token ownership is renounced.)
- Creator address (Is this the address where the first token is created)
- Balance (How much value or asset is stored in a creator that mentions it? The token balance of the contract creator.)
- Token Percentage of owner (The percentage of tokens held by the contract creator.)
- Update authority (Token Update authority is a process by which you can change your token metadata.)
I hope you understand that multiple platforms must be checked to prevent loss when investing in meme coins.
Buy & Sell Solana Meme Coin.
- You need a Solflare account. Go to The Solflare website open your account.
- Then go to Birdeye where you check the top Solana trending token. Connect your wallet and trade. Follow the picture.
To connect your wallet on the Birdseye website, click the Connect Wallet option located on the right side of the page. Then click it , A pop-up will appear, displaying multiple wallet options. Select “Solflare,” as you have previously installed and created it. Then, click the “Connect” option to link your wallet. Please note that to activate your new account, you will need 0.01 SOL.
Go to the Dexscanner website and click on the Solana option. Here, you can find the top trending coins as well as all coins within the Solana ecosystem. After selecting a coin, such as we select the Shiba Inu meme coin, look to the right side of the Dexscanner page where you will see the “Buy” option. Click on it, and a pop-up will appear with two wallet options: Trust Wallet and Solflare. Select Solflare and then click “Connect.” Your wallet will then be successfully connected.
This allows you to buy, sell, and trade any coin on those decentralized exchanges. Please note that you need a minimum amount of SOL to trade. If you don’t have any balance in SOL, you cannot trade. So first transfer some amount of sol in your solflare account.
Bottom Line
This blog is not just for trading Solana meme coins, it offers a comprehensive guide to the Solana blockchain and its associated coins. This information covers evaluations of Solana chain meme coins, project valuations, legitimacy assessments, and cautionary guidelines to help you avoid scams. Congratulations on your journey with Solana meme coins!
Please note that AdsCrypto does not recommend buying any specific crypto coin.
Fun Fact On Solana Meme Coin.
Bonk (BONK) is the first meme coin on the Sol chain. It gained significant attention due to its unique community engagement approach. Launched on December 25, 2022, as a Christmas gift to the Solana community, Bonk aimed to bring positivity and revitalize activity on the platform during a challenging time, particularly after the FTX collapse, which had negatively affected Solana’s market perception.
Bonk is encapsulated in its slogan: “The first Solana dog coin for the people, by the people. The coin was designed to address the perceived toxic tokenomics associated with some projects, especially those linked to venture capital, by fostering a more inclusive and community-driven cryptocurrency.
Solana Meme Coin with the Best Returns.
The Solana blockchain had over a thousand meme coins, but Dogwifhat (WIF) stands out as one of the best and most promising options. This coin is characterized by its unique and previously famous coin ship-in theme featuring a Shiba Inu dog wearing a hat, commonly called the dog wif a hat.
WIF gained popularity in gaming and internet culture, evolving from a meme to a cryptocurrency project. It started in late 2023 and used a standard plan that included airdrops, community giveaways, and other ways to get early adopters to use the token. This gave everyone a sense of ownership and encouraged people to get involved in the community.
WIF has garnered attention for its dramatic increase in value, with some reports indicating gains of over 700% in recent times. Its appeal is bolstered by its iconic meme and strong community support.
