Solana is one of the largest cryptocurrencies in the world. On January 31st, 2024, it recorded 875,940 active users. This is the highest number of users recorded on the layer-1 blockchain since it was launched back in 2020.
Solana itself has gained a lot of popularity in recent years for several reasons. It’s one of the largest NFT blockchains available, but unlike Ethereum (the most popular) it has incredibly low gas fees, making it more appealing to a lot of investors.
Something crucial that has attracted a lot of users to this blockchain recently is the popularity of meme coins. There are plenty available, and you might be wondering how to buy Solana meme coins so you can get in on this trend. In this guide, we’ll explain how you can avoid missing out. Keep reading for more.
What Are Meme Coins?
Meme coins are cryptocurrencies that typically pay homage to specific memes (jokes usually presented in the form of images or videos).
The original (and most well-known) meme coin is Dogecoin (DOGE). It was launched as a joke based around the concept of Bitcoin and other cryptocurrencies. There was never any intention for it to be a viable form of currency, it was simply supposed to be a fun and accessible altcoin.
It gained popularity over time and eventually went viral. This was, in part, due to Elon Must mentioning it on Twitter. The value soared, quickly making it one of the most popular cryptocurrencies in the world. Since then, thousands of other meme coins have entered the market.
What Makes Solana Meme Coins Special?
Solana has gained a lot of popularity for several reasons, and some of these make it ideal for meme coins. These features can make the Solana blockchain appealing to both developers and crypto traders.
Speed and Scalability
Solana is an incredibly quick blockchain with low latency. It can process thousands of transactions per second, and meme coins tend to have large, active communities. Coins can become very popular and experience a lot of trades in a very short time, and Solana can handle this well.
Low Transaction Costs
Transactions on Solana have very low fees. It’s a cost-effective option for developers and traders. This is especially beneficial for those who don’t want to make large trades.
Vibrant Ecosystem
Solana is already a very popular chain, and it’s still growing. There’s a huge range of projects, tools, and developers that make it a highly diverse ecosystem.
Developer-Friendly Tools
The developer tools available for Solana are robust and accessible. This makes things much easier for developers who want to launch their own meme coins.
How to Buy Solana Meme Coins
When it comes to buying popular cryptocurrencies like Bitcoin, Ethereum, and Solana itself, you can use centralized exchanges. Platforms like Coinbase, Binance, and KuCoin make it easy to invest in the largest coins available.
They may also support some of the more popular meme coins. However, if you want to start trading some of the smaller, newer coins, you’ll need to look at decentralized exchanges (DEXs). These are platforms where users can make peer-to-peer transactions with a huge range of cryptos. They remove any intermediary and give users full control over their trades.
Some of the most popular DEXs include:
- Uniswap
- PancakeSwap
- Raydium
- Jupiter
- Orca
There are many others available, and for the most part, they operate in the same way. You can buy meme coins on a DEX using the following steps.
1. Download and Set Up a Suitable Wallet
The first thing you need is a software wallet to store your crypto. Trust Wallet, Phantom, and Solflare are common examples, but there are others available. They operate as browser extensions or smartphone applications.
Set your wallet up, making sure you record your password and seed phrase appropriately. You may want to refer to the support page of your wallet for help if you have any difficulty here.
2. Buy Solana
Buy your Solana from a centralized exchange using fiat currency. When you do this, the SOL will go directly to your wallet on the exchange that you use.
3. Send the SOL to Your Wallet
Withdraw the SOL from your custodial wallet to the software wallet you’ve chosen. Make sure you copy and paste the wallet address and double-check it to ensure it’s correct. If you send it to the wrong address, it’s incredibly unlikely that you’ll get it back.
4. Choose a Decentralized Exchange
You can choose from one of the DEXs we mentioned above or any other. Do your research first to ensure you’re using a platform that’s secure and reliable. You also need to be sure that the exchange you go with supports your wallet.
5. Trade SOL for the Meme Coin You Want
Connect your wallet to the exchange and choose your SOL as the payment option. You can then select from the coins available, so find whatever meme coin you’re interested in.
Choose how much you want to sell/buy, and approve the transaction. Once it’s complete, the meme coins should appear in your wallet.
What to Do if the Meme Coin Doesn’t Appear
Sometimes, you might come across a coin that doesn’t appear on the DEX you’re using. You should still be able to buy it using the smart contract address. You just need to copy and paste it into the DEX.
When doing this, make sure you only get the official contract address to avoid scams.
Risks of Solana Meme Coins
As we’ve just mentioned, there’s always the risk of scams. This is why research is so important.
Scam coins are popping up all the time, so you should only invest in a meme coin if you’re confident that it’s not a scam. This involves ensuring the coin you’re buying is from the correct project team as scammers will often create almost identical coins and try to trick investors into buying them instead.
Another key consideration is volatility. Cryptocurrencies are already considered high-risk assets, but meme coins are the most notorious. They can drop to zero at almost any time, so make sure you understand the risk that you’re exposing yourself to.
At the same time, this is part of the appeal. Meme coins can explode, and some investors have been able to make astronomical profits by investing in the right coins at the right times.
Are Meme Coins Right for You?
It’s important to make sure you know you’re taking a risk when investing in any meme coin. That, however, is part of the appeal for a lot of people. High risk, high reward, remains true here, so while you could end up losing money, you could also make huge profits.
It’s vital that you always do your research and make sure you know what you’re investing in. Safety and security are vital in the crypto space. Take a look at our guide on cold wallets to learn how to store your cryptocurrency safely.