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How to Buy Solana Meme Coins: A Step-By-Step Guide

11 mins
Fact Checked
by Maria Petrova
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Meme coins on Solana are all the rage in 2024. With the growing excitement in this niche crypto sector, many traders are now wondering how to buy Solana meme coins. Here is a quick step-by-step guide.

Methodology

Where to buy Solana meme coins

Before we demonstrate how to buy Solana meme coins, here’s a quick round-up of a few leading compatible platforms. Each of these options supports a range of Solana meme coins as well as multiple other trading pairs.

Availability
200+ countries
Fees
0.2%
Payment methods
Third-party providers
Minimum purchase
$1
Avaiilability
100+ countries
Fees
0.1%
Payment methods
Third-party providers and crypto
Minimum purchase
$1
Availability
100+ countries
Fees
0.08% (maker) | 0.1% (taker)
Payment methods
Crypto, fiat, and third-party payment
Minimum purchase
Varies by crypto
Availability
150+ countries
Fees
0.25%-2.95%
Payment methods
Bank, debit/credit, and 3+
Minimum deposit
$1

How to buy Solana meme coins

1. Create an account: You must locate an exchange and create an account before you can purchase any Solana meme coin. In this example, we will utilize Uphold to purchase dogwifhat (WIF). To register, you must submit your phone number, email address, official identity, and a facial scan.

buy solana meme coins step 1

2. Access your account: Log into your Uphold account after completing the KYC process successfully. As you can see, there is a watch list of popular tokens on the left. The panel where transactions are created is located on the right. Your account balance and transaction history are listed in the middle area.

buy solana meme coins step 2

3. Choose WIF to buy: Go to the right panel, select “Select destination,” and then click on the search box. After you’ve found WIF, proceed to “Select source” and select your payment option. You can also provide a limit order if you choose.

hot buy solana meme coins step 3

4. Confirm deposit: Review your order to ensure all information is correct. If everything is accurate, click “Confirm deposit” to finalize your purchase order.

how to buy solana meme coins step 4

How to invest in meme coins on Solana safely

It goes without saying that any financial investment has risks. This is especially true for crypto and is even more prevalent when investing in meme coins. Choose meme coins that are safe and legitimate projects first and foremost. Here’s how to do this:

1. Use safe on-ramps

One way to ensure you are safe while trading meme coins is to use a centralized exchange (CEX). With CEXs, you do not have to worry about a project creator pulling the liquidity from a liquidity pool.

Additionally, CEXs typically do due diligence before listing a token. You typically do not have to worry about the coins and tokens on an exchange, as they employ teams of developers or have the capital to audit smart contracts and tokens. As a result, customers are relatively safe when trading on exchanges.

2. Make sure the contract is safe

Firstly, make sure that the token contract is safe. That means that the token creator can not arbitrarily alter the contract or that the contract may allow you to buy but not sell. These are very common practices with scams. Some contract scanners exist for this purpose, but it may be more difficult to find token scanners on Solana.

You should also ensure that you are trading the correct version of the meme coin. Once meme coins become popular, many bad actors create clone tokens to fraud traders. Sometimes, they are created on the same or entirely different blockchains.

They will also go into social media accounts and impersonate authentic projects or post links to phishing sites. A common practice is to look for the official “end of post” on social media. This is a growing practice for many projects, not just meme coins.

3. Is the token creator publicly known

Another way to stay safe when buying meme coins is to ensure the token creator has a public face. Publicly known creators are a way to keep a project accountable. Unfortunately, this is typically not the case with meme coins, which tend to be anonymous projects.

In 2024, creating a token and a social media profile to promote it is extremely easy. This makes the space enticing for bad actors looking to create fraudulent projects.

In summary, ensure to protect yourself when trading Solana meme coins. Practice good operational security and ensure you use your common sense. If something doesn’t feel right, it probably isn’t!

Meme coins transactions have dominated crypto activity for the majority of Q1 2024. This capital has subsequently flowed to blockchains like Base Chain and Solana, boosting their transaction activity and revenue. This is likely thanks to a number of factors:

Low fees, high throughput

solana fees
Solana fee: DefiLlama.com

Solana is a high-throughput, low-fee blockchain. This means that it can process a multitude of transactions very fast and at low costs, typically fractions of a dollar.

Breaking new ground

Blockchains like Ethereum boast a high total value locked (TVL) and deep liquidity. It is a choice for many looking to utilize the network’s existing capital. However, Ethereum is also relatively slow and expensive compared to other options. Additionally, much of the profit opportunities on Ethereum are dominated by whales.

On the other hand, blockchains like Solana present new ground for users to make a profit without competition from whales that already dominate the market. Many of the users on Ethereum must compete with sniping bots that constantly monitor the blockchain for opportunities.

This is also true for other blockchains, although it is less prevalent in the early stages of a network. This gives traders time to get in front of this type of activity to make profits.

Bull market dynamics

In April 2024, we are in what some believe to be the early stages of a bull market. As a result, many traders and investors are moving from risk-averse to risk-on.

I think this bull move is strong and has a ways to go… I think the news is strong. I think the inflation is being reduced. I saw a GDP estimate by the Atlantic Fed that just came out after the durable goods at 2.1%, exactly the target of the Fed this year. So the economy is not showing signs of weakness.

Jeremy Siegel, Wharton School finance professor: YouTube

This means that instead of moving capital into safer assets that hold value over time or maintain low but consistent returns, capital is flowing towards more volatile assets with higher returns and risk.

Safer assetsRiskier assets
BondsStocks
Savings acountsCryptocurrencies
Certificates of Deposit (CDs)Commodities
Treasury securitiesReal Estate Investment Trusts (REITs)
Gold and silverCollateralized debt obligations (CDOs)

To translate this, the financial products in the “Safer assets” section are safer because governments and banks are less likely to default on debt. In terms of gold and silver, many investors see these assets as a safe haven against currencies that constantly depreciate in purchasing power.

In crypto, you will notice similarities to investor behaviors in TradFi. Coins like ETH and BTC have long held the titles of digital gold and silver. Assets such as Solana and Base Chain meme coins fall into the riskier asset class because they are extremely volatile, which presents an opportunity to make a significant profit.

More established cryptos (safer)Emerging or niche cryptos (riskier)
Bitcoin (BTC) – Digital goldMeme coins (e.g., Dogecoin, Shiba Inu, Solana meme coins)
Ethereum (ETH) – Digital silverNew DeFi tokens
Stablecoins (e.g., USDT, USDC)NFT projects & tokens
Major platform tokens (e.g., BNB, SOL)Liquid staking tokens/re-staking tokens

The main takeaway is that assets flow from the right column to the left during bear markets. In bull markets, assets flow from the left column to the right, which is particularly relevant to Solana meme coins.

Where to store meme coins on Solana

Once you have bought Solana meme coins, you will need somewhere safe to store them. It is not recommended to keep your coins on an exchange. Instead, choose a safe and secure non-custodial wallet. Here are a few of our top picks.

Type
Hot wallet
Platform
Mobile, desktop, and browser extension
Custody
Non-custodial
Open-source
No
Type
Hot wallet
Platform
Mobile and browser extension
Custody
Non-custodial
Open-source
No
Type
Hot wallet
Platform
Mobile
Custody
Non-custodial
Open-source
Yes
Type
Hot wallet
Platform
Mobile, browser extension, and PWA
Custody
Non-custodial
Open-source
No
Type
Hot wallet
Platform
Mobile and desktop
Custody
Non-custodial
Open-source
No

Are Solana meme coins worth investing in?

Like meme coins on any other network, Solana meme coins typically have no utility. This is a feature rather than a bug. Meme coins are the product of a changing market dynamic, which does not require proof of concepts, valuation, and other metrics to determine a good investment.

In other words, many believe that traditional financial activities and products have no inherent utility. They are simply products of a complex financial market made for speculation. All investing is for profit, and most wealth is made by following trends, regardless of the market.

The value of an asset is not solely dependent on its inherent utility but is also derived from speculation and market dynamics. Meme coins abstract the appearance of utility and go straight into the investment aspect.

As a result, they are a trend, and the interest in them is typically transitory. You can make a profit investing in Solana meme coins. However, losses are the other side of the coin. Most money in meme coins is made by getting in early, often before these assets are listed on centralized exchanges. Note that this often opens investors up to substantial risk. Ensure you know how to vet crypto scam projects and are certain a token is legitimate before jumping in early with the aim of maximizing returns.

As stated previously, trends are where the money is made. Whether it is artificial intelligence (A.I.), Ethereum killers, or Solana meme coins, there is always profit to be had somewhere in a bullish crypto market. Now that you know how to buy Solana meme coins, ensure to prioritize safety and crypto wallet security. Never invest more than you can afford to lose, and be mindful of crypto scams, including pump-and-dump schemes and phishing attempts.

Frequently asked questions

Top crypto projects in the US | June 2024

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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