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
When selecting the top wallets and exchanges for buying Solana meme coins, many options were considered, but only the top choices were selected. This process was conducted over a six month period and many factors were taken into consideration.
Exchanges
Many exchanges have limited support for niche altcoins like Solana based meme coins. The exchanges listed below reflect the top options that not only support Solana meme coins, but also have competitive fees, wide availability, security, various altcoin options, liquidity, multiple features, and more.
- Coinex: Supports over 600 altcoins, offers spot trading, futures contracts, margin trading, and other financial services, and has low fees.
- Binance: Is the world’s largest exchange by trading volume, which allows traders to take advantage of its deep liquidity, low fees, and low spreads.
- Uphold: A U.S. based exchange that gives U.S. customers and others access to several altcoins while having security because it adheres to U.S. regulations.
Wallets
Solana based meme coins require special knowledge to integrate into wallet services, such as support for SPL tokens. The options below reflect this with the addition of security, platform support, and other features for ease of use and a good user experience.
- OKX Wallet: Is a non-custodial wallet created by the OKX exchange. It is platform agnostic and supports Brave, Chrome, Mac, Windows, Linux, Android, and iOS.
- GEM Wallet: Supports more than 1,000 cryptocurrencies and blockchains like Sui, Aptos, Ethereum, Base, BNB, and many more.
- Solflare: Is a Solana centric non-custodial wallet. Allows for the easy importation and support for Solana based tokens and DApps.
- Math Wallet: Has support for multiple blockchains and platforms. This includes web extension, mobile, desktop, and cloud support.
- Guarda: Is a multi-chain wallet that allows you to exchange tokens directly from the app and purchase crypto with fiat on-ramps.
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- Where to buy Solana meme coins
- CoinEx
- Binance
- OKX
- Uphold
- How to buy Solana meme coins
- How to invest in meme coins on Solana safely
- Why are meme coins on Solana popular?
- Where to store meme coins on Solana
- OKX Wallet
- Solflare
- Gem Wallet
- Math Wallet
- Guarda
- Are Solana meme coins worth investing in?
- Trends are where the money is made
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.
CoinEx
CoinEx is a global cryptocurrency exchange that was established in December 2017. It offers spot trading, futures contracts, margin trading, and other financial services related to cryptocurrencies. CoinEx supports over 600 crypto assets, including BTC, ETH, DOGE, AVAX, XRP, and more.
Binance
Binance is the world’s largest cryptocurrency exchange. It is renowned for its extensive range of digital assets, high liquidity, and advanced trading features. Founded in 2017 by Changpeng Zhao (CZ), it quickly rose to prominence due to its comprehensive ecosystem that caters to various aspects of the cryptocurrency market.
OKX
OKX, formerly known as OKEx, is a prominent cryptocurrency exchange that provides a platform for trading various digital assets. It offers an extensive range of services beyond just trading. These include a decentralized exchange (DEX), a multi-currency wallet, DeFi services, and more.
Uphold
Uphold is a multi-asset digital trading platform designed for global users. You can trade a variety of assets, including cryptocurrency, fiat currencies, and precious metals. Halsey Minor, the creator of CNET and an early supporter of Salesforce.com, established Uphold.
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.
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.
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.
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 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!
Why are meme coins on Solana popular?
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 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 assets | Riskier assets |
|---|---|
| Bonds | Stocks |
| Savings acounts | Cryptocurrencies |
| Certificates of Deposit (CDs) | Commodities |
| Treasury securities | Real Estate Investment Trusts (REITs) |
| Gold and silver | Collateralized 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 gold | Meme coins (e.g., Dogecoin, Shiba Inu, Solana meme coins) |
| Ethereum (ETH) – Digital silver | New 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.
OKX Wallet
Using more than 70 blockchains, users can purchase, exchange, earn, and manage digital assets using OKX Wallet, a multi-chain wallet. It is simpler to access DApps on different networks without switching wallets because of the wallet’s support for both EVM and non-EVM networks.
Solflare
Solflare is a cryptocurrency wallet that lets you save, send, and receive Solana and SPL tokens from the Solana network. It also gives you access to decentralized applications on Solana.
Gem Wallet
Gem Wallet is a self-custodial cryptocurrency wallet that enables users to buy, send, receive, swap, and collect crypto assets. It is available on iOS and Android and allows you to interact with blockchains like as the BNB chain, Ethereum, Solana, and Base.
Math Wallet
Math Wallet is a multi-platform cryptocurrency wallet that works on mobile, desktop, and hardware. It can hold more than 50 blockchains and 3,000 tokens. Additionally, it includes cross-chain token trades and a multi-chain DApp store.
Guarda
More than 400,000 digital assets, including those from Bitcoin, Ethereum, Ripple, and Binance Coin, are supported by Guarda Wallet on more than 50 blockchains. It also has features to let you monitor the performance of your cryptocurrency portfolio, multisignature support, and educational content.
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.
Trends are where the money is made
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
Solana meme coins are a specific sector of the cryptocurrency market of meme coins. Solana is a high throughout, low fee blockchain that has become popular for meme coin trading. Meme coins are cryptocurrencies that capitalize on popular internet memes. They typically have no inherent utility.
The top Solana meme coins can vary based on multiple factors. If you consider market capitalization, then Bonk, Dogwifhat, and BOOK OF MEME are the top meme coins on Solana. This list could change if you consider 24-hour volume, liquidity, or any other factor.
Find a decentralized exchange (DEX) or centralized exchange (CEX) to purchase Solana meme coins. The top DEXs for Solana meme coins are Raydium and Orca. If you choose a CEX you will need to register an account and deposit money or crypto to begin trading.
Meme coin trading can be very risky. It is best practice to only trade tokens at officially confirmed token addresses. You should also remain cognizant of phishing scams on social media which attempt to masquerade themselves as legitimate projects.
Meme coins are extremely volatile. This presents traders with an opportunity to generate a lot of profit with little capital. On the other hand, this also means that meme coin traders can make a lot of “paper gains” that they can only convert a portion of into actual cash.
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