Solana meme coins are a wild and speculative part of the crypto market, super volatile and community driven, where the speed of the Solana blockchain and low transaction fees meet internet culture. According to CoinGecko, these tokens from established names like Bonk ($BONK) to newer ones like Dogwifhat ($WIF) have gotten a lot of attention and market cap, so the blend of blockchain innovation and meme magic. Compared to the broader market Solana meme coins are crushing it, so they’re definitely worth checking out.
What Makes Meme Coins So Alluring?
The Meme Coin Space
The crypto world is super speculative and super volatile. Meme coins are known for their wild price swings, often driven by social media hype and community sentiment not fundamentals or utility. These digital assets are inspired by internet memes, pop culture references or humorous concepts which make them culturally relevant and viral. For a deeper dive into what memecoins are and their unique characteristics, check out our detailed Memecoins blog.
Meme coins are super speculative because:
High volatility: Prices can move fast and big in a short amount of time.
No intrinsic value: Unlike traditional cryptocurrencies, meme coins have no underlying tech or real world use case.
Community driven: Value is determined by online community hype.
Manipulable: Meme coin market is prone to pump and dump and other forms of manipulation.
Investor Interest
Despite being super risky, meme coins are getting a lot of investor attention. Here’s why:
Community: Meme coins have strong passionate communities that promote and support the token.
Social media: X(formerly known as Twitter), Reddit, TikTok, etc play a big role in spreading awareness and hype around meme coins.
Viral marketing: Meme coins use internet culture and humor to create viral marketing campaigns.
Low barrier to entry: The low price per unit makes meme coins accessible to many investors.
Big returns: The volatility of meme coins can lead to big gains in a short amount of time, attracting speculators.
Celebrity endorsements: Big name individuals and influencers can get a lot of attention and buzz around meme coins.
Solana in the Meme Coin Market
Solana’s blockchain is becoming popular for meme coin projects because of its features that make trading better:
More liquidity: Solana’s fast transactions and low fees means faster trading and more liquidity for meme coins.
Fast transactions: The blockchain can process thousands of transactions per second, so trades are near instant.
Low fees: Solana’s consensus algorithm means much lower fees than other popular blockchains.
Scalable: The network can handle high transaction volume so it’s good for the fast trading that comes with meme coins.
Decentralized exchanges (DEX): Solana has multiple DEXs so you have more places to trade meme coins.
That’s why Solana is a good choice for meme coin devs and traders as it solves many of the scalability and cost problems of other blockchains. Solana’s tech and meme coins’ viral nature is what’s driving Solana meme tokens in the market.
Top Solana Meme Coins
Here we go into the world of the top Solana meme coins. The Solana blockchain has become a hub for many innovative and community driven meme coins. These coins have gotten a lot of attention for their unique concepts, virality and growth. Here we look at the top Solana meme coins, their features, market performance and community engagement.
Bonk ($BONK): Origins and Rise
Bonk ($BONK) the Shiba Inu dog inspired coin is one of the most popular meme coins on the Solana blockchain, launched on December 25, 2022 as a community driven project to challenge the perceived centralization of the Solana ecosystem. Community support and market sentiment has driven the value of Bonk, hype and speculation played a big role. The coin got a lot of traction from a massive airdrop, 50% of the total supply was distributed to Solana users, NFT projects and developers. This unique distribution strategy created strong community engagement and fast adoption. Bonk’s market performance has been impressive, with a market capitalization of $2.7 billion in May 2024. The coin’s success can be attributed to its integration with the Solana ecosystem, community driven approach and the development of utility focused projects like Bonk Swap and Bonk BOT. As of June 2024, Bonk’s market cap is $990.72 million, with a circulating supply of 65.19 trillion $BONK out of a total supply of 93.53 trillion. The strong community support and continued development of its ecosystem has kept the coin growing and popular among Solana based meme coins.
Dogwifhat ($WIF): Meme to Momentum
Dogwifhat ($WIF) is a popular meme coin on the Solana blockchain, inspired by a viral internet meme of a Shiba Inu dog wearing a pink knitted hat. Launched in November 2023, $WIF got traction within the crypto community, riding the wave of Solana based tokens. As a meme coin, $WIF is known for its uniqueness and strong community. The anonymous creators drew inspiration from Dogecoin but focused on building a strong presence in the Solana ecosystem.
$WIF’s appeal is from its fun branding and the meme being so popular, the original dogwifhat meme is from 2019. The coin’s value and market capitalization grew fast because of its active and hyped community, viral marketing on social media and the speculative nature of meme coins. Despite having no traditional utility or use cases, Dogwifhat has found a spot in the meme coin market, proves the power of internet culture and community driven projects in the crypto space.
Cat in a Dogs World ($MEW): Feline Meme Coin Challenger
Cat in a Dogs World ($MEW) is a new meme coin on the Solana blockchain, challenging the dog themed cryptocurrencies with its feline narrative. Launched on March 26, 2024, $MEW got traction and surpassed $150 million in trading value in the first 3 hours. The project’s tokenomics is to burn 90% of the liquidity tokens to create a price floor and 10% airdropped to the Solana community to get engagement. $MEW’s market is doing well, price is up 41.04% in the last month. The coin has 151,380 active token holders and big trading volume, shows strong community support. As of July 15, 2024, $MEW is at $0.003908 with a market capitalization of $347,421,935 and ranked #155 on CoinMarketCap. Be aware that meme coins are volatile and speculative.
Book of Meme ($BOME): Meme Coin Phenomenon
Book of Meme ($BOME) is a Solana based meme coin that blew up after launch in March 2024. The project is trying to immortalize meme culture on chain by using decentralized storage solutions like Solana, Arweave and IPFS. BOME is different in the memecoin space by combining meme preservation, decentralized finance and community engagement. The coin’s performance has been insane with market cap over $1B shortly after launch. As of April 2024 BOME’s market capitalization is $803,100,365 and ranked 99th. The project’s success can be attributed to its unique concept, strong community and being listed on Binance. $BOME’s popularity is showing that people are interested in meme coins that offer more than just speculative value, it’s trying to provide tools for meme creation, storage and engagement in the crypto space.
Neiro ($NEIRO): Community Driven Sensation
Neiro, a new meme coin on the Solana blockchain, has blown up and caught the attention of crypto investors and enthusiasts. A new dog of the DOGE owner, Neiro has got a lot of traction in the market with over $1B in 24 hours of launch. Many from the crypto community including KOLs have jumped in and pumped the price and volume. Neiro’s community is strong as seen in the market performance, some exchanges reported 24 hour volume of $942 million. Neiro’s popularity is also shown in the swift listing on exchanges and the profits of early investors, one dev even turned $552 into $2.85 million. However as with all meme coins, please be cautious as it’s highly speculative and risky.
Popcat ($POPCAT): Viral Meme Sensation
Popcat ($POPCAT) is a viral sensation in the Solana meme coin space, inspired by the popular internet meme of a cat named Oatmeal with its mouth popping open. Launched in 2024, Popcat blew up quickly and used the power of internet meme culture and social media to get investors in. The meme coin went viral on Twitter and Reddit and trading volume went from $200,000 to over $600 million in a short period. Popcat is now the 3rd most popular meme coin on Solana behind Bonk and Dogwifhat. The coin’s success can be attributed to strong community, viral marketing and the speculative hype of meme coins. However as with all meme coins please be cautious as it’s highly speculative and risky.
Ponke ($PONKE): Solana’s Angry Monkey
Ponke ($PONKE) is one of the notable meme coin in the Solana space, got traction with its unique theme of an angry monkey who is a self proclaimed “degenerate gambler with anger issues”. This concept has appealed to a wide audience and that’s why it’s blowing up in the Solana ecosystem. The meme coin’s performance is impressive, $PONKE raised $2.1 million in 3 days. Looking forward $PONKE is going to grow and innovate with the introduction of MEMETREND, a new product that will increase its utility and appeal in the crypto space. As with all meme coins please be cautious as it’s highly speculative and risky.
Mumu ($MUMU): Bullish Meme Coin
Mumu the Bull ($MUMU) is a Solana based meme coin that has gotten a lot of attention in the crypto market due to its branding and community involvement. Launched in 2024 $MUMU is a nod to the Mumu the Bull meme from 2018 which has been a symbol of being bullish in the crypto space. The coin’s market performance has been wild, with a market cap of $114,441,097 and a 24 hour volume of $4,379,378. $MUMU’s price has been meme coin volatile, all time high of $0.0001202 on July 29, 2024 and currently trading at $0.00005012 which is 58.28% down from its all time high. Despite the volatility $MUMU has stuck around in the memecoin space, reflecting the trend of community driven coins gaining traction among investors looking for entertainment and potential gains in the crazy crypto market.
Slerf ($SLERF): Solana Sensation
Slerf ($SLERF) a meme coin associated with the Solana based NFT community Bozo Collective skyrocketed on the Solana network despite a major pre-launch bug. Slerf’s market cap was influenced by its initial scarcity and the buying frenzy that followed. On March 18, 2024 Slerf’s $10.8 million SOL pre-sale was marred by a bug that burned the liquidity pool and 50% of the token supply. The unexpected scarcity caused a buying frenzy and $SLERF’s price skyrocketed to $1.28 and market capitalization to $500 million within 3 hours of launch. The coin’s price action and adoption was so hot that major exchanges MEXC, CoinEx and Bitget listed $SLERF. Despite the controversy surrounding its launch Slerf’s early performance broke records and increased Solana’s DEX volume showing the wild and speculative nature of the meme coin space in the Solana ecosystem.
Myro ($MYRO): Community Driven
Myro ($MYRO) has become a big player in the crypto space, especially in the meme coin space, gaining traction through community involvement and trading. Launched as a Solana based cryptocurrency Myro has grown a lot since its start. As of March 20, 2024 Myro has a market capitalization of $235,579,571 and is #300 on CoinGecko. The coin’s performance has been wild, 5308% up on its debut. Myro’s daily volume is $53,808,647 showing a lot of investor interest and activity. The coin is listed on major exchanges Bybit, KuCoin and Gate.io with Bybit being the most active for $MYRO/USDT. Despite being a meme coin Myro has shown some resilience, even outperforming the market when other meme coins were down 50%.
Wen ($WEN): Solana Speculation
Wen ($WEN) is a speculative meme coin on the Solana blockchain, capitalizing on the popular crypto slang “wen” (meaning “when”) used by impatient investors waiting for price increases or project updates. Wen has become a meme coin to watch due to its growth and volume. Launched in 2024 Wen quickly gained traction with speculative investors due to its branding and community involvement. The coin’s performance has been wild but impressive, 300% up in days. As of July 2024 Wen has a market capitalization of $150 million showing a lot of investor interest despite being highly speculative. Wen’s potential as an investment is unknown but its growth and volume on DEX’s has put it as a player in the Solana meme coin space. But be cautious with Wen as meme coins are known for their price volatility and lack of fundamentals.
MAGA ($TRUMP): Politically-Charged Memecoin
MAGA ($TRUMP) is a meme coin within the Solana ecosystem that’s based on Donald Trump’s “Make America Great Again” slogan. Launched in 2024 $TRUMP blew up among cryptocurrency enthusiasts and Trump supporters. The coin has a lot of community engagement in the broader crypto space especially on Twitter and Telegram where supporters are promoting and discussing the token. As of June 2024 $TRUMP’s market capitalization is $81.54 million with 390.26 billion $TRUMPS tokens out of 420.69 billion total supply. The coin’s volume is always high since launch. But like other meme coins $TRUMP’s value is driven by speculation and community sentiment not utility so it’s a very volatile investment.
BeerCoin ($BEER): Frothy Memecoin
BeerCoin ($BEER) is a new player in the Solana memecoin space that’s branding itself as “liquid gold”. Launched in 2024 $BEER blew up and now has a market cap of over $276 million and is one of the top Solana memecoins. The coin’s appeal is universal and about enjoyment and social connection which resonates with a wide audience. BeerCoin has a lot of market sentiment with the price up over 700% in a week. The volume is also huge with over $183 million in a day. As of August 2024 the price is $0.00002687 with a 24 hour volume of $11,686,390. But like other memecoins BeerCoin’s value is driven by speculation and community so it’s a very volatile investment.
Gigachad ($GIGA): The Meme King
Gigachad ($GIGA) is the OG of the Solana memecoin space, known for being a meme and community driven. Launched in 2024, Gigachad blew up early for its strong branding and a community that loves the “Chad” culture in crypto. The community is super active on Twitter and Discord where $GIGA is being promoted and discussed.
As of July 2024, Gigachad has a market cap of $85 million and is in the top 15 Solana memecoins by market cap. Like most memecoins, $GIGA is super volatile and price is heavily influenced by social media and community sentiment. Despite being a meme, Gigachad Token has steady trading volume which means people are still interested and involved in the project.
Guacamole ($GUAC): Spicy Memecoin
Guacamole ($GUAC) is a Solana memecoin that’s gained attention in the crypto space with its fun concept around the popular dip. Launched during the week of Cinco de Mayo 2023 $GUAC blew up and is a community driven project that combines DeFi and memeculture. The coin’s performance in the memecoin space is notable with a market cap of $5,682,541 as of recent data. $GUAC has a lot of investor interest with a 24 hour volume of $191,758.44 USD and listed on multiple exchanges. The project’s focus on community and features like swap aggregator and on-chain games has contributed to its growth. But as with all memecoins be aware that it’s very volatile and speculative.
To discover more about these top memecoins and how they are shaping the market, visit our Top Memecoins blog.
Meme Coin Risks
Volatility and Wild Price Swings
Investing in the top Solana meme coins comes with big risks due to their wild volatility and price swings. These are speculative investments that are known for their rapid and unpredictable price movements which can result in big gains or losses in a short time.
Key factors that contribute to meme coin volatility:
Social media: A single tweet from a celebrity or influencer can cause prices to go up or down in hours. For example, Elon Musk’s tweets have affected Dogecoin prices and we see the same with Solana meme coin ecosystem.
Pump and dump: Coordinated efforts by groups to pump the price before selling off their holdings can cause a price crash.
No utility: Most meme coins have no intrinsic value or real world use cases, so their prices are highly dependent on market attitude and speculation.
Low liquidity: Many meme coins have low trading volumes which can make price swings worse when big buy or sell orders are placed.
Investors should be prepared to lose their entire investment due to these factors. For example, Slerf ($SLERF) went to $500 million market cap in hours of launch and then had big price swings, that’s how meme coin investments are.
Liquidity and Market Cap
Liquidity and market cap are important to consider when investing in Solana meme coins as they can affect an investor’s ability to get in or out of a position.
Liquidity challenges:
Low trading volume: Many meme coins have low trading activity so it’s hard to buy or sell large amounts without affecting the price.
Thin order books: Decentralized exchanges (DEXs) where most meme coins trade have sparse order books so big trades have high slippage.
Liquidity pool risks: Some meme coin projects have small or imbalanced liquidity pools so liquidity providers are at risk of impermanent loss.
Market cap considerations:
Total supply vs circulating supply: Understanding the difference between a meme coin’s total supply and circulating supply is important as large token releases can dilute value and affect price.
Market cap manipulation: Small cap meme coins are more prone to price manipulation due to low liquidity and concentrated token holdings.
Relative valuation: Comparing market caps across different meme coins can give you an idea of overvaluation or undervaluation but traditional valuation metrics don’t apply.
Investors should look into liquidity and market cap before investing. For example, Bonk ($BONK) had strong liquidity growth and reached $2.7 billion market cap in May 2024 so there’s more trading activity and investor interest.
Regulatory Risks
The meme coin space has regulatory risks that can affect their performance and legality:
Lack of oversight: Most meme coins operate in a regulatory gray area with limited oversight from financial authorities. This leaves investors vulnerable to fraud and manipulation.
Securities classification: There’s a debate whether some cryptocurrencies including meme coins should be classified as securities. If so, they will be subject to strict regulations and can’t be traded on DEXs.
Anti-money laundering (AML) concerns: Anonymity and lack of KYC on many DEXs where meme coins trade raises AML concerns.
Market manipulation: Regulatory bodies may increase scrutiny on meme coins due to their susceptibility to pump and dump and other forms of market manipulation.
Cross border regulations: Different regulatory approaches across jurisdictions can create compliance challenges for global meme coin projects and investors.
Advertising and promotion restrictions: Some countries have or are planning to implement restrictions on cryptocurrency advertising which can limit the viral marketing tactics used by meme coin projects.
That’s another risk to meme coin investments. Investors should keep an eye on the regulatory changes and how it will affect their Solana meme coin investments.
Disclaimer
We do not provide financial advice. The information shared in this blog is for educational purposes only and should not be considered as financial guidance. It is crucial to check local legal regulations and guidelines before engaging in any cryptocurrency transactions, as certain jurisdictions can vary significantly depending on your jurisdiction. Additionally, we encourage you to conduct your own research (DYOR) and consult with a financial advisor to make informed decisions about buying, selling, or managing cryptocurrencies. Always consider your financial situation and risk tolerance before proceeding with any investment.
