Top Solana Memecoins to Watch in 2024

The crypto market is off to a strong start early in 2024, and memecoins are back grabbing headlines alongside the major cryptocurrencies. These digital assets, often created as a lighthearted take on cryptocurrency, have captured the imagination and attention of investors and enthusiasts alike. While their inherent volatility and meme-driven nature can be polarizing, their explosive growth and vibrant communities can't be ignored.

The dog-themed meme tokens of Ethereum dominated the last bull run in the crypto market during 2020-21. But, the next one seems all set to focus on memecoins in other blockchain ecosystems, particularly Solana. Known for its high throughput and low transaction fees, the Solana ecosystem has been experiencing rapid growth in the meme coins’ space since 2023. 

This article delves into the top Solana memecoins, exploring their unique potential and the factors driving their rise within the broader Solana ecosystem.

The Solana ecosystem has become a fertile ground for the growth of memecoins, a trend underpinned by several key factors:

1. Overall Growth of the Solana Ecosystem

Solana is experiencing explosive growth, attracting developers and users with its lightning-fast transactions and scalability. This fertile ground creates an ideal environment for innovative projects, including memecoins, to flourish.

2. Heightened Airdrop Activity

Airdrops, where free tokens are distributed to users, have become a popular marketing strategy in the crypto world. Solana has seen numerous memecoin airdrops, generating excitement and attracting early adopters. For example, the BONK airdrop, the first of its kind on Solana, saw massive participation and contributed to the coin's initial success.

3. Stellar Success of BONK Memecoin

The BONK airdrop, targeting active Solana users, generated immense hype and drove token adoption. Solana's once-struggling Saga phone saw a dramatic turnaround thanks to the BONK airdrop. The initial $10 BONK incentive soared in value, reaching $30 million per phone at its peak. Fueled by arbitrage possibilities, this frenzy led to a tenfold increase in Saga sales and a complete sellout before the end of 2023, demonstrating the powerful influence of well-executed airdrops in the memecoin market.

Solana memecoins stand out from their counterparts on other blockchains due to several distinct advantages:

• Unique Advantages for Trading: One of Solana's biggest strengths is its ability to handle thousands of transactions per second (TPS) with minimal fees (as low as 0.0001 SOL). This is in stark contrast to Ethereum, where high gas fees (average of $1) often hinder memecoin trading due to its slower network. Solana's speed and affordability make it ideal for high-frequency trading, particularly valuable for the highly volatile memecoin market.

• Developer-Friendly Ecosystem: Solana's infrastructure is conducive to innovation, offering developers a supportive community and powerful tools to create and launch new memecoins. This encouragement of creativity and experimentation has been a key driver in the proliferation of memecoins within the ecosystem.

• Growing DeFi TVL and Support: The Total Value Locked (TVL) in Solana's DeFi protocols is a testament to the growing confidence in its platform. Many DeFi protocols and Decentralized Exchanges (DEXs) on Solana are increasingly supporting memecoin growth, further integrating these assets into the broader crypto economy. After making their mark on Solana’s DeFi ecosystem, many memecoins have expanded into the larger crypto market, thanks to their rising popularity resulting from CEX listings. 

• Rising Interest Among Traders and End Users: The user base for Solana memecoins is expanding, fueled by the blockchain's efficiency and the intrinsic appeal of memecoins. As Solana gains traction among seasoned traders and new users alike, the demand for memecoins within this vibrant ecosystem naturally increases. This creates a self-fulfilling loop, fueling further growth and adoption.

Here’s a look at some of the most popular and best-performing memecoins on the Solana network. We’ve assessed and selected the tokens listed below based on their market performance, hype generated, market cap, community strength, and utility. 

1. Bonk (BONK) 

The answer to Ethereum’s Dogecoin, Solana’s OG dog-themed cryptocurrency Bonk was launched on December 25, 2022, as a way to reward active participants and revive the Solana ecosystem through airdrops and community engagement. 

One key aspect behind $BONK’s popularity is the comprehensive Bonk ecosystem, which includes BonkSwap, a DEX; BonkDex, offering DeFi services like lending and borrowing; and BonkVault, a secure non-custodial wallet for storing digital assets. These platforms enhance the utility and value of the Bonk token, making it an attractive option for investors and users.

The BONK price touched an all-time high of $0.00003419 in December 2023 after the announcement of free Bonk airdrops for Solana SAGA smartphone owners. The resulting frenzy saw the SAGA phone sellout from stores, driving strong gains in the $BONK meme coin. 

2. Wen (WEN)

Another Solana memecoin that generated a significant buzz in the crypto market is Wen (WEN). The WEN token was introduced as a tribute to the common crypto culture query of "when" regarding token launches or new features. Developed by the pseudonymous creator of the Jupiter exchange, Weremeow, WEN also draws inspiration from a fractionalized NFT poem.

The key feature of WEN is its strategic distribution approach, which played a crucial role in its popularity. Approximately 70% of the token's fixed supply of one trillion was airdropped to eligible Jupiter users, who had to trade a minimum of $5 volume between July 2023 and January 2024. This mass airdrop led to WEN being distributed to over a million wallets, significantly expanding its reach and creating a substantial community around the coin.

WEN's market performance has been notable, experiencing a remarkable surge in value shortly after its launch. This included a substantial increase in market capitalization, reaching nearly $100 million. However, like many meme coins, WEN has experienced high volatility, with its value undergoing significant fluctuations within a short period.

3. dogwifhat (WIF) 

dogwifhat (WIF) is another popular dog-themed meme coin on the Solana blockchain, launched in October 2023. It features a unique theme centered around a Shiba dog wearing a pink knitted hat, embracing the meme culture prevalent in the cryptocurrency world. The coin stands out for its decentralized ownership structure, meaning there's no central control by the creators, and it focuses on a community-driven approach.

Featuring pixelated dog avatars sporting stylish hats, dogwifhat aims to build a fun and engaging platform around meme culture. Their vision includes a meme-based social media platform and an NFT marketplace. Users can acquire and trade unique pixelated dog NFTs with various hats and accessories. The planned platform promises meme sharing, community interaction, and potential social features built around NFT ownership.

In terms of market performance, Dogwifhat has experienced significant fluctuations, which are characteristic of many memecoins. It saw a substantial increase in value following listings on major cryptocurrency exchanges like KuCoin and Binance. This listing led to a nearly 50% surge in its price in a single day, reaching around $0.34, although it's still below its all-time high of $0.4814. The coin has achieved a market capitalization of over $218 million at the time of writing, reflecting significant trading activity and investor interest.

4. Myro (MYRO) 

Yet another Solana-based dog-inspired meme cryptocurrency, $MYRO is named after the dog owned by Raj Gokal, one of the co-founders of Solana. The project was created to pay homage to Gokal and his dog and to meet the demand for dog-themed narratives within the crypto space. While Myro is essentially a memecoin, it aims to offer more than just a fun investment option by providing practical utilities and services for the Solana ecosystem, striking a balance between amusement and utility.

Following its launch in October 2023, the MYRO meme coin price hit an all-time high of $0.2607 on January 19, 2024, although it has slipped lower since then. At the time of writing, the MYRO market cap is over $87 million. 

One of the key features of Myro is its comprehensive and public BuyBot on Telegram, which is designed to assist the Solana community. This bot facilitates cross-pollination, partnership opportunities, and free exposure for Solana projects through the "MYRO Trending" channel. The bot also has potential revenue generation capabilities, with plans to introduce fees for certain services and display advertisements, with the earnings going into the Myro Treasury.

5. analoS (ANALOS) 

A playful parody of Dogecoin, analoS (Solana spelled backward) aims to inject humor and a lighthearted touch into the Solana memecoin scene. This coin was created to bring innovation within the Solana ecosystem and is more than just an investment tool. Launched on December 24, AnaloS quickly captured market attention and increased the value of its native token, ANALOS.

analoS shot to fame over news reports of a significant gain by a trader who turned a $900 investment into $3.47 million in just five days. The ANALOS price traded at an ATH of $0.002169 on December 25, 2023, but has slipped since then. Its market cap is above $8 million at the time of writing. 

The tokenomics of ANALOS involves a maximum total supply of 100 billion tokens, with allocations for liquidity, marketing activities, and airdrops. ANALOS tokens can be used for transactions within the ecosystem, as incentives or rewards for community participation, and exclusive access to certain features or services.

6. ​​Silly Dragon (SILLY) 

Silly Dragon (SILLY) is a Solana-based memecoin that gained significant attention upon its launch in December 2023, quickly becoming a notable project within the cryptocurrency community. Its initial market capitalization soared to nearly $10 million shortly after launch, demonstrating a 900% increase in value within just two days. Although SILLY has experienced fluctuations from its all-time high, it has maintained a positive trajectory, showing a 62% increase over the past month and pushing its market cap above $61 million. This remarkable growth can be attributed to its strong appeal to the internet culture and meme investment strategy, capturing the imagination of a younger, digitally native audience. The project was inspired by a playful spirit, with its origin tracing back to a tweet by Anatoly Yakovenko, the CEO of Solana, which declared 2024 as "the year of the silly dragon," emphasizing the memecoin's fun and engaging nature​​.

Silly Dragon distinguishes itself not just as a memecoin but as a heart-driven movement that embodies the spirit of abundance and unity within the Solana ecosystem. It represents a cultural and art-driven phenomenon, celebrating community, art, and the joy shared among its members. The Silly Dragon team has emphasized its commitment to integrating SILLY into the broader Solana DeFi and GameFi sectors, promising long-term holders benefits from ecosystem expansions. Furthermore, the project prioritizes community feedback, involving members directly in the development of new features through channels like Discord. This approach aims to foster a strong community bond and drive further innovation and growth within the Silly Dragon ecosystem​​.

7. Book of Meme (BOME) 

The Book of Meme (BOME) is a novel cryptocurrency project on the Solana blockchain that aims to immortalize meme culture within the blockchain. By leveraging decentralized storage solutions such as Arweave and IPFS, it preserves memes permanently, with plans to expand to Bitcoin inscriptions. This experimental endeavor seeks to blend memes with web3, creating a new form of decentralized social media. The $BOME memecoin broke into the top 100 cryptos by market cap within a few of its launch, with its market cap surging to a high of $1.48 billion before settling lower as the market sentiment turned more cautious. Its value surged by 44,000% during its pre-sale, making it one of the most sought-after memecoins within a week of its launch. 

$BOME, the project's native memecoin, is central to its ecosystem, enabling transactions and participation in this unique digital culture preservation. With a vision that extends to decentralized social media, Book of Meme explores the intersection of meme culture, blockchain technology, and decentralized finance, marking a significant step towards using blockchain for cultural preservation and digital expression.

8. MAGA (TRUMP)

The Trump MAGA memecoin, leveraging the political brand of former President Donald Trump, has made a notable impact in the cryptocurrency world. It draws on political events and Trump's media presence, experiencing an extraordinary market performance. As of early 2024, MAGA witnessed a remarkable surge of over 800% within just 30 days, hitting an all-time high price of $11.15 in March, up from a mere $0.252 in January. Since its introduction, MAGA's value has increased by over 66,000%, and its market cap exceeded $461 million by March 2024. This memecoin represents a unique intersection of politics, investment strategy, and meme culture in the cryptocurrency space, drawing attention not just for its association with Donald Trump but also for its significant market traction​​​​.

Investment in Trump-themed meme coins, like MAGA, indicates a strategic shift for investors looking to capitalize on Trump's continuous media presence. Mechanism Capital, for example, showcased its bullish stance on these assets by marking Trump-related meme coins as its first new positions in 2024. The coins have registered up to 124% gains in a short span, driven by Trump's provocative statements and legal battles that keep him and the coins in the spotlight. Despite the risks associated with meme coins' volatility and the unpredictability of Trump's endorsement, the coins' performance and the speculative interest they've attracted underscore a broader trend of political figures influencing market dynamics in the crypto ecosystem. The strategy behind investing in Trump-themed meme coins relies on Trump's ability to dominate news cycles, with the appeal of these coins extending beyond election outcomes​​.

9. Samoyedcoin (SAMO)

Samoyedcoin (SAMO), launched in 2021, is one of the oldest and most established memecoins based on the Solana blockchain. It was developed to support animal shelters and charities, fostering a community passionate about helping animals. SAMO also stands out for its environmental efficiency, running on Solana's low-energy-consuming network. The project's vision is to accelerate the growth of the Solana ecosystem, with a mission to establish Samoyedcoin as the ambassador of Solana.

The tokenomics of SAMO include a total supply of 1 billion tokens, with allocations for airdrops, the team, marketing, and token burns. The SAMO token uses a deflationary model where a portion of each transaction is burned, reducing the total supply over time. This includes burning 1% of each transaction and redistributing another 1% to holders. SAMO tokens can be earned through various liquidity mining programs. 

In terms of governance, the SAMO community is engaged in shaping the project's direction through the upcoming SAMO DAO. This decentralized autonomous organization will allow SAMO holders to vote on important project decisions. Samoyedcoin's market performance has seen its ups and downs. It reached an all-time high of $0.246 in October 2021 and an all-time low of $0.00115 in May 2021. As of the latest data, it has a market capitalization of over $38 million.

10. WOOF (WOOF) 

Woof (WOOF), a memecoin on the Solana blockchain, positions itself as a decentralized meme coin and NFT collection, fully governed by its holders through a Decentralized Autonomous Organization (DAO). Launched in 2021, the $WOOF price hit an ATH of $0.005901 in November 2021 but has slid considerably lower since then. At the time of writing, WOOF has a market cap of over $1 million. 

The project includes its own decentralized exchange (DEX) and swap platform, aiming to be a fun and educational space for onboarding new users into the Solana and broader crypto ecosystem. Woof Solana's vision extends to being more than just a currency; it is about community building and education in the crypto industry.

The WOOF token, which powers the ecosystem, is used within its various platforms and for governance purposes within the DAO. The project also emphasizes charity, with a portion of profits from merchandise sales going to dog shelters. This initiative aligns with the project's community-driven ethos.

Solana’s memecoins offer an interesting avenue if you want to trade highly volatile assets with the potential for high ROI but also high risks. However, here are some key factors to consider before investing in meme tokens on Solana: 

1. Evaluate the Project's Roadmap and Development: Investigate the coin’s roadmap and the credibility of its development team. A meme coin with a solid roadmap and an active development team might offer more stability and potential for growth.

2. Assess the Community Strength: A strong, active community can be a positive indicator, as it suggests a higher level of engagement and potential for the coin to maintain or increase its value over time.

3. Follow Market Trends: Keep an eye on overall market trends in the cryptocurrency space. Meme coins can be particularly sensitive to broader market movements.

4. Invest in Meme Tokens via Diversification: Diversification is key with any investment strategy. It's advisable not to invest more than you can afford to lose, especially with high-risk assets like meme coins.

5. Research and Continuous Monitoring: Conduct thorough research before investing and continue monitoring the investment, as the meme coin market can change rapidly.

To buy or trade Solana-based memecoins, you have several popular platforms and methods at your disposal. Here are some of the most commonly used ones:

1. KuCoin 

KuCoin is a global cryptocurrency exchange that offers a wide range of cryptocurrencies, including Solana-based memecoins. It is known for its user-friendly interface and a vast array of trading pairs.

How to Buy Solana-based Memecoins on KuCoin: To trade on KuCoin, you need to create an account, complete any necessary identity verification, deposit funds (either crypto or fiat), and then you can start trading various Solana memecoins available on the platform.

Starting trading memecoins on KuCoin today. 

2. Solana DEXs 

Solana DEXs are decentralized platforms allowing you to trade Solana memecoins directly from your wallet without needing an intermediary. Some popular decentralized exchanges where you can find Solana-based memecoins include Jupiter, Raydium, and Orca. 

How to Buy Memecoins on Solana DEXs: To trade on a Solana DEX, you need a Solana wallet (like Phantom or Sollet). Connect your wallet to the DEX, ensure you have some SOL for transaction fees, and then trade directly on the platform.

3. Phantom Wallet 

(or Other Solana Wallets) 

Phantom is a popular wallet designed specifically for the Solana ecosystem. It lets you store, send, receive, and swap Solana-based assets, including memecoins, directly within the wallet interface.

How to Swap Memecoins on Phantom Wallet: Download and install the Phantom wallet as a browser extension or mobile app. Deposit Solana or Solana-based tokens into the wallet. You can then trade memecoins directly within the wallet using the built-in swap feature.

In conclusion, the world of Solana memecoins offers a unique blend of community spirit, technological innovation, and the potential for high-risk, high-reward investment opportunities. From the pioneering SAMO to the community-driven Woof, each memecoin within the Solana ecosystem embodies a distinct character and vision, reflecting the diverse and vibrant nature of the cryptocurrency world. 

As the Solana blockchain continues to evolve and expand, the memecoin landscape on this platform is likely to grow, offering more opportunities for innovation, investment, and community participation. While inherent risks are always present, low fees, high speed, a developer-friendly environment, and rising interest make Solana a breeding ground for memecoin innovation and potential disruption.

1. Top 5 Decentralized Exchanges (DEXs) in the Solana Ecosystem

2. Top Projects in the Solana Ecosystem to Watch

3. How to Stake Solana with Phantom Wallet

4. Top Decentralized Exchanges (DEXs) to Watch in 2024

5. Top 8 IDO Launchpads to Explore in 2024