7 Best Solana Meme Coins to Buy in 2024

Last updated:

February 12, 2024 18:46 EST
| 14 min read

The Solana ecosystem is home to over 200 cryptocurrencies, including dozens of Solana meme coins with huge potential to grow. In this guide, we examine the 7 best Solana meme coins to buy in 2024.

Top Solana Meme Coins to Buy Today

Before we get into our full analysis, here’s a sneak peek at the best Solana meme coins list:

Smog: Best new Solana meme coin, conducting one of the greatest token airdrops.
Sponge V2: New stake-to-bridge meme coin. Token soared by 100x in 2023.
Bonk: Biggest Solana meme coin by market cap, featuring over 100 integrations.
Dogwifhat: Brand new meme coin soared by more than 14,00% since launch.
Myro: Doge meme coin, named after the Solana co-founder, Raj Gokal’s dog.
Loaf Cat: A new, cat-based Solana meme cryptocurrency with an NFT collection.
Wen: Innovative coin introduces a lightweight, fractional NFT Standard to Solana.

A Closer Look at the Top Solana Meme Coins

Knowing which meme coins have the potential to explode is like finding a needle in a haystack. The best course of action is to research extensively and ensure the portfolio is well-diversified. Read on to find our analysis of the best Solana meme coins for 2024.

1. Smog – Overall Best Meme Coin on Solana

The best coin available on Solana is Smog ($SMOG) – a new meme cryptocurrency. According to its roadmap, Smog wants to become the largest-ever token on the Solana blockchain. To achieve this feat, Smog will host one of the biggest token airdrops. To participate, one can purchase $SMOG from the Jupiter DEX and start earning airdrop points, or you can purchase $SMOG directly from the Smog website using ETH or USDT and stake it for 42% APY. This new coin has already risen by 1,300% within 24 hours of its Jupiter listing. With Smog expected to release 490 million tokens through airdrop campaigns – the platform could experience an increase in activity in the coming months.

Token airdrop points can also be earned by taking part in quests and challenges hosted on the platform. The $SMOG trading airdrop points will not be revealed until later. In total, $SMOG has a total supply of 1.4 billion tokens. Half of the tokens will be used for marketing purposes – in hopes of making it the best meme coin in the long term. If $SMOG continues to offer higher returns, it can attract tier-one listings on exchanges such as Binance and Coinbase. Learn more about this SOL-based cryptocurrency by reading the Smog whitepaper and joining the Telegram channel.

Visit Smog

2. Sponge V2 – Stake-to-Mine Crypto Offering 202% in Staking APYs

Sponge V2 is the latest upgrade of the $SPONGE meme coin, which saw its value soar by 100x in 2023. With version 1 going from a market cap of $1 million to $100 million last year, the founders are aiming to replicate that success with Sponge V2. The latest iteration of the meme coin will be centered around its Stake-to-Bridge model, which will enable holders of $SPONGE to migrate over version 2 via staking. A key element of $SPONGE has been its community building, with a $20 million market cap, and roughly 13,000 holders. Version 2 will leverage this, integrating a P2E (Play-2-Earn) game which will allow players to earn tokens of the upcoming release. Overall, Sponge V2 will have a total supply of 150 billion tokens, 43.09% of which will be allocated for staking rewards. 26.93% has been set aside for bridging $SPONGE, 7.5% for marketing, 4.47% will be used for game development, 10% for CEX liquidity, and the remaining 8% put away for P2E rewards. There seems to be excitement ahead of the Sponge V2 launch, with investors hoping to replicate gains from $SPONGE. The community currently has over 40,000 followers, across its Telegram and X (Twitter) channels.

Visit Sponge V2

3. Bonk – Largest Meme Coin on the Solana Network

BONK is the largest meme coin on the Solana network and remains the best Solana meme coin for recent performance. This meme coin was launched in January 2021. According to CoinMarketCap, BONK was initially priced at $0.000000109 per token. BONK hit an all-time high of $0.00002445 on the 15th December 2023. The price has since halved, and BONK is now trading at $0.00001138. Currently, BONK has a market capitalization of over $718 million. In terms of tokenomics, 50% of the BONK supply was originally airdropped to the Solana community. This includes Solana developers, NFT collectors, DeFi users, and artists. The remaining BONK tokens are split between marketing, liquidity, and its DAO. Those who believe BONK is the best crypto to buy can complete their purchase at Gate.io, Bybit, Huobi, and Raydium.

4. Dogwifhat – Literally Just a Dog in a Hat (Generator Released Soon)

Dogwifhat, $WIF, burst onto the scene at the end of 2023, notching up gains of 182% in its first few days of listing. It has since climbed higher, posting gains of nearly 300% from its launch price. It is “literally just a dog wif a hat” and doesn’t promise anything. A sizable community has sprung up around it, including 33k X followers, and almost 10k members in a Telegram group. Numerous videos and images of the same dog in alternative hats have already been created by the community and the website tells of a WIF Hat generator to be released in the future—but with no deadline for its release. This meme coin has also gained some traction with big exchanges, with Binance launching futures trading for Dogwifhat, with 50x leverage, in mid-January 2024. Dogwifhat is currently trading at $0.2118, a 26% gain on its launch price but 56% down from its all-time high.

5. Myro – Best Solana Meme Coin Project for Dog Lovers

The Myro meme coin is based on the real life dog of Solana co-founder Raj Gokal, which is also called Myro. Its goal is to pay homage to him and his dog and it is designed as more than a cryptocurrency, with the goal of making Solana more inclusive and welcoming for everyone. Myro aims to offer several unique features and contribute to the long term growth of the Solana ecosystem. These features are:

A Myro Trading Bot: A BuyBot on Telegram for Myro, with eventual fees going to a Treasury, a.k.a, Treat Jar, to fund future growth.

A Myro Staking Platform:(Coming Soon) A staking platform where holders of Myro can stake their coins to earn rewards and secure the Solana blockchain.

Other Utilities:Yet to be announced. These releases will deliver utility to holders of $MYRO.

According to CoinMarketCap, Myro has seen gains of over 6,000% since its release but it is currently priced at $0.06905, 73% below its peak of $0.2607.

6. Loaf Cat – New Solana Meme Coin featuring Food, Cats, and Gaming Ambitions

Loaf Cat, ticker: $LOAF, is a Solana-based meme coin that is a “pixelated wizard master cat in full-on loaf mode.” The contract has been renounced and the future of this Solana meme coin, launched at the turn of 2024, is to be decided by the community. A supply of 100 billion $LOAF exists, and 43 billion were put on the Raydium exchange, with the tokens representing that liquidity burned. 15 billion tokens were allocated to the team, 15 billion to CEX listings, 20 billion to marketing, and 7 billion to community airdrops. The Loaf Cat roadmap includes the development of a game studio, an NFT collection, a trademark of LOAF Cat, and the release of Loafers merchandise. According to data on CoinGecko, $LOAF launched with a price of $0.00000841 and has since risen to an all-time high of $0.00003514 (gains of over 300%), from which it is 14.5% down today.

7. Wen – Cat Meme Coin with a New Fractional NFT Standard

While Wen might be a cute cat meme designed around a love letter (poem) to the Wen Bros of the crypto-verse, Wen also aims to push the limits of Solana and its release marks the release of a new fractional NFT standard, the Wen standard, for Solana. The love poem from the cute cat mascot to Wen Bros was split into 1 trillion pieces (the $WEN token supply) and is traded like a normal token. But this means that each token holder holds a tiny bit of the poem. This was the first token using the WNS standard, a new lightweight standard for NFTs on the Solana blockchain. When it was released 70% of the $WEN supply was earmarked for the initial airdrop, done through a fair launch process through the Jupiter exchange. Wen is currently trading at $0.0000515, 5.3% below its first recorded price on CoinGecko, 10 days ago.

8. Contract Address – Meme Coin with Future Airdrops Planned

The Contract Address meme coin, ticker $CA, describes itself as “a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only. There is only a contract address.” The website also contains a white paper that is just that, a piece of white paper.

A library of memes based around the $CA token exists on the contract address website, purportedly to enable users easy shilling of this meme token that is focused on shilling itself. It has so far built a Twitter following of almost 5000 followers, and a Telegram community of over 1,500 users.

Since the announcement that $CA airdrops will be provided to Saga phone holders, Contract Address has spiked (231%) and then declined by 62%, to sit 3% below its first record price of $0.00041548.

What are Solana Meme Coins?

When compared to Ethereum and the Binance Smart Chain, very few meme coins have launched on Solana. But the number of Solana meme coins is increasing, largely because of lower fees and more scalable transactions. While most meme coins build their ecosystem on the Ethereum or BNB networks, Solana also offers a home to various projects. But what is a meme coin? Put simply, meme coins are cryptocurrency projects that have little to no use case in the real world. Instead, Solana meme coins attract buyers because of hype and FOMO (Fear of Missing Out). Take Pepe as a prime example. This meme coin was launched in April 2023, and Pepe has already generated gains of over 1,500%. This highlights that even in the midst of a bear market, meme coins can generate sizable returns.

This is why many investors are now searching for the best Solana meme coins. After all, meme coins allow high-risk investors to target gains when the broader markets are stagnant. That said, Solana meme coins are fraught with risk. In fact, investors should be prepared to lose some or even all of their investments. To counter this, consider diversifying across multiple meme coins – not only on Solana but on other blockchains too.

How we Picked the Best Solana Meme Coins

When building a portfolio of meme coins, investors should look beyond the underlying blockchain and consider the legitimacy of the project, its tokenomics, and the size of its community. Still not sure which Solana meme coins to buy for maximum upside? Below, we explain how we ranked the top SOL meme coins for this Solana meme coin list.

Legitimacy

The reality is that many meme coins, whether they are built on the Solana blockchain or not, are scams. This is due to the anonymous nature of cryptocurrencies and presale campaigns. That said, not all meme coins are illegitimate. On the contrary, some of the best-performing cryptocurrencies of all time are meme coins. This includes Dogecoin, Solana, and FLOKI. With this in mind, the first step is to assess the credibility of the meme coin. Consider reading its whitepaper to assess who is behind the meme coin project and whether they have any prior successes in this space. If the team is anonymous, this isn’t necessarily a red flag. In fact, even Bitcoin was created by an anonymous developer. Ultimately, the objective is to separate legitimate meme coin projects from the bad. This will require in-depth research and due diligence.

Tokenomics

Next, spend some time researching the tokenomics of the meme coin. This refers to the total number of tokens created and how they are distributed. The best Solana meme coins will distribute the majority of their tokens when launching. This prevents the team from holding a large number of tokens, which they can dump at any time. Moreover, some meme coin investors like projects that have a burning mechanism in place. This is similar to a share buyback scheme, as tokens are removed from the circulating supply.

Community

One of the most effective ways to evaluate a meme coin is by the size of its community. After all, the larger the community, the more people there are to plug the project. A prime example of this is Dogecoin, which has one of the largest numbers of token holders in the crypto space.

Wall Street Memes is another example of a project that has a huge community. The meme coin claims that it has over one million followers, translating to more than 40 million monthly impressions.

Market Capitalization

Meme coin investors generally expect huge returns in a short period of time. This objective is made simpler when the meme coin has a small market capitalization. After all, with less liquidity in the market, increased buying pressure can result in rapid growth. Therefore, investors should evaluate the valuation of a meme coin before making a purchase.

How to Buy Solana Meme Coins

The following is a step-by-step guide to buying meme coin Solana tokens.

Get a crypto wallet that supports Solana-based tokens. Hot wallets that are compatible with Solana memecoins include Solflare, Phantom, and Torus.

Deposit funds into your wallet by transferring other cryptocurrencies to your Solana wallet. You need to have enough funds to cover the transaction fees as well.

Choose a cryptocurrency exchange that lists the meme coin you’re interested in.

Sign up for an account on the chosen exchange.

Transfer funds from your Solana wallet to your exchange account.

Purchase SOL on the exchange using the funds in your account.

Place a buy order for the amount of the Solana meme coin you wish to acquire.

If you’re planning on holding on to the meme coins for a while, you are advised to withdraw them to your Solana wallet for added security.

Why Buy Solana Meme Coins vs Other Meme Coins?

Some of the perks available to Solana-based meme coins are low fees, fast transactions, and the ability to scale thousands of smart contract movements per second. With this in mind, we could see the meme coin space shift from Ethereum and Binance Smart Chain over to Solana. In this section, we explore why meme coin investors are turning to the Solana blockchain.

Benefits of Solana Blockchain

Low Fees

Meme coins based on the Solana blockchain benefit from super-low fees. According to the real estate trading platform Parcl, Solana transaction fees average 0.0001 SOL. Based on current SOL/USD prices, this amounts to just $0.0001 per transaction. As such, meme coin traders can buy and sell tokens without having their profits eaten away by fees. Now compare this to meme coins on the Ethereum blockchain. Over the prior year, Ethereum transaction fees averaged $1-4.

Scalability

The Solana blockchain is able to handle approximately 65,000 transactions per second. This makes the network ideal for meme coins, as transactions are processed quickly and at low fees. This is because there is no risk of the blockchain becoming overloaded.

In contrast, Ethereum continues to run at full capacity. Ethereum is still only able to handle 15-16 transactions per second. This is one of the root causes of high Ethereum fees.

Smart Contracts

Not only is Solana one of the most efficient blockchains, but it also supports smart contracts. This is crucial for some meme coin projects, as it enables them to develop some actual use cases. Smart contracts also allow meme coins projects to raise funds from presale investors. For instance, once the presale has concluded, the smart contract will distribute the tokens to investors automatically.

Conclusion

In summary, Smog is our top choice for the best Solana meme coin right now. This cryptocurrency has just launched on the Jupiter DEX – and soared by more than 1,300% in under 24 hours. Smog aims to become the biggest Solana cryptocurrency – and will offer 490 million tokens in airdrop rewards.

Visit Smog

Solana Memecoins FAQs

What is a Solana meme coin?

Meme coins – some of which operate on Solana, are cryptocurrencies that are focused on hype, FOMO, and speculation rather than real-world use cases.

What coins are based on Solana?

More than 200 coins are built on the Solana network, including Audious, Bonk, Arweave, Coin98, and Raydium.

What are the best meme coins on Solana?

Some of the best meme coins on Solana include Smog, Sponge V2, Bonk, Fronk, Moonlana, and SolDoge.

What is the Solana meme coin called?

Although not the original Solana meme coin, one of the most recognized is Bonk.

References

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

About the Author

Sergio is an expert on cryptocurrency gambling at Cryptonews.com. He has written extensively about sports betting with cryptocurrencies for outlets like Sportslens and The Sports Daily. Specializing in crypto casino content, particularly roulette, poker, and blackjack, Sergio provides thorough, fact-checked reviews of gambling sites for Cryptonews. He also covers crypto gambling bonuses, game guides, and emerging trends like Telegram gambling. Sergio holds degrees from the University of Malta and the University of Leicester.