Crypto traders have recently become interested in MOODENG, which is also launched on the Solana blockchain. The current price of this token is $315 million and has risen quickly to become the 22nd largest meme coin by market capitalization and one of the leading competitors in the meme coin market. MOODENG’s exclusive ascent, with a market valuation of over $300 million. 

Meme coins have been a huge hit in the cryptocurrency space, drawing in investors with their special mix of comedy and community involvement. These digital assets have established a sizeable niche in the larger cryptocurrency market. They are frequently influenced by viral internet memes and trends. 

Meme coin investments can be alluring for some reasons. They have the potential to yield significant returns on investments to start. A large number of early users of coins such as DOGE and SHIB transformed small initial deposits into enormous riches. Regardless of the level of your experience with cryptocurrencies, this article will provide you with the information and resources you need to successfully explore the realm of meme coins and Solana blockchain. 

What is Solana?

The Solana blockchain technology is intended to provide scalable, decentralized applications. Established in 2017, the project is presently managed as an open-source endeavor by the Geneva-based Solana Foundation, with the Solana Labs in San Francisco, responsible for building the blockchain. 

Compared to competing blockchains like Ethereum, Solana processes transactions much faster and charges substantially fewer fees for each transaction. The cryptocurrency known as (SOL), which is based on the Solana blockchain, surged by about 1200% in 2021, during one point, and had a market valuation of over $75 billion, thus becoming one of the biggest at the time. SOL’s market capitalization kept it among the top cryptocurrencies in 2024. To keep it short we can say:

• An accounting platform with crypto assets is called Solana and is intended to provide scalable, decentralized apps. 

• Compared to competing blockchains like Ethereum, Solana has a far higher transaction processing rate and reduced transaction costs. 

• A proof-of-history (PoH) method, which uses hashed timestamps to confirm when transactions occur, enhances the proof-of-stake (PoS) blockchain found in Solana. 

Blockchain software-induced constraints are eliminated by Solana’s architecture through the usage of algorithms. It is decentralized, safe, and scalable as a result. Its architecture may support up to 2.8 million TPS on a 40-gigabit network and a maximum of 710,000 TPS on a gigabit standard network. The consensus models used by Solana’s blockchain are PoS and PoH. Timestaped and swiftly validated transactions are made possible via Pos, which enables validators those check transactions recorded to the blockchain ledger to verify transactions depending on the quantity of coins or tokens they possess. 

Why Should You Opt for Solana for Meme Coins?

Here is the breakdown of the top reasons why should you decide to introduce meme coins on Solana in 2024. You can credit Solana’s quick and inexpensive transactions for it. Solana is perfect for developing meme coins for the following reasons: 

• Minimal Transaction Costs: Since Solana’s network is inexpensive, it is preferred for microtransactions over  Ethereum, which is well-known for its high fees. 

• High Rate of Flow: Solana guarantees that your meme coin can easily manage high-volume trading at up to 65,000 trades per second.  

• Quick Confirmations: The holders of your meme coin won’t have to wait long to move their money because Solana completes trades in less than a second. 

To sum it up, Solana is the ideal platform for meme coin developers because of its scalability, quickness, and affordability. 

What are Meme Coins?

A cryptocurrency with minimal intended value is called a meme coin. Meme coins exist to seize the moment in pop culture, as opposed to offering financial utility, like the Ethereum network’s ability to run decentralized apps. For example, the inventor of Shiba Inus created it purely for the sake of the popular Shiba Inus meme. Popular meme coins might someday find use in the field of decentralized finance (Defi). One of the most well-known meme coins Dogecoin, is now accepted by a large number of online retailers in return for products and services. In 2021, the payment processing provider Coinbase Commerce started to accept DOGE. 

Users generally purchase meme coins either to start at a cheap value because they think the meme is hilarious, however, everyone has different motives for doing so. Nevertheless, investors have fallen prey to meme coin pump-to-dump operations, losing hundreds of money during the procedure. Investors must limit their investments to amounts they can bear to lose. 

Benefits of Meme Coins

These meme coins could be a rather entertaining way of getting to know the blockchain and cryptocurrencies in general. They are fun and rather often come across as silly perceptual tools that may be super useful if you are a novice interested in the cryptocurrency universe. In many cases, meme coins are looking much cheaper than most other cryptos, which makes them appealing to a different type of audience. Through this lower pricing point, new investors can explore without having to risk a lot of cash in the process.

Further, meme coins bring the ownership of active, progressive trading and investment platforms. It is common for these groups to rely on social media accounts as they share information about methods, techniques, or the newest trends. These are the organizations that you get into so that you can understand the dynamics of the market and also get to build a rapport with people who have enthusiasm for cryptocurrencies.

Meme coins also serve as a cheap way for people to get into investing in cryptocurrencies but also an engaging way to learn about blockchain systems. To the extent that people are interested in exploring the intriguing world of digital assets, meme coins might be useful as an entry point because of their fast-paced activity and low costs.

Buying Meme Coins in Solana

Here is a breakdown of how to buy meme coins on Solana: 

• Establish a Wallet: First of all, create a cryptocurrency wallet, compatible with the Solana network, for example, Phantom or Solflare. Apart from SOL, the native currency of Solana, you can store any meme coins you purchase in these wallets.

• Fund Your Wallet: To acquire SOL for your Solana wallet, you need to purchase SOL from any central exchange, for example, Binance or OKX. Ensure you have enough SOLs for paying the price of meme coins and the fee charged on your transactions.

• Selecting an Exchange Platform: To find the cheapest available price for the meme coin of your choice, merely use Jupiter as an aggregator, and for a DEX, you might go for Raydium or Orca.

• Locate the Meme Currency: Try to find out which specific meme currency you would like to buy through the DEX or some aggregator. In this regard, you should ensure that you copy the contract address from the right source With this, you will be guarded against scams.

• To Perform the Swap: you needed to type in the number of SOL for the meme coin exchange and wait until the transaction was verified. Just to safeguard against certain scams, be more careful and ensure that the token contracts are verified.

• Safely Store Your Coins: As you obtain your meme coins, hold them within a wallet and also check up on their performance from time to time. Because meme coins can be very saturated, it is often necessary to track market trends and risks in advance.

How do you launch a Meme Coin on Solana?

Before you launch a meme coin on Solana, you are required to create, if not already created. If you wish to design your meme coin, you must familiarise yourself with the technicalities. Here we illustrate the technical process of creating a meme coin.

1. Installing the Required Tools 

The initial technical action related to any meme coin creation process is the establishment of a development environment. This comprises the following:

• This is not surprising since Solana is built on Rust, so to use Solana, you must have Rust installed on your computer.

• Solana CLI is a tool that must be installed before connecting to the blockchain; it served as the basis for the Solana team. To install it, type the operating system-specific command mentioned in the Solana documentation page of your OS.

• Installing the Solana Program Library (SPL) token CLI first will get you started: The SPL tokens can neither be created nor be controlled by any tool besides this command line tool.

• All future development relies on this stage as it provides functions to generate, distribute, and communicate with the token on the Solana network.

2. Making the Coin for Memes

This is an important phase of your project, especially as your idea is turned into a meme coin and is released into the Solana ecosystem. It includes a few crucial actions:

• Generating Your SPL Token: To begin with, traffic your SPL Token adventure using an advanced tool designed for this purpose- the SPL Token CLI. This stage is about creating a unique token identifier. It is crucial in owning and branding your meme coin.

• Creating a Token Account: To make the new token accounted for, you have to create a specific token account for your meme coin after creating the meme coin. This account is essential because it is used to maintain your meme coin since the blockchain revolves around it.

• Minting Your Meme Currency: Decide on how many coins you would like to have in the beginning simply release it to meme economics. This involves creating this fixed quantity of your currency and putting it in a sale-ready position, this is called minting.

People can use these instructions to create a meme coin on Solana ideas and make actual digital assets operating at the Solana blockchain. This stage sets up for the future travels of your meme coin by getting the idea down and out into the world.

Related: Build and Deploy Solana Smart Contracts

3. Minting and Token Management

• Once you have designed your token, complete the first supply and open your token account. Tokens are saved in a token account—the same concept as SOL is a wallet.

• Minting will enable you to float the meme coin and develop some quantity of tokens. It is at this stage that you need to determine how many tokens you will have in circulation and where those tokens will be distributed.

• Some of the consequences that relate to the number of tokens produced are the market perception of tokens and the value the tokens hold. It is only possible to attain a stable meme coin ecosystem with proper minting and management.

4. Adding Identity to Your Token

Metadata is the basic branding building block of your token and your project. The most crucial things that it can have are such as your token’s name, symbol, and a distinctive image or logo. Besides, these nuances help potential users and investors get an idea of what your meme currency stands for going beyond identification. You can easily integrate and maintain the metadata related to your token via protocols such as Metaplex. This ensures interoperability across many wallets and exchanges hence adoption and recognition process is made easier.

An important tool to achieve higher results and recognition of your meme coin on the Solana platform is the competent execution of this step. Once the coin is created you can introduce a meme coin onto the Solana blockchain. 

With these few steps, you may be able to successfully deploy your meme coin on Solana in just a few minutes.

Which are the Best Meme Coins as of 2024?

Here is the list of the top meme coins on Solana as of 2024:

Is Meme Coin a Form of Investment?

Meme coins are well-known for their volatility, but they also make news for giving significant gains in a short amount of time. Despite their potential allure as an investment, it is important to recognize that they are speculative. Potential investors should complete through due diligence, looking into the coin market’s performance, community strength, and long-term sustainability prospects. Meme coins should not be considered a stand-alone investment; instead, they should be considered an extremely risky class of assets within a diversified portfolio. 

Wallets That Support Meme Coin in Solana

Choosing an appropriate wallet is essential for anyone who is looking to invest in Solana or someone who has already invested. Famous wallets that support Solana meme coins include: 

• Phantom
• Sollet
• Solfare

In addition to being extremely user-friendly, these wallets provide features like switching, staking, and access to Solana’s thriving Decentralized Applications (dApps) ecosystem that appeal to both novice and expert cryptocurrency devotees.

How to Trade Meme Coins on Solana?

Telegram Bot Trading with the Trojan Bot is an almost effortless means of swapping out meme coins on the Solana network. After you have accessed it with the account you have on Telegram, type /start to start the Trojan Bot. Continue with the instructions to get an account and fund your wallet. You can buy meme coins by going to the Dex Screener tab and copying the contract address to the Telegram channel, where you also state the amount of Solana you want to invest, and then make the transaction. Selling is as simple: as a result, you must indicate the percentage or a precise amount you wish to sell by hitting the “sell” icon. This strategy helps to facilitate trading and applies to any trader new to trading or experienced.

How is SoluLab Helping Crypto Wallets?

Are you prepared to change the way you approach investments? At SoluLab we have built a platform Acreage, where you can begin with investments in real estate with as little as 1 token, or CAD 1000, using a micro-investment method. Real estate investing is now available to everyone with this creative strategy that spreads your investment risk over several properties and assists you with diversifying your portfolio. 

Our ultimate objective is to improve the efficiency and transparency of the real estate services provided by utilizing a decentralized blockchain platform. We make it possible for buyers to invest in pieces of real estate properties and for sellers to sell off points of their holdings with digitalized real estate properties.  At Acerage, we think that complete transparency is the key to fostering trust. Our platform gives you the freedom to choose your investments freely, and it also offers AI-powered predictive analysis to support you in making wise choices. You can now clearly see your potential return on investment. 

 Get ready to dive deeply into real estate investing’s future. SoluLab helps you to invest in real estate in a smooth, effective, and transparent manner. Together let’s examine the return on your investments! Join the journey towards financial empowerment by signing up today. 

FAQs

1. Why will Solana prevail?

Airdrops and Defi yields from Solana applications have played a significant role in this capital inflow. Numerous initiatives based on Solana have effectively mastered the art of luring cryptocurrency investors in with high payouts and points systems that guarantee an airdrop. 

2. Which cryptocurrency will be a big deal in 2024?

In addition to Bitcoin, four other cryptocurrencies Pepe Unchained, crypto the all-stars, Base Dawgz, and Solana show the potential for substantial growth in 2024 because of their distinctive qualities and vibrant communities. 

 3. Is Cardona inferior to Solana?

When comparing the two platforms, Solana has more adoption and growth in areas such as Defi protocols and daily active users than Cardona. It also offers significantly quicker speeds of 65,000+ TPS and cheaper average transaction costs of $0.00025. 

4. How much does the Solana meme token cost?

As of now in 2024, the Solana meme token (SOL) is trading at $0.0000328, with a $3.69 24-hour trading volume. This indicates a price increase over the last day and a price increase over the previous seven days. 

5. How to make a meme coin on the Solana?

To use the software, connect your wallet put the token’s name here, enter the short form of your SPL token, choose the decimals on your token, decide on the source, and upload a PNG version of your token image.