Crypto Guide: Top Solana-Based Meme Coins 2024
The meme coins trend isn't going anywhere, at least in 2024. Binance has reported that the Solana-based marketplace Pump.fun has passed the Ethereum ecosystem for the first time thanks to its meme coins. Regarding market share, meme coins account for 22% of the crypto market, with Solana-based meme coins grabbing a 9.64% share, followed by Ethereum-based and AI tokens. So, what are Solana-based meme coins, and why are these tokens dominating this asset class?
In addition to volatility, the cryptocurrency is defined by change and innovation. Blockchains continue to develop, expanding their security, decentralization, and use cases. Also, new types of tokens are regularly introduced in the quest to innovate, creating new asset classes. One such asset class is for meme coins, and it's carving an important niche in the growing cryptocurrency space. Meme coins refer to cryptocurrencies named after animals, individuals, artwork, or anything else that can be copied. But for many, meme coins are inspired by internet jokes or 'memes,' hence the term.
The most popular meme coin is Dogecoin, which features the face of Kabosu, the popular Doge meme. According to its developers, Dogecoin was a product of satire, a jab at the wild (and often illogical) speculations on crypto prices. Meme coins are also developed and hosted on various platforms, with the Solana blockchain being the most popular. According to recent statistics, Solana-based meme coins account for nearly 10% of the market.
What are Solana meme coins?
Solana meme coins are widely popular and currently dominate the list of top meme coins by market cap. While Dogecoin remains the top dog in this asset class, with a market cap of $15 billion at the time of this writing, the top Solana-based meme coins like Pepe and Dogwifhat follow, with $3.8 billion and $1.9 billion in market cap, respectively. Simply put, Solana meme coins operate on the Solana blockchain, relying on its robust capabilities, such as low fees and fast transaction speed. The blockchain completes many transactions per second, preventing bottlenecks with minimal costs. Solana's efficiency is the primary reason it's a favorite platform for meme coins.
Developing a meme coin on Solana requires deploying a smart contract using the blockchain's native programming language. Once deployed, you buy, trade, hold, or stake these coins. Since Solana-based meme coins operate on pure speculation and have no obvious use cases, developers must rely on community engagement. The meme coins' potential value ultimately depends on community engagement and the strength of support and enthusiasm from the holders.
Top Solana-based meme coins right now
The Solana blockchain has emerged as the preferred platform for meme coins thanks to its scalability, speed, and cost-efficiency. Also, Solana has been getting positive feedback for its developer-friendly tools and vibrant ecosystem. Let's take a look at the top Solana-based meme coins you can buy, trade, or put on your watchlist:
Dogwifhat (WIF)
One of the key characteristics of many meme coins is their use of lighthearted themes. So, what is Dogwifhat (WIF)? It's a dog with a hat, a meme coin that's part of the growing meme ecosystem on the Solana blockchain. Like Dogecoin, its mascot is a dog, a playful approach to a serious area such as digital finance. The token was launched on the Solana blockchain last November 2023 and was an instant hit among meme coin traders.
The Shiba Inu featured in its meme is a real-life puppy named Achi, a pet of a South Korean Instagram user. To celebrate this achievement, Achi's owners created and sold an NFT of Achi wearing a woven beanie on the Ethereum blockchain. As of March 18th, 2o24, the current bid on the Achi NFT is 55 ETH or around $197,800.
Bonk (BONK)
Bonk is another dog-themed meme coin on the Solana blockchain. On its website, developers market Bonk as a "social layer and community meme coin" with several applications and protocols within Web 3.0. The development team aims to expand its growing list of integrations across multi-chain, decentralized finance, and gaming. As of this writing, Bonk has 128 integrations, focusing primarily on exchanges and gaming.
At least four characteristics of Bonk make it different from other meme coins: it boasts a meme-centric culture, works with a redistribution mechanism, has community governance, and integrates with Solana.
Under the redistribution mechanism, holders get a share of the transaction fees. This policy encourages holding and engagement with the community, as holders can earn passive income. And like most meme coins, Bonk aims to run a decentralized governance structure, allowing the community to have a say in its management and direction.
Book of Meme
Book of Meme (BOME) was launched on March 1, 2024, and is one of the newest meme coins in the market. This token was created by Darkfarms, the same team/artist behind Pepe memes, and designed to serve as a library solution for meme coins. BOME is one of the few coins with a published use case: it's a social platform for cross-chain storage that uses Arweave, InterPlanetary File System (IPFS), and inscriptions for data storage.
On their website, the developers describe BOME as an experimental project that aims to capture and store meme culture on the blockchain. They added that their initiative "aims to foster a new dimension of decentralized social media and make memes unstoppable."
Popcat
Popcat is another popular Solana-based meme coin. Like other meme coins, it is based on an internet meme and boasts two images of a cat named 'Oatmeal. ' The first image shows its closed mouth, and the other image is edited to form an 'O' shape with the mount. Like most meme coins, Popcat has no inherent value and is primarily designed for entertainment.
Should you buy and hold Solana-based meme coins?
Solana-based meme coins differ because they operate on the Solana blockchain. The platform boasts lower fees and faster and more scalable transactions compared to the Binance Smart Chain and Ethereum, so we can expect more projects to follow.
Like most meme coins, these coins don't have many use cases, and many are only attracted due to hype and FOMO. Since these coins primarily work on speculations, Solana-based coins can potentially bring huge returns. Although the returns can be attractive (BOME comes to mind), they can be volatile and speculative. If you're buying and holding meme coins, you should be ready for their price volatility or the possibility of losing your investment.
We always recommend doing due diligence before buying and holding any meme coin. Are you looking for more information about meme coins? Don't forget to check out our coverage of meme coins and the greater crypto industry on this blog!
