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Memecoins and Solana Tokens: Guide for Normies

Get the Scoop on Memecoins and Solana Tokens: Easy-Peasy Guide to Crypto!

Solana
Memecoin
Beginner

Memecoins have become very famous in the world of cryptocurrencies. This was just a meme with Dogecoin, but now it's one of the biggest areas of crypto. Because it is fast and doesn't charge much, Solana has become a great place for meme coin groups to meet.

If you're new to crypto, Solana-based meme coins are a fun way to get started. Beginners aka Normies are drawn to them because they are fun and have the ability to grow quickly. But there are risks when you dive into something you don't know. So, this guide will teach you how to buy, store, study, and trade popular Solana meme coins safely.


Memecoins on Solana: A Quick Start

Meme coins are digital currencies whose value comes from memes and things that go hot online. Traders who want to make money from price changes mostly use them for gambling. It is easy to spread and trade meme coins on Solana because it is fast (up to 50,000 TPS) and has low fees (less than $0.01 per transaction). The Solana community has also fully accepted meme coins, which has made it a caring place to live.

Here are some of the most well-known Solana memecoins:

  • SAMO - the Solana monkey business NFT collection's own currency.
  • BONK - a controversial meme coin with an 18+ dog on it.
  • dogwifhat - It's a Shiba Inu-themed coin that went up 300% in its first week.


Origins of Memecoins and Influence of Dogecoin

When it first came out in 2013, Dogecoin was the first memecoin. It had a Shiba Inu meme called "Doge" as its mascot. When Dogecoin's market cap reached over $40 billion at its peak, what started out as a meme became real. Because of how well Dogecoin did, a new wave of meme coins started to appear on different blockchains. These projects used the same branding strategy as Dogecoin, which was based on meme and community-driven growth.

Because Solana is popular and easy to scale, new meme coins have been made to use its popularity. Dogecoin is still the daddy of cryptocurrencies, but the new Solana meme coins add their own twists by incorporating NFTs and having the ability to work in the metaverse.


Well-known Solana Memecoin projects

On the Solana blockchain, these are three of the most well-known meme coins:

  1. SAMO
    SAMO is the unique token for the Solana Monkey Business NFT collection. It was released in November 2021. Every NFT in the collection can also be used as a wallet for SAMO tokens. With over 350k members on different social channels, the Solana Monkey Business community is one of the biggest on the blockchain. SAMO has quickly become one of the top 15 Solana tokens by market cap thanks to its active community. SAMO is both an NFT and a currency. SAMO can be used for activities related to the NFT collection, but it can also be used as a decentralized governance token. Holders can cast votes on community treasury projects and ideas.
  2. BONK
    BONK calls itself a wild, 18+ "horny meme coin." After its launch in January 2022, it quickly hit a market value of $1 million. The unnamed people who worked on BONK have spread the word about the coin through social media. With its racy memes and lively Discord community, BONK has found a spot in the meme coin market. Its quick growth shows that because Solana is fast and cheap, even meme coins with their own brands can do well there. However, BONK is seen as very risky because it has only been around for a short time and its developers are unknown. Investors might think of it as at most risky.
  3. dogwifhat
    Which shows a Shiba Inu dog wearing a hat, is one of many projects that are based on Dogecoin. It started in October 2021 and quickly got backing from everyone in the Solana community. The anonymous people who made Dogwifhat gave away free tokens to early fans, which helped the viral spread. As people got more excited, Dogwifhat went up 300% in its first week. There isn't a known development team, which is a worry, but Dogwifhat shows that animal-themed meme coins could become popular on Solana very quickly. Its rise has been similar to how Dogecoin has always worked.

These examples show the wide range of meme coin projects that people are interested in on Solana. But how should people who are just starting out look into new releases?


Researching and Evaluating New Memecoin Launches

There are always new meme coins coming out, so it's important to do your own study before you buy in. Here are some ideas:

  • Look over the website, white paper, and plan for the project. Do you think the developers' ideas are realistic and doable?
  • Check out how strong the group is on sites like Discord and Twitter. Is there real interest and excitement? Bot behavior and fake accounts are warning signs.
  • Look for things like code commits on GitHub that show progress. Beyond just marketing talk, this helps you figure out how committed the team really is.
  • Check out review sites like RugCheck to see technical audits of contracts and risk scores. Be careful if your risk score is high.
  • Look at sites like SolanaFM that collect information about new releases and how people feel about them in the community. This gives you real-time information about movement.
  • Do not buy in right away during the first pump. Watch to see if growth continues on its own.
  • If you take the time to study projects well, you'll be less likely to buy meme coins that are going to crash. Even if fundamentals don't drive value, it's still important to look at how strong the group is and how trustworthy the developers are.

Tools needed to buy your Solana Memecoin easily

When you're ready to trade, these sites are great for getting and selling Solana meme coins:

  1. Ramps Normies: Buy Solana (SOL) straight to your crypto wallet with FIAT (Rupiah) quickly and simply using QRIS and Virtual account; you may always move and withdraw crypto to FIAT, and on and off ramps are made simple using Ramps Normies.
  2. Phantom Wallet: Phantom is a well-known Solana hot wallet that you can get as a computer add-on or a mobile app. Its built-in DEX integration makes it easy to trade tokens right in the wallet. Phantom is the best way to trade actively in assets based on Solana.
  3. Jupiter DEX: Jupiter is a decentralized market that works best for trading Solana tokens. It has quick payment times and low fees. On Jupiter, it's easy to trade Solana meme coins like BONK and SAMO for USDC or SOL.

You can get the fastest swaps and the most information about when new meme coins come out by using sites that were made just for Solana.


Managing Volatility and Risks

Even though meme coins seem like they could be worth a lot, they are very volatile and come with a lot of risks:

  • Because meme coin prices change so much every day, it's hard to tell how much money you'll make. Set stop losses and get out of the trade when you can.
  • A lot of memecoins don't have any real value besides guesswork and hype. Make sure to hold a variety of different crypto investments.
  • Scams and "rug pulls" are more likely to happen when teams are anonymous. Find out for yourself if the people behind a project are trustworthy.
  • Meme coins often have "pump and dump" plans. Do not get caught up in rapid vertical rallies, because crashes usually happen afterward.
  • Because meme coins are so volatile, you should only put money into them that you can stand to lose. Limit the size of positions.
  • You can safely subject your portfolio to the growth potential of Solana meme coins while minimizing the downside if you know how to handle risk.

How to set up a Solana wallet to trade Memecoins

To start trading Solana meme coins, you'll first need to set up a compatible crypto wallet:

Phantom Wallet
We recommend Phantom as the best Solana hot wallet. Here's how to get started:

  • Download the Phantom browser extension or mobile app.
  • Create a new wallet and safely store your recovery phrase. This acts as your password.
  • Fund your wallet by buying SOL or transferring it in from another exchange.
  • Connect your Phantom wallet to DEXs like Jupiter to begin swapping SOL for meme coins.
  • Use Phantom's built-in token swapping feature to trade meme coins directly.
  • Phantom makes it easy to securely store, send, and trade your Solana meme coins all in one place.

Conclusion and Final Tips

With Solana's help, meme coins are a fun way for people who are new to the crypto market to get started. Before you invest, do a lot of study to stay away from scams and "pump and dump" schemes. Smart trade sizing, stop losses, and taking profits can help you handle volatility.

For the best buying and trading of Solana meme coins, use Phantom wallet and DEXs like Jupiter. Bring value into your portfolio from chains like Ethereum. Enjoy meme and have fun, but be smart about your investments and know how much risk you're willing to take! We hope this help gives people who are new to Solana meme coins the confidence to dive in safely. Remember to always find out things on your own. Have fun trading!


Notes:

Ramps Normies seamlessly integrates with leading wallets like Metamask and Phantom, streamlining your crypto journey. Experience effortless transfers and withdrawals at ramps.normi.es!

In addition to acquiring digital currencies, you can broaden your understanding of cryptocurrencies and web3 by exploring the array of Blog Normies posts. With new content weekly, these articles are crafted to enhance your knowledge and education in the space, and are not intended to serve as investment guidance. Remember to do your own research (DYOR) 🤘

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