Solana is experiencing a memecoin and token resurgence.
In this guide, we’ll explore the space and highlight tools so that you too can kickstart your Solana memecoin and token journey.
Let’s get started!
Memecoins and tokens: The origin story
The history of memecoins is relatively recent and tied closely to the emergence of cryptocurrencies and the culture surrounding internet memes.
One of the earliest and most influential memecoins is Dogecoin, which laid the foundation for the concept of using memes as a basis for creating digital currencies.
Dogecoin, launched in December 2013, was initially created as a joke by software engineers Billy Markus and Jackson Palmer. It featured the Shiba Inu dog from the popular "Doge" meme as its logo.
Despite its origins, Dogecoin quickly gained traction and developed a passionate community.
As such, the success of Dogecoin set a precedent for other memecoins to emerge. Over time, numerous cryptocurrencies with meme-inspired branding and themes started to surface, often capitalizing on internet trends and social media hype.
Having said that, the market for memecoins is highly speculative and volatile, with prices often driven by “clout” rather than an underlying technology or utility. While some memecoins have seen brief surges in value, others have experienced significant price fluctuations and faced scrutiny due to their lack of intrinsic value or real-world use cases.
Overall, memecoins represent a niche within crypto that leverages internet culture, memes, and community-driven enthusiasm, but they also come with heightened risks and speculation.
Due to their volatile nature and potential lack of long-term sustainability, it’s always a good idea to approach memecoins with caution and conduct thorough research before investing.
Memecoins and tokens on Solana
On Solana, there are two types of memecoins and tokens:
- Conventional SPL tokens: Solana Program Library (SPL) tokens are digital assets with a standard set of functionality.
- SPL tokens with Token Extensions: Token Extensions is a program for fungible and non-fungible tokens (think of it as the ERC-20 standard of Solana). The program allows developers to create SPL coins and tokens with novel functionality, which increases composability and may attract new users. Some of the most interesting Token Extensions include:
- Transfer fees: Token can only be traded when you pay a specific rate
- Interest accrual: Token becomes more valuable the longer you hold it
- Soulbinding: Token cannot be moved/transferred from your wallet
- Privacy: ZK proofs encrypt your token balances/transfer amounts
- Memo: You’ll receive a short note with an incoming token transfer
- Immutability: Prevents your token ownership from being transferred
One thing to keep in mind: Older memecoins, such as SAMO and BONK, tend to use the conventional SPL standard, while newer memecoins often leverage Token Extensions.
SAMO
Samoyedcoin (SAMO) is a dog-themed meme token on the Solana blockchain that launched in 2021. The SAMO community, dubbed “The Samo Famo,” helps educate and onboard people into the Solana community—helping to accelerate the adoption of blockchains and all things self-custody.
BONK
Similar to SAMO, BONK is also a dog-themed memecoin. The team designed it with the Solana ecosystem in mind, which is why it airdropped 50% of its supply to the community. The remaining 50% was allocated to five key categories: team development, marketing, initial liquidity, BONK DAO, and early contributors. Today, BONK is well integrated into Solana DeFi and functions as a community activation and user-onboarding tool.
WIF
Dogwifhat, represented by the ticker “WIF,” is a new memecoin that has gained popularity within the Solana ecosystem and beyond. The memecoin is characterized by its Shiba Inu mascot adorned with a hat—a playful addition to the crypto space as a whole. Recently, dogwifhat experienced a significant surge in its price, marking a notable achievement by becoming the first major memecoin to cross the $3 price threshold.
POPCAT
POPCAT was born out of the viral "Pop Cat" meme, which features a cat with its mouth wide open in a comedic and exaggerated "popping" motion. POPCAT embraced this cultural wave and launched as a memecoin on Solana, seeking to capitalize on the humor and simplicity that the meme represents. The coin’s branding and community efforts are closely tied to the playful and viral nature of the original meme, making it a unique fixture within the memecoin ecosystem on Solana.
GIGA
The name "GIGA" plays off internet slang, often associated with exaggeratedly powerful or larger-than-life personas (e.g. "Giga Chad"). The creators of GIGA saw an opportunity to blend the playful side of meme culture with the possibilities of decentralized finance, positioning GIGA as more than just a memecoin. Its backstory ties into the larger movement of giving memes real economic utility, aiming to turn the memecoin’s virality into demand for the associated fitness brand.
FWOG
FWOG draws inspiration from the long-standing internet "frog meme" genre, which has seen several iterations over the years, including Pepe the Frog and other variations. As such, FWOG’s origins are deeply tied to online subcultures that use frog characters to communicate humor, lightheartedness, and community spirit. The coin aims to capture this playful essence and translate it into a crypto asset that reflects the fun and quirky nature of internet culture.
MICHI
MICHI’s origin story is unique in that it blends meme culture with narrative storytelling. It centers around "Michi the Cat," a character who embarks on various adventures, with the community participating in the unfolding of Michi’s story by creating infinite amounts of memes. MICHI stands out by combining the iconic appeal of cat memes with an immersive narrative, creating a sense of ownership and involvement for community members as they contribute to the coin’s ongoing lore.
Token Discovery and Research
Here are some tools to make your memecoin and token trading on Solana easier and safer.
Birdeye
Birdeye is a platform that offers unique insights such as real-time price updates and historical data analysis for established and newly-launched coins and tokens on Solana and other blockchains. As such, users can leverage Birdeye to monitor market trends to make more informed trading decisions.
RugCheck
Trading Solana memecoins and tokens can be exciting, but the safety of your funds should always be your top priority. The more dynamic the market, the higher the influx of new memecoins and tokens—making it difficult to differentiate between legitimate assets and scams. Before trading memecoins, make sure to grab the token address and submit it to RugCheck. RugCheck will evaluate the coins and tokens and tell you if they’re legitimate or not. However, sometimes it’s buggy. If so, check the validated tokens list to see if the memecoin or token is verified and legitimate.
SolanaFM
If you’d like to look under the hood of your favorite Solana memecoins and tokens, SolanaFM is the best tool to do so. SolanaFM is a block explorer, similar to Etherscan, which you might be familiar with. Just like Etherscan, SolanaFM keeps track of all the public data on the Solana network and displays the results like a search engine. This data includes transaction data, wallet addresses, smart contracts, and much more. When you paste a token address into SolanaFM, you’ll be able to see the associated transactions, transfers, instructions, and the distribution among the largest holders.
Trading Memecoins and Tokens
Phantom
Phantom offers browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android to get started on Solana.
- First, download Phantom. Then, create a new wallet.
Once you do that, you're ready to go! To learn how to fund your Phantom wallet, read our Apple Pay and Google Pay guide.
Now, here's a step-by-step guide on how to buy a memecoin on Solana:
- Log in to your mobile app or browser extension
- Click the “Swap” tile and select the token you’d like to use in the swap
- Next, click the drop down menu in the “You receive” section and paste the token address of a memecoin into the search bar; or type in the name of the memecoin you'd like to buy
- After selecting the memecoin, finalize your swap order and click “Review Order”
- You’ll be asked to agree to the terms of service
- If you agree, you’ll receive an order overview—click on “Swap” if you’re happy with it
- You’re all done!
Jupiter
If your desired token pair isn’t available in our Cross-Chain Swapper, try Jupiter. Jupiter is a liquidity aggregator (Think: the 1Inch or Uniswap of Solana). On Jupiter, you’ll find all verified coins and tokens that are tradable on Solana.
Step
Tracking all your crypto trades can become complex, which is why a portfolio management tool such as Step is helpful. With Step, you can visualize your portfolio and view aggregations of all LPs, tokens, farms, and positions on a seamless dashboard, with all the functions and information you need to stay informed at all times.
How to bridge tokens to Solana with Phantom?
To bridge assets from the EVM ecosystem to Solana, read this guide.
And if you'd generally like to bridge funds to the Solana ecosystem, use our very own Crosschain Swapper! With our Crosschain Swapper, you can bridge tokens across Solana, Ethereum, Base, and Polygon right in your Phantom wallet.
Disclaimer: This guide is strictly for educational purposes only and doesn’t constitute financial or legal advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
