Meme coins on Solana are all the rage in 2024. With the growing excitement in this niche crypto sector, many traders are now wondering how to buy Solana meme coins. Here is a quick step-by-step guide.
Before we demonstrate how to buy Solana meme coins, here’s a quick round-up of a few leading compatible platforms. Each of these options supports a range of Solana meme coins as well as multiple other trading pairs.
1. Create an account: You must locate an exchange and create an account before you can purchase any Solana meme coin. In this example, we will utilize Uphold to purchase dogwifhat (WIF). To register, you must submit your phone number, email address, official identity, and a facial scan.
2. Access your account: Log into your Uphold account after completing the KYC process successfully. As you can see, there is a watch list of popular tokens on the left. The panel where transactions are created is located on the right. Your account balance and transaction history are listed in the middle area.
3. Choose WIF to buy: Go to the right panel, select “Select destination,” and then click on the search box. After you’ve found WIF, proceed to “Select source” and select your payment option. You can also provide a limit order if you choose.
4. Confirm deposit: Review your order to ensure all information is correct. If everything is accurate, click “Confirm deposit” to finalize your purchase order.
It goes without saying that any financial investment has risks. This is especially true for crypto and is even more prevalent when investing in meme coins. Choose meme coins that are safe and legitimate projects first and foremost. Here’s how to do this:
One way to ensure you are safe while trading meme coins is to use a centralized exchange (CEX). With CEXs, you do not have to worry about a project creator pulling the liquidity from a liquidity pool.
Additionally, CEXs typically do due diligence before listing a token. You typically do not have to worry about the coins and tokens on an exchange, as they employ teams of developers or have the capital to audit smart contracts and tokens. As a result, customers are relatively safe when trading on exchanges.
Firstly, make sure that the token contract is safe. That means that the token creator can not arbitrarily alter the contract or that the contract may allow you to buy but not sell. These are very common practices with scams. Some contract scanners exist for this purpose, but it may be more difficult to find token scanners on Solana.
You should also ensure that you are trading the correct version of the meme coin. Once meme coins become popular, many bad actors create clone tokens to fraud traders. Sometimes, they are created on the same or entirely different blockchains.
They will also go into social media accounts and impersonate authentic projects or post links to phishing sites. A common practice is to look for the official “end of post” on social media. This is a growing practice for many projects, not just meme coins.
Another way to stay safe when buying meme coins is to ensure the token creator has a public face. Publicly known creators are a way to keep a project accountable. Unfortunately, this is typically not the case with meme coins, which tend to be anonymous projects.
In 2024, creating a token and a social media profile to promote it is extremely easy. This makes the space enticing for bad actors looking to create fraudulent projects.
In summary, ensure to protect yourself when trading Solana meme coins. Practice good operational security and ensure you use your common sense. If something doesn’t feel right, it probably isn’t!
Meme coins transactions have dominated crypto activity for the majority of Q1 2024. This capital has subsequently flowed to blockchains like Base Chain and Solana, boosting their transaction activity and revenue. This is likely thanks to a number of factors:
Solana is a high-throughput, low-fee blockchain. This means that it can process a multitude of transactions very fast and at low costs, typically fractions of a dollar.
Blockchains like Ethereum boast a high total value locked (TVL) and deep liquidity. It is a choice for many looking to utilize the network’s existing capital. However, Ethereum is also relatively slow and expensive compared to other options. Additionally, much of the profit opportunities on Ethereum are dominated by whales.
On the other hand, blockchains like Solana present new ground for users to make a profit without competition from whales that already dominate the market. Many of the users on Ethereum must compete with sniping bots that constantly monitor the blockchain for opportunities.
This is also true for other blockchains, although it is less prevalent in the early stages of a network. This gives traders time to get in front of this type of activity to make profits.
In April 2024, we are in what some believe to be the early stages of a bull market. As a result, many traders and investors are moving from risk-averse to risk-on.
I think this bull move is strong and has a ways to go… I think the news is strong. I think the inflation is being reduced. I saw a GDP estimate by the Atlantic Fed that just came out after the durable goods at 2.1%, exactly the target of the Fed this year. So the economy is not showing signs of weakness.
This means that instead of moving capital into safer assets that hold value over time or maintain low but consistent returns, capital is flowing towards more volatile assets with higher returns and risk.
To translate this, the financial products in the “Safer assets” section are safer because governments and banks are less likely to default on debt. In terms of gold and silver, many investors see these assets as a safe haven against currencies that constantly depreciate in purchasing power.
In crypto, you will notice similarities to investor behaviors in TradFi. Coins like ETH and BTC have long held the titles of digital gold and silver. Assets such as Solana and Base Chain meme coins fall into the riskier asset class because they are extremely volatile, which presents an opportunity to make a significant profit.
The main takeaway is that assets flow from the right column to the left during bear markets. In bull markets, assets flow from the left column to the right, which is particularly relevant to Solana meme coins.
Once you have bought Solana meme coins, you will need somewhere safe to store them. It is not recommended to keep your coins on an exchange. Instead, choose a safe and secure non-custodial wallet. Here are a few of our top picks.
Like meme coins on any other network, Solana meme coins typically have no utility. This is a feature rather than a bug. Meme coins are the product of a changing market dynamic, which does not require proof of concepts, valuation, and other metrics to determine a good investment.
In other words, many believe that traditional financial activities and products have no inherent utility. They are simply products of a complex financial market made for speculation. All investing is for profit, and most wealth is made by following trends, regardless of the market.
The value of an asset is not solely dependent on its inherent utility but is also derived from speculation and market dynamics. Meme coins abstract the appearance of utility and go straight into the investment aspect.
As a result, they are a trend, and the interest in them is typically transitory. You can make a profit investing in Solana meme coins. However, losses are the other side of the coin. Most money in meme coins is made by getting in early, often before these assets are listed on centralized exchanges. Note that this often opens investors up to substantial risk. Ensure you know how to vet crypto scam projects and are certain a token is legitimate before jumping in early with the aim of maximizing returns.
As stated previously, trends are where the money is made. Whether it is artificial intelligence (A. I.), Ethereum killers, or Solana meme coins, there is always profit to be had somewhere in a bullish crypto market. Now that you know how to buy Solana meme coins, ensure to prioritize safety and crypto wallet security. Never invest more than you can afford to lose, and be mindful of crypto scams, including pump-and-dump schemes and phishing attempts.