Recently, in March 2024, BTC hit a new all-time high of $73,700!

With its rise, many other tokens have become active, including memecoins.

What are memecoins?

In short, memecoins are coins with no value or utility.

If compared to other tokens or altcoins that have their own products, services, token economics, and marketing, memecoins are essentially empty shells without such a plan.

Meme coins are usually associated with various internet memes, including frogs (such as Pepe), dogs (DOGE), cats and other animals, and even presidents.

The first meme coin was DOGE, which was based on a meme with a picture of a Shiba Inu. It has its own blockchain, which makes it stand out compared to other memes:

Elon Musk often mentions DOGE in his Twitter posts (which is one of the potentials for the growth of meme coins), so DOGE remains the focus of many cryptocurrency enthusiasts.

For example, when Elon changed his Twitter logo to the DOGE logo, the token immediately rose by 30%, but this is just a small increase for a meme coin, because in 2024, there are potentially much bigger memes!

Meme Coins on Solana

Now let’s take a look at the more interesting meme coins, the meme coins on Solana.

*If you are not yet familiar with the Solana blockchain and its ecosystem, follow this article to learn about the project’s major releases.

As Bitcoin has risen, Solana has grown with it (from $20 to $220) — the primary blockchain for all drop hunters and meme hunters, and it is growing in popularity.

Due to the negligible fees on the Solana network, meme coins on Solana have become an interesting area for crypto enthusiasts.

Currently, over 20,000 tokens are created per day on Solana, a large portion of which are of course memes (or Shield coins) which have no value in the Web3 world.

Let’s look at the most promising meme tokens on Solana, whose charts have turned parabolic.

DogWifHat

DogWifHat is a popular meme token on Solana, created based on the “dog in a hat” meme. It may sound unbelievable, but the token quickly gained popularity and managed to reach a market cap of $3.5 billion.

Like most coins, this token has no utility and was created just for the entertainment of crypto enthusiasts.

Meme Coin itself was created in November 2023 and its price rose from $0.00155 to an all-time high (ATH) of $4.0281 (in 5 months), an increase of over 225,000%!

The token’s success was helped by $700,000 raised by a loyal following to display “The Dog in the Hat” on an exterior screen in Las Vegas!

BONK Dog

BONK is a multi-purpose token that supports the BONK ecosystem, which aims to create a decentralized community platform. As mentioned in the Solana article, the project even distributed its own unique airdrop.

Currently, the token is owned by over 650,000 users, and the meme token continues to emulate dog-themed Ethereum memecoins such as Dogecoin and Shiba Inu.

To the surprise of many, the project’s ecosystem has united over 119 projects, including leading DeFi platforms such as Wormhole and Injective.

The token currently has a market cap of over $2.5 billion and reached its ATH in March 2024, with a short-term gain of over 52,000%:

PENG

PENG is another famous meme coin, specifically the penguin meme coin, which aims to enhance Solana The liquidity of the blockchain. Although the PENG coin adopts the penguin form, it alludes to the PEPE meme coin in the frog.

The growth of the token is driven by the large number of subscribers of X, with more than 14,000 subscribers within a week of its launch.

During this period, the token grew from an all-time low (ATL) of $0.0837 on March 7, 2024 to an ATH of $2.14 on March 15, 2024, with a current market cap of $40 million:

The Book of Memes (BOME)

Another possible reason for the token surge is the FOMO among Meme token enthusiasts, especially those who missed out on the WIF surge.

But now that the hype around the token has died down, it’s unclear whether there will be new tokens:

SLERF

SLERF — The nascent meme token on the Solana blockchain.

The token is known for its developers burning whale and LP tokens, which are reserved for airdrops, when they relinquish ownership of the contract.

Despite this contradiction, the token rose from $0.3693 on March 18 to $1.30 the next day in just 1 day.

The project was then moved to an exchange for listing, and within hours the price soared:

$SLERF

Slerf

www.slerf.wtf

Popular Cat

POPCAT – A meme token related to cats.

According to the project, in a series of videos, a cat named Oatmeal opened his mouth and formed the letter “O”, which sparked the hype around the meme.

The price of the token itself fell to $0.003797 on January 5, 2024, and then reached an all-time high of $0.3723 on March 15, 2024, an increase of more than 9,700% in less than three months!

Currently, the market cap is $323 million.

WEN

WEN - A meme coin that stands for Cat Robot and aims to expand the Solana ecosystem (not to be confused with the WEN project, whose airdrop we discussed in the Blast article).

The coin is unique in that each WEN provides the WEN community with equal ownership and fractional NFTs of Meow Poetry's "Love Letter to Brother Wen".

In addition, the project has developed a new standard that allows for the creation of tokenized assets on the Solana blockchain.

Like other meme coins, WEN rose from $0.0000156 on January 26, 2024 to $0.0004106 on March 9, 2024, an increase of 2532.05%.

Conclusion

So, Memecoin is an interesting story for 2024, but always remember, where there is high profit, there is high risk!

In the case of Memecoin on Solana, only 1% of the 20,000 tokens generated per day show huge gains, just like BOME, so saving funds is crucial!

What are the main factors to consider when choosing a memecoin?

There are many, many factors to consider, but let’s highlight the main ones:

• Risk tolerance — main factor, as memecoins can crash at any time and you could lose your funds.

• DYOR — Research the project’s vision, website, research Twitter by plugging ($TICKER, #TOKEN NAME) into a search engine, and scroll to the bottom to determine where the coin’s history begins.

• Analyze the community - this is a key factor because even if the project is terrible, but the community believes in the token, meme coins can show gains in the long run.

• Diversify - don’t put all your eggs in one basket, allocate no more than 5% risk when buying meme coins. Also, consider criteria for selling the token if it grows in the near future (e.g. lock in 50% when the token shows 2x growth).

• Follow the narrative - Meme coins are very sensitive to the market, so use platforms like DeFiLlama from the article to track the inflow of funds on major trends, not only meme coins, but also airdrops!