5 Solana Meme Coins To Watch in 2024

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Up until mid-2024, Solana meme coins have been crushing it, outperforming most other cryptos. After diving deep into the Solana meme coins scene for 2024, we’ve picked our top favorites: Dogwifhat, Bonk, Bome, Mew, and Popcat.

Meme coins are everywhere on different L1 and L2 chains, but Solana and Ethereum get most of the spotlight. Ethereum meme coins have been around longer, many starting in 2023 or earlier. Solana’s meme coins, however, mostly launched in late 2023 or 2024. Interestingly, Solana meme coins have outperformed Ethereum ones by nearly 8 times year-to-date.

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In this guide, we’ll break down the top 5 Solana meme coins to watch in 2024. Plus, we’ll share how we picked these standout projects.

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1. dogwifhat (WIF)

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dogwifhat (WIF) current price. Source: Coingecko

Dogwifhat (WIF) is now the largest memecoin on the Solana ecosystem by market cap, launched in late November 2023 by an anonymous group of developers. In just a week, WIF’s value skyrocketed from $0.004 to $0.2, marking an astonishing 5000x increase.

Dogwifhat aims to build a fun and engaging platform around meme culture. Their vision includes a meme-based social media platform and an NFT marketplace, where users can acquire and trade unique pixelated dog NFTs with various hats and accessories. The platform promises meme sharing, community interaction, and social features built around NFT ownership.

Why did WIF make it onto our list?

  • Creativity: Unlike other memecoins, Dogwifhat uses real images instead of cartoonish ones, sparking curiosity and creativity among users. Centered around a Shiba dog wearing a pink knitted hat, Dogwifhat embraces meme culture, featuring pixelated dog avatars with stylish hats.
  • Vibrant Community: Despite being new with limited tech applications, Dogwifhat has seen impressive community growth, boasting nearly 40k followers on X (formerly Twitter) and 13k on Telegram.
  • Decentralized Ownership: The coin’s decentralized ownership structure means there’s no central control by the creators, emphasizing a community-driven approach.
  • Technical Analysis: Dogwifhat has rapidly become the fourth-largest meme coin by market cap, currently valued at $2.24 billion. Dogwifhat maintains a high trading volume, recently registering $408 million in 24 hours. This indicates strong investor interest​.

2. Bonk (BONK)

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Bonk (BONK) current price. Source: Coingecko

Launched in January 2021, Bonk (BONK) is the second-largest meme coin on the Solana network by market cap. Similar to Ethereum’s Dogecoin, Bonk is the first Solana’s OG dog-themed cryptocurrency. It aimed to reward active participants and revive the Solana ecosystem through airdrops and community engagement.

$BONK hit an all-time high of $0.00003419 in December 2023 after announcing free Bonk airdrops for Solana SAGA smartphone owners. This frenzy led to the SAGA phone selling out in stores, driving strong gains for the $BONK meme coin.

Why did Bonk make it onto our list?

  • Token Burn: Bonk recently burned 278 billion tokens, reducing supply and potentially increasing value.
  • Web3 ecosystem: What makes $BONK so popular is the comprehensive Bonk ecosystem. It includes BonkSwap, a decentralized exchange (DEX); BonkDex, offering DeFi services like lending and borrowing; and BonkVault, a secure non-custodial wallet for storing digital assets. These platforms boost the utility and value of BONK, making it attractive for investors and users.
  • Technical Analysis: Bonk is the sixth-largest meme coin by market cap, reaching $1.63 billion, and showing robust growth and popularity. Listings on major exchanges like Bithumb and potential listings on Revolut and Robinhood have heightened investor interest and improved liquidity, driving price increases.

3. BOOK OF MEME (BOME)

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BOOK OF MEME (BOME) current price. Source: Coingecko

If you’re looking for the next PEPE on Solana, Book of Meme (BOME) is one of top frog-themed meme coin to watch in 2024. It launched in March 2024 and skyrocketed by 1,800% right after its release. Created by an artist known as Darkfarms1 on X, BOME started gaining attention when Darkfarms1 tweeted about its pre-sale on March 13, 2024. Users simply had to send SOL to his wallet to receive BOME tokens in return.

The pre-sale was a massive hit, raising 10,131 SOL, far exceeding Darkfarms’ expectations of just 500 to 600 SOL. This overwhelming response led to a community vote to decide how to allocate the pre-sale funds. After the pre-sale, Darkfarms1 used the funds to set up a liquidity pool, with the initial price of BOME set at $0.0000496. Large orders of 100 SOL created a highly liquid market, driving the token’s price to a peak of $0.012. This surge pushed the market cap up to $748 million, showing BOME’s incredible potential.

BOME has continued to grow a strong community, now boasting over 50,000 holders. The token benefits from Solana’s low fees and fast transactions, making it a favorite among traders. With a current market cap of $666 million, BOME is trading at $0.00774, down from its all-time high of $0.0268.

Why did BOME make it onto our list?

  • Technical Analysis: BOME boasts a substantial 24-hour trading volume of $102 million. This indicates strong market activity and liquidity, making it an attractive option for traders. BOME has shown impressive growth, up 1,025% from its all-time low just four months ago. This highlights its potential for substantial returns.

4. Popcat (POPCAT)

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Popcat (POPCAT) current price. Source: Coingecko

The Popcat meme went viral in October 2020 with a cat named Oatmeal and his funny popping expressions. This meme inspired the creation of the Popcat (POPCAT) on Solana. The tokenomics are focused on decentralization, with 93.1% of the tokens burnt and 6.9% reserved for growth initiatives. 

Despite challenges like an NFT conflict and a market downturn, the strong community support helped Popcat recover and achieve a 3600% price surge. This success is driven by renewed interest in the meme and the broader trend of cat-themed coins.

Why did POPCAT make it onto our list?

  • Viral Origins: Started from a highly popular and engaging internet meme, ensuring a strong and loyal community from the get-go. Therefore, Popcat fits into the larger narrative of meme-based and cat-themed cryptocurrencies, appealing to a niche yet enthusiastic segment of the crypto market.
  • Decentralized Tokenomics: Majority of the tokens were burnt to promote decentralization and transparency, reducing potential central control.
  • Community-Driven Resilience: Despite facing setbacks like the NFT conflict and market downturns, the dedicated community played a crucial role in navigating these challenges and sustaining the project’s momentum.
  • Strategic Reserves: A portion of the tokens is reserved for strategic initiatives, including exchange listings and liquidity enhancement, which helps in maintaining and growing the token’s market presence.

5. cats in a dog world (MEW)

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cats in a dog world (MEW) current price. Source: Coingecko

Last on our list, Cats in a dog world (MEW) is a newly launched Solana meme coin in March 2024. It quickly gained popularity by challenging dog-themed meme coins with its unique narrative and smart tokenomics, burning 90% of its liquidity pool and airdropping 10% to the Solana community.

The coin hit a peak market cap of nearly $900 million and is currently trading at $0.00355, despite a recent dip of 22.52%. Its partnership with LOCUS for a 3D animated series aims to boost its market presence and expand its community further.

Why did MEW make it onto our list?

  • Unique Positioning: MEW, the cat-themed token, stands out in a dog-dominated meme coin world with its fresh narrative. It strategically uses burning and airdrops to create value, community, and scarcity.
  • Strategic Approach: While dog coins chase their tails, MEW takes a calculated approach, capturing attention with its smart strategies and carving out a strong presence in the crypto space through a price prediction frenzy on Polymarket, and promotion campaigns with big exchanges.
  • Technical Analysis: MEW has surged 440% from its all-time low three months ago, showing strong recovery potential. With a 24-hour trading volume of $73 million, MEW demonstrates strong market interest and liquidity. MEW is traded on major exchanges like OKX, BingX, and Bybit. Binance has just listed MEW on Futures market, with the potential for a Spot listing.

Why Are Memecoins Growing in the Solana Ecosystem?

The Solana ecosystem has recently become a great place for memecoins to thrive. Here’s why:

Solana’s Rapid Growth 

Solana is growing fast, attracting developers and users with its super quick transaction speeds and ability to handle lots of activity. This makes it perfect for new and fun Solana crypto projects like meme coins. In January 2024 alone, Solana hit over 1.3 billion transactions, showing how much people love its fast and cheap transactions. The number of new users also skyrocketed, with over 10 million new addresses created in that month alone. The price of Solana’s native token, SOL, also went up a lot, even beating BNB in market cap at times.

Increased Airdrop Activity 

Token airdrops, where free tokens are given out to users, are a popular way to get attention in the crypto world. Solana has had many memecoin airdrops, which create excitement and attract new users. The first big one was the BONK airdrop, which got a lot of people involved and helped the coin take off.

Success of the BONK Memecoin 

The BONK airdrop was aimed at active Solana users and created a huge buzz. It even helped boost sales of Solana’s Saga phone, with the value of the airdrop going from $10 to a whopping $30 million per phone at its peak. This excitement led to a big increase in Saga phone sales, showing just how powerful a well-done airdrop can be in the meme coin market.

Solana Meme Coin vs. Other Meme Coins

Unique Blockchain Advantages

Solana can handle thousands of transactions per second (TPS) with very low fees (as low as 0.0001 SOL). This is a big contrast to Ethereum, where high gas fees (average of $1) often slow down memecoin trading. Solana’s speed and low costs make it perfect for high-frequency trading, which is great for the volatile memecoin market.

Developer-Friendly Ecosystem

Solana offers a great environment for developers, with a supportive community and powerful tools to create, launch, and trade new meme coins like Pumpdotfun and the support of new Telegram trading bots. This encourages creativity and experimentation, driving the growth of memecoins in the ecosystem.

In May 2024, over 21,000 meme coins were created on Pumpdotfun, a meme coin launchpad on Solana. Pumpdotfun and other meme coin tools like Telegram bot, and BananaGun are among the top revenue-generating projects.

Growing DeFi TVL and Liquidity 

The Total Value Locked (TVL) in Solana’s DeFi protocols shows growing trust in its platform. Many DeFi protocols and Decentralized Exchanges (DEXs) on Solana are supporting memecoin growth, integrating these assets into the broader crypto economy. Meme coins that succeed on Solana’s DeFi ecosystem often expand into the larger crypto market, helped by CEX listings.

Rising Interest Among Traders and Users

This is likely due to the rush of speculative capital from other chains, attracted by the explosive rallies of WIF and BONK, causing more memes to pump and attracting even more capital and attention.

More and more people are getting into Solana meme coins, drawn by the blockchain’s efficiency and the fun of meme coins. As Solana gains popularity among both seasoned traders and new users, the demand for meme coins in this dynamic ecosystem keeps growing, creating a cycle of continued growth and adoption.

How to Find Trending Solana Meme Coins?

There are different ways to find meme coins early.

Keep an eye on Twitter and TikTok for trending hashtags about cryptocurrencies and crypto influencers. Many meme coins become popular through viral trends on social media. Hashtags can help you spot new coins on the rise.

Another way is to use DeFi tools to track trading volume, liquidity, social sentiment, and smart money. These tools can help you find valuable insights and stay ahead in the game.

Below are some tips to track down trending Solana meme coins you can consider.

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Conclusions

The above 5 Solana meme coins showcase the exciting and volatile nature of the crypto market in 2024. These coins benefit from Solana’s fast and low-cost transactions, vibrant Web3 community, and pop culture spirit.

However, investors should be aware of the high risk and speculative nature of meme coins. While they offer the potential for significant gains and a fun investment experience, they can also be highly unpredictable and susceptible to market whims. Balancing these pros and cons is crucial for anyone looking to dive into the world of Solana meme coins.

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Disclaimer: This article serves informational purposes only and does not constitute financial advice. Conduct your own research before making investmendecisions.