Are Solana Memecoins the Best Bet in a Crypto Bull Run? Exploring Their Potential

Explore the potential of Solana memecoins in the next crypto bull run and how projects like Bonk and Dogwifhat are capturing investor attention in the digital asset market.

Cryptocurrency is an-ever evolving industry, with memecoins consistently capturing the attention of both new and experienced investors. Recent trends suggest that Solana memecoins are not only surviving but thriving in the current crypto market, with some punters earning nearly 1000x returns within months on occasion.

The ease of launching new tokens on the Solana blockchain has led to a boom in memecoin creation, especially as Solana (SOL) developers launched about half a million tokens in May 2024. Projects like Bonk, Book of Meme, Dogwifhat, and Pepe, to name a few, have captured the spotlight with their community themes and potential for quick gains. As a result, this memecoin frenzy could dominate discussions around the best investments during crypto bull runs.

While traditional investments might be more stable, the sometimes unpredictable world of memecoins can also provide excitement and rapid growth. It’s worth noting that one-time winners in this highly volatile speculatory market may lose large amounts in the high-pace meme bidding, as recorded by observers like LookOnChain.

Still, Solana meme coins have shown potential for substantial returns. Indeed, investors looking for high-risk, high-reward opportunities may find them an attractive option in a bullish market.

Understanding Memecoins

Memecoins are a type of cryptocurrency known for their strong online communities and playful themes. These tokens are often inspired by internet comedy, viral online trends, or pop cultural references. For example, Dogecoin (DOGE) was created in 2013 as a joke based on the popular "Doge" meme featuring a Shiba Inu dog.

Compared to mainstream cryptocurrencies, memecoins have shown different performance patterns. Mainstream cryptos like Bitcoin and Ethereum often rely on technological developments and real-world applications, while memecoins are driven more by market community engagement, sentiment, and speculation.

However, it is necessary to approach memecoins from an informed perspective. Investors should weigh the hype against the inherent risks and perform thorough research before jumping in. The potential for skyrocketing returns makes memecoins a tempting bet during a crypto bull run, but understanding the volatile nature of these assets is key.

The Rise of Solana Memecoins

The surge in Solana memecoins is due to several factors. A major reason is the speed and efficiency of the Solana blockchain. With its high transaction rates and low fees, Solana has emerged as a popular platform for launching and trading memecoins.

Furthermore, Solana boasts a monolithic network where nodes operate independently, resulting in a decentralized and secure environment. This memecoin powerhouse supports easy-to-deploy smart contracts, which are required for developing dApps and other crypto-economic systems. Its SPL Token standard enables the production and trade of a variety of fungible tokens for virtual currencies and non-fungible tokens (NFTs) across the ecosystem.

Technology Behind Solana

Solana is a high-performance blockchain theoretically capable of processing up to 65,000 transactions per second (TPS). CoinGecko reported its practical real-world TPS to be around 1,000, but co-founder Raj Gokal told Consensus 2024 attendees of a new validator set touted to increase speeds by over 500%. Validators are network contributors tasked with verifying transactions on a proof-of-stake (PoS) chain like Solana.

If Gokal’s vision materializes, Solana will become orders of magnitude faster than other popular blockchains like Ethereum, which can only process around 15 transactions per second.

Currently, Solana achieves its high-performance level by using a combination of innovative technologies, including PoH, Tower BFT consensus, and a parallel processing system called Gulf Stream.

Solana's Position in the Crypto Market

Solana holds a significant position in the cryptocurrency market, ranked fifth amongst the top 100 digital assets with a $78 billion market cap, and fourth in defi TVL at $4.8 billion per DefiLlama.

Despite Solana accounting for only 13% of the $56 billion meme coin market cap, it boasts the highest number of new projects, thanks to its enhanced transaction speeds and low fees.

The increasing number of projects and active community support continually bolster Solana's standing, making it a formidable player in the blockchain space. This vibrant ecosystem ensures that Solana remains relevant and competitive.

Performance Metrics

Solana memecoins like Dogwifhat (WIF) and Bonk (BONK), have attracted investor attention with impressive market caps. For example, Dogwifhat boasts a market cap of approximately $2.68 billion and rising.

Memecoins on Solana also have high liquidity and trading volume, a possible deciding factor for investors, large and small alike, looking for quick gains. The tokens have also shown significant price appreciation, drawing interest from both retail investors and traders looking to capitalize on short-term market movements.

Comparison with Other Cryptocurrencies

When compared to other cryptocurrencies, Solana memecoins stand out due to their trendy themes and branding strategies. Additionally, memecoins on networks like Ethereum or Binance Smart Chain often do not benefit from the same low transaction costs and high throughput that Solana provides.

In terms of growth potential, Solana memecoins like Bonk have shown higher volatility and, thus, more returns relative to more established assets like Bitcoin or Ethereum. This makes them speculative, yes, but potentially rewarding investments.

Moreover, the marketing and community engagement strategies for Solana memecoins have been particularly effective, helping them build a loyal user base quickly. This is in contrast to some lesser-known tokens on other blockchains that struggle with visibility and adoption.

Top Performing Solana Memecoins

Among the several Solana memecoins, a few standouts have piqued the interest of traders and investors, including:


BONK is one of the most widely used and successful meme coins on the Solana blockchain. It debuted in December 2022 and soon developed a significant following through community-driven initiatives and its dog-inspired central theme.

The project has incorporated several utility features, including a decentralized exchange (DEX), lending platform, and non-custodial wallet. BONK has also adopted intuitive tokenomics strategies, including token burns and staking rewards, to encourage long-term hodling and involvement in the ecosystem.


Dogwifhat (WIF) is a Solana-based meme coin inspired by the Shiba Inu dog named Achi spotting a pink hat. Launched in late 2023, WIF was a slow burner in its opening months, but quickly gained traction at the turn of 2023 as crypto winter thawed, unfolding into Solana memecoin spring, and possibly a super summer.

Partnerships with influencers, giveaways, and collaborations with other projects in the Solana ecosystem have proved boons for driving the project’s adoption and market share. The Dogwifhat community also raised over $650,000 to display the project on the Las Vegas Sphere, a marketing play resulting in renewed attention.


CHIPI is a Solana-based project modeled after the popular "Chipmunk" meme. Debuting in fall/winter 2022, CHIPI soon gained attention through memetic culture and community-led “shilling, the art of aggressively promoting crypto coins. CHIPI has a total supply of 1 trillion tokens, with a fraction set aside for liquidity pools and ecosystem growth.

While the CHIPI team has used various techniques to increase adoption, the token has shown high price volatility, reflecting the speculative nature of meme coins.


Crunchcat (CRUNCH) is based on the popular "Crunchy Cat" meme, which depicts a cat with a peculiar facial expression. CRUNCH, which emerged in early 2023, has already developed a loyal following in the Solana community.

The project has distributed free tokens in social giveaways and promoted ecosystem participation via partnerships with other meme coin projects. CRUNCH has also explored various use cases, such as a decentralized finance (DeFi) platform and an NFT marketplace, to expand its use beyond its meme-inspired roots.


PEPE is a Solana-based meme coin inspired by the popular "Pepe the Frog" meme and an offshoot of the same token launched on Ethereum. Since it launched in early 2023, PEPE has gained a dedicated and large following within the Solana community. Like other memecoins, PEPE has the potential for substantial price gains driven by speculation and hype within the crypto community despite existing success.

Factors Driving the Solana Meme Coin Frenzy

The 2024 crypto bull market has undoubtedly played a significant role in fueling the memecoin frenzy. As investors seek opportunities for substantial returns, the speculative nature of meme coins has proven irresistible. Large investors who have accumulated memecoins like leading PEPE and WIF have also bolstered their holdings, driving demand with whale activity and buoying market caps for various tokens.

Additionally, viral marketing campaigns and community hype have contributed to the widespread adoption of these digital assets, creating a fear of missing out (FOMO) among traders. At Consensus, Raj Gokal said meme projects, while not the end game, bring in new users in intuitive and fun ways.

When is the next crypto bull run?

While the cryptocurrency market has upward potential, it’s notoriously volatile. However, this very trait presents an opportunity for investors and traders on the lookout for the next big opportunity. Some experts opine that the crypto bull run is underway following Bitcoin’s rally to new all-time highs above $73,000.

Industry-wide sentiments also anticipate the cycle to continue within the next 18-24 months, largely driven by Bitcoin's halving event in April 2024, spot Bitcoin ETF demand in the U.S., looming spot Ethereum ETF approvals by the U.S. SEC, crypto regulatory clarity, and escalating global geopolitical tensions which usually direct capital into risk assets.

Analyzing past bull runs can provide valuable insights on when the next one will occur. Market cycles in crypto are often driven by various factors including technological advancements, regulatory changes, and macroeconomic trends. Several experts also point to increasing institutional adoption and favorable legislation as key drivers.

Understanding when the next bull run might happen involves keeping an eye on these indicators. As developments unfold, staying informed can position investors to take advantage of the next surge in the market. Consequently, investors may opt for a focus on portfolio diversification as this strategy leveraged risk management by spreading investments across several assets.

In addition, employing market analysis tools could help identify trends and make informed decisions. Additionally, sentiment metrics measure market mood, providing information about collective investor behavior to better navigate the next crypto bull run.

Investing in Solana Memecoins

Solana is all the rage within crypto and has gained popularity among investors in the nascent space. For this reason, buying Solana memecoins can be a fun and potentially profitable venture. However, it is vital to understand their functions to determine which ones to invest in. Some are used purely for entertainment, while others might have unique functions. For example, they might be used in decentralized apps or games.

In addition, prioritize security to avoid any scams and hacks in the crypto space. Therefore, it is advisable to use trusted exchanges and industry-approved self-custodial wallets when buying and storing these coins. The memecoin trend shows no signs of slowing down, and with a growing community where new tokens appear regularly, Solana memecoins are likely to remain a vibrant part of the ecosystem.

Setting Up a Solana-Compatible Wallet

Setting up a wallet for Solana meme coins is essential for secure storage and management of your digital assets. Two key steps involve selecting the right wallet and ensuring its security.

Selecting the Right Wallet

Choosing the correct wallet is the first step. Phantom and Sollet are two popular Solana-compatible wallets. Phantom is known for its user-friendly interface and browser extension support. Sollet is another reliable option, particularly favored by developers.

To set up a wallet:

  • Download the application from the official website or browser extension store.
  • Generate a new wallet and create a password.
  • Back up the seed phrase as it is critical for wallet recovery and security.

Securing Your Wallet

After choosing and setting up a wallet, securing it is crucial. Start with enabling two-factor authentication (2FA) if supported. This adds an extra layer of security.

Steps to secure a wallet:

  • Enable two-factor authentication.
  • Regularly update the application to avoid security vulnerabilities.
  • Keep the seed phrase offline. Never store it digitally where it could be compromised.
  • Use strong, unique passwords for wallet and email accounts.

Additionally, be cautious of phishing attempts and only access your wallet through trusted devices and networks. Secure practices will help safeguard your memecoin investments.

How to buy Solana Memecoins

To buy Solana memecoins, you first need to choose a cryptocurrency exchange, purchase SOL tokens, and finally, swap for the desired memecoin. Each step requires careful consideration to ensure security and ease of use.

Choosing a Cryptocurrency Exchange

After setting up a wallet and acquiring SOL, the next step is to select a trustworthy cryptocurrency exchange that supports Solana. Some popular exchanges include Binance, Coinbase, and OKX while decentralized options feature Jupiter, Orca, and Raydium.

First, create an account by providing your personal information, like your phone number, email address, and official identity documents. Protect your account with two-factor authentication (2FA) to add an extra layer of security.

For decentralized exchanges (DEX), you need only visit the platform from its verified link or page, and authorize transactions with your wallet extension.

Users may also prioritize exchanges with active customer support, positive reviews, low fees, and highly liquid SOL trading pairs.

Purchasing Solana to Trade

After setting up your account, the next step is to purchase Solana (SOL). Most exchanges have a simple interface to buy SOL.

  • Deposit funds: Use a bank transfer, credit card, or another cryptocurrency to deposit funds into your account.
  • Buy SOL: Navigate to the market or convert section and select Solana. Enter the amount you want to buy/convert and confirm the transaction.

Alternatively, a user could use peer-to-peer corridors, AKA P2P, to acquire SOL from other users in exchange for other currencies like fiat or crypto.

Ensure to check the current market price and any transaction fees associated with buying SOL. Your purchased SOL will be stored in your exchange wallet, ready for trading.

Finding and Trading Meme Coins on Solana

Now that you have SOL in your wallet, you can buy Solana memecoins by visiting supported platforms. Tools like CoinGecko and CoinMarketCap help to find trading venues for these tokens.

  • Connect your wallet: Use a wallet compatible with Solana, such as Phantom or Sollet. Connect it to the decentralized exchange.
  • Select the meme coin: Browse or search for the specific meme coin you wish to purchase.
  • Trade: Choose the amount of SOL you want to exchange for the meme coin and complete the transaction.

Always verify the address of the meme coin to ensure it is legitimate. Be cautious of scams and double-check all transaction details.

Risks and Concerns

While the potential rewards of investing in Solana memecoins are enticing, investors must acknowledge the risks associated with these speculative assets. Volatility and the potential for a market correction or "bubble burst" are significant concerns.

Furthermore, regulatory uncertainties surrounding memecoins add an additional layer of risk for investors.

Frequently Asked Questions

What steps are needed to purchase meme coins on Trust Wallet?

To buy meme coins on Trust Wallet, you first need to download and set up the Trust Wallet app. Once installed, you must add Solana (SOL) to your wallet. Then, navigate to the DEX within the app, connect your wallet, search for the desired meme coin, and complete the purchase.

Where can I exchange Solana-based meme coins?

Solana-based memecoins can be exchanged on several platforms like Binance, FTX, and Users need to register on their preferred exchange, deposit funds, and locate the specific memecoin. These platforms offer various trading pairs and liquidity options, making it easier to transact in meme coins.

How can one acquire Solana meme coins using Coinbase?

Coinbase supports buying Solana (SOL) but not directly memecoins. You need to buy Solana on Coinbase first. After purchasing SOL, transfer it to a Solana-compatible wallet like Trust Wallet or Phantom. Then, use a decentralized exchange (DEX) such as Jupiter DEX to trade SOL for memecoins.

What is the process for buying meme coins on Binance?

On Binance, create an account and complete the necessary verification steps. Deposit funds into your account and purchase Solana (SOL) if you don’t already have some. After acquiring SOL, navigate to the trading section, search for the specific meme coin, and execute the trade.

Can you buy Solana meme coins with a Phantom wallet, and if so, how?

Yes, you can. First, download and set up Phantom wallet. Fund the wallet with Solana (SOL) through a transfer from another wallet or exchange. After that, connect Phantom to a DEX like Raydium or Jupiter. Search for the desired memecoin and complete the transaction using your SOL funds.