While Solana is best known for its fast, efficient, and scalable blockchain – its ecosystem also includes meme coins. This will appeal to investors with a higher appetite for risk and volatility.
Read on to discover the best Solana meme coins for 2023. We cover six projects in great detail, allowing meme coin investors to make informed decisions.
List of the Best Solana Meme Coins to Buy
Listed below are the best DeFi 2.0 tokens to buy in 2023:
- Wall Street Memes (WSM): This is one of the best meme coins to buy, with the Wall Street Memes presale campaign in full swing. Over $9 million has been raised, suggesting this could be the most promising cryptocurrency to invest in. The project is based on the WallStreetBets concept and aims to bring prosperity to its 1 million+ community. That said, Wall Street Memes has opted for Ethereum over Solana, considering it has much greater exposure to meme coin investors.
- Fronk (FRONK): One of the best Solana meme coins for high-risk investors, Fronk is a deflationary project with an aggressive burning mechanism. It uses the same logo as Pepe, one of the most successful meme coins in recent months. 45% of the FRONK supply was given to selected Solana projects, including DeGods and Okay Bears.
- SolDoge (SDOGE): SolDoge took inspiration from the Doge-meme mania and uses the Shiba Inu dog breed as its logo. 100 million SDOGE tokens are in circulation, and no burning policy is in place. SolDoge is an established meme coin, launching in 2021.
- Bonk (BONK): Bonk is the most successful Solana-based meme coin to date. According to CoinMarketCap, Bonk launched in January 2023 and went on to generate gains of over 4,000%. Most of these gains have since been depleted, but the project is up 245% nonetheless.
- SHIBONK (SBONK): One of the lowest-valued meme coins in the Solana ecosystem is SHIBONK. With a market capitalization of just $113,000, SHIBONK has produced gains of over 32% in the prior seven days.
- Moonlana (MOLA): Moonlana is a Solana-based meme coin with a total supply of 5 billion MOLO tokens. Of this figure, more than 800 million MOLO tokens have been burned. Moolana is one of the few Solana meme coins to support staking and it has also developed its own NFT collection.
An Overview of How Solana Meme Coins Work
Solana meme coins are aimed at high-risk investors with a sole focus – to make huge profits in a short space of time. Meme coins on the Solana network operate much the same as other ecosystems. For example, just like Pepe, Shiba Inu, FLOKI, and Bone ShibaSwap, Solana meme coins have little to no use cases.
Instead, Solana developers create meme coins for speculative purposes. And investors buy them hoping to make a significant return. To illustrate what’s possible in the Solana meme coin space, Bonk is a great case study. Bonk, which has no utility or use cases, was launched in January 2023 via a 50% airdrop.
Through an aggressive market campaign, Bonk was able to create FOMO and hype in the crypto community. And in turn, Bonk went on to generate ginas of over 4,000%. This was achieved in a matter of days. However, as attractive as meme coins sound, the vast majority do not replicate Bonk’s success. In fact, most crash and burn, leaving investors with worthless tokens.
The Importance of Timing the Market
Investing in the best Solana tokens is often about timing. For example, after peaking at $0.000004922, Bonk capitulated by over 90%. This highlights that Solana meme coin investors must find the optimal timeframe to enter and exit the market.
Ultimately, finding the next Solana meme coin to explode is a challenging undertaking. Investors will need to consider diversifying their meme coin portfolio to reduce the risks and increase their chances of picking a gem. Diversification should include multiple ecosystems, including Solana, Ethereum, and Binance Smart Chain.
Top Solana Meme Coins: Full Analysis
We have analyzed the best Solana meme coins in the market and found that six projects stand out. The results of our research can be found below.
1. Wall Street Memes (WMS) – Overall Best Meme Coin to Buy in 2023
Wall Street Memes is the top trending cryptocurrency right now, with the meme coin showing similar signs to Shiba Inu. For instance, just like Shiba Inu, Wall Street Memes has a huge community of active followers. This consists of over one million people, and its memes attract more than 40 million views per month.
What’s more, the Wall Street Memes presale – which is still ongoing, has raised over $9 million. More on that shortly. In terms of the concept, Wall Street Memes is basing its campaign on WallStreetBets. This is a popular Reddit forum that collectively buys meme stocks. For example, WallStreetBets was instrumental in pumping GameStop stock in early 2021.
Just like WallStreetBets, Wall Street Memes was created for the many. It aims to create prosperity for the average citizen and share its anti-Wall Street message via fun and engaging memes. Wall Street memes has also generated hype through its $50,000 airdrop competition. The prize will be split between five winners and paid in WSM tokens.
Entering the competition is free and simply requires people to complete some basic tasks. For example, visiting the Wall Street Memes website and joining its Discord Server. Now on its presale campaign. In a nutshell, Wall Street Memes is offering its native WSM tokens at a discounted price. The size of the discount depends on how early the presale investment is made.
Currently, investors can buy WSM tokens at $0.0298. Within the coming days, this will increase to $0.0301 and continue to rise as each batch of tokens sells. The Wall Street Memes presale accepts ETH and USDT. Another option is to buy WSM tokens with a debit or credit card after completing a quick KYC process. After the Wall Street Memes presale, WSM tokens will be listed on crypto exchanges.
Like all meme coins, investors should consider the risks of investing in the Wall Street Memes presale. Considerations should also be made about the anonymity of the core team. While this can be a red flag, many cryptocurrencies have anonymous developers, including Bitcoin. Nonetheless, we found that Wall Street Memes is the overall best meme coin to buy today.
Note: As mentioned earlier, Wall Street Memes is an ETH-based meme coin. This gives the project much greater exposure to meme coin investors, giving it the best chance possible to grow.
2. Fronk (FRONK) – Cheap Solana Meme Coin With a Fair Distribution System
Fronk is a Solana-based meme coin using the same logo and theme as Pepe. For those unaware, Pepe is one of the best-performing meme coins of 2023, gaining over 2,500% in under three months of trading. While Fronk is yet to replicate the successes of Pepe, this meme coin might appeal to budget investors.
After all, Fronk is trading for micro pennies, currently at $0.000000001771. This yields millions of FRONK tokens for every $100 invested. In addition, Fronk claims that there is “no place for injustice on Solana“. This is why Fronk distributed 45% of its total supply to selected Solana stakeholders.
This includes holders of Okay Bears, y00ts, and DeGods – projects on the Solana network. Another aspect of Fronk is that it is a deflationary cryptocurrency. It regularly burns FRONK tokens from its total supply. So far, 34% of all outstanding tokens have been removed from circulation.
Unfortunately, this hasn’t yielded any success on the Fronk pricing chart. On the contrary, Fronk is down 98% from its initial listing price. That said, such significant declines can be seen across the meme coin landscape, often owing to the bear market. Fronk can be purchased on the Solana-based DEX, Raydium.
3. SolDoge (SDOGE) – Doge-Themed Meme Coin Owned 100% by the Community
SolDoge was one of the first Doge-themed meme coins to join the Solana ecosystem. Like many meme coins in this niche, SolDoge is themed around the Shiba Inu dog breed. Launched in 2021, this is one of the most established SOL meme coins in the market. According to CoinMarketCap, SolDoge is valued at just $133,000, making it prone to extreme volatility.
Nonetheless, 89.5% of the SolDoge token supply was sold during a public sale, with the balance held by the team. SolDoge notes that the team has since donated its holdings. If credible, this means that 100% of the SolDoge supply is held by the community.
According to the SolDoge roadmap, the project aims for more CEX and DEX listings, and to launch its own NFT collection. SolDoge is also setting up a DAO that is focused on gamification and metaverse experiences.
4. Bonk (BONK) – The Most Successful Solana Meme Coin to Date
Some would argue that Bonk is the blueprint for succeeding in the Solana meme coin space. As noted earlier, Bonk is one of the most successful meme coins in the Solana ecosystem. It was launched in January 2023 and, in under a week, produced gains of over 4,000%.
This was achieved through a strong marketing campaign and plenty of hype and FOMO. This rapid upward trajectory did not last long. Since peaking at $0.000004922 a few days after its launch, Bonk has been on a continued downward spiral. Currently, it’s trading over 90% below its all-time high.
That said, the project is trading 305% above its all-time low, and 245% above its original listing price. Compare this to the broader crypto market, and Bonk is one of the best-performing projects in [cur_tear]. This is the case even though Bonk does not have any identifiable use cases.
Nor does its native BONK token have any utility within the Solana ecosystem. Nevertheless, Bonk is now valued at $20 million. Some investors will be hoping for a resurgence when the next crypto bull market arrives. Whether or not this happens remains to be seen.
5. SHIBONK (SBONK) – Trending Meme Coin With 7-Day Gains of 32%
When searching for the best Solana meme coin, it makes sense to look for trending projects. SHIBONK fits the bill here, with the meme coin recording gains of over 32% in the prior week. SHIBONK was launched in January 2023 at a price of $1.39.
It then witnessed a major bull run, hitting peaks of over $8 in under a month of launching. This translates into gains of almost 500%. However, the price of SHIBONK has since declined to $0.31. This equates to a downfall of 95% from its prior all-time high. On the flip side, SHIBONK has a market capitalization of just $113,000.
This micro-cap valuation means that even a small wave of buying pressure could see the meme coin record notable gains. In addition, SHIBONK has created its own NFT series – the Shibonk Gang. There are 4,200 unique NFTs in total, and all have been hand-drawn. Those looking to buy SHIBONK can do so at Raydium and Jupiter.
6. Moonlana (MOLA) – Established Solana Meme Coin With Staking Tools
Launched in 2021, Moonlana is a Solana-based meme coin with a 5 billion token supply. The project has already burned 800 million tokens, leaving just 4.2 billion in circulation. While Moonlana is a meme coin in nature, it also offers use cases for token holders.
This includes the ability to stake LANA tokens directly on the Moonlana website. Moonlana has also developed Lanatools, a user-friendly dashboard for investors. This allows users to track the value of their tokens, as well as buy, sell, and swap LANA.
That said, In terms of performance, Moonlana was initially priced at $0.000141, as per CoinMarketCap. Within a month of launching, Moonlana went on to record all-time highs of $0.0068. This converts to growth of over 4,500%. Since achieving this feat, the price of Moonlana has declined by 99%.
Ranking the Best Solana Meme Coins: Our Criteria
Meme coin investors should have a checklist of metrics to work from when selecting suitable projects.
Below, we offer some insight into how we ranked the best Solana meme coins.
Hype and FOMO
Hype and FOMO – the fear of missing out, have a major say in how meme coins perform. After all, meme coins rarely have any use cases or actual utility. Instead, meme coins rely on strong marketing campaigns and speculation.
Even more important is the size and activeness of the meme coin community. As more people get the word out about the project, more people will consider buying the meme coin. A good example of this is Wall Street Memes.
Its meme-focused strategy now consists of over one million followers. As noted, its memes are generating more than 40 million impressions every month. This means the Wall Street Memes projects is attracting a lot of attention. This is evident in the $9 million its presale has already raised from investors.
Tokenomics
The tokenomics of a meme coin project can also have in how it performs. The best Solana meme coins distributed most of the token supply during a presale. This is a major plus point, as it ensures the developers do not control a large percentage of tokens. If they did, then there is always the risk the developers will dump their tokens on the market.
- Some SOL meme coins also give away a portion of their tokens via an airdrop.
- We found that recipients are often those that have contributed to the Solana community.
- However, airdropping too many tokens is a major risk. After all, many will be motivated to sell their tokens as soon as they are received.
- Meme coin investors should also evaluate whether the native token is inflationary or deflationary.
- Inflationary meme coins should be avoided, considering the developers can continue ‘printing’ new tokens.
- And in doing so, this dilutes the value of the investment for current token holders.
Instead, the best Solana meme coins take a deflationary approach. This means that the overall token supply declines over time, increasing value to long-term investors. The most common way to achieve this is by burning tokens. This removes tokens from the circulating supply, usually by transferring them to a wallet that cannot be accessed.
Market Capitalization
Seasoned meme coin investors will often focus on micro-cap tokens. These are meme coins with a very low market capitalization, of just a few million dollars. In some cases, such as SHIBONK and SolDoge, the market capitalization is a few hundred thousand dollars. Either way, micro-cap meme coins offer the greatest upside potential.
This is because they can grow much faster than large caps. Small waves of buying pressure can increase the meme coin’s value rapidly. For example, SHIBONK has increased by over 15% in the prior 24 hours. This was achieved with a 24-hour trading volume of just $1,239. Now consider the type of growth possible when larger buy orders are achieved.
Is Solana a Good Network for Meme Coins?
The most successful meme coins operate on the Ethereum blockchain. This includes everything from Dogelon Mars and Pepe to Shibab Inu and FLOKI.
That said, more and more meme coin projects are considering Solana. Let’s explore why this is.
Cost-Effective Transactions
Casual meme coin investors are put off by the high fees charged by Ethereum. While this will fluctuate depending on how busy its network is, Ethereum GAS fees can exceed $10. This makes it unviable for those looking to invest in meme coins with a few dollars.
Now compare this to Solana, which has an average transaction fee of $0.00025. This makes it very cost-effective for small-scale investors. Low transaction fees are also beneficial to meme coin traders, not to mention projects looking to launch an NFT collection.
For instance, consider a meme coin NFT collection of 10,000 units. Each NFT is unique and requires an individual transaction on the blockchain. With an average transaction fee of $0.00025, the entire NFT collection would cost just $2.5.
Scalability
Another reason that some meme coins are choosing Solana over Ethereum is because of increased scalability. For example, in the prior 24 hours, Ethereum was able to handle just over one million transactions. This translates into approximately 12 transactions per second.
Why is Scalability Important?
- Scalability refers to the number of transactions a specific blockchain can handle each second.
- If a blockchain requires more tokens than it can handle, this is problematic.
- As seen with Ethereum, this results in high fees and slow transactions, making the blockchain inefficient.
- In contrast, Solana is one of the most efficient blockchains in the market, because it’s able to handle thousands of transactions per second.
Now compare this to the Solana blockchain, which can handle up to 65,000 transactions per second. This outperforms the likes of Visa, which – according to Crypto.com, can handle up to 24,000 transactions per second.
This makes Solana ideal for meme coin launches. There are no fears of transaction overload, meaning meme coins can operate smoothly and efficiently.
Energy Efficient
Meme coins need all the unique selling points possible when marketing their projects. One such angle is energy efficiency, which is an appealing plus point for many.
For example, Solana notes that its network has a 0% net carbon impact. Solana also notes that a single transaction uses the “same amount of energy as a few Google searches“.
Meme Coin Staking
The Solana blockchain uses a proof-of-stake mechanism. This means that meme coins based on the Solana blockchain can offer staking rewards to token holders.
How Does Solana Staking Work?
- Most meme coins on the Solana network can be staked.
- This requires the investor to lock their tokens, meaning they can’t be sold.
- In doing so, the investor will generate a yield on their tokens.
- The best staking coins are often low-cap projects, as they come with the highest APYs.
- In most cases, investors can unstake their tokens at any time.
This allows meme coin investors to earn passive rewards while waiting for their tokens to moon. Many Solana projects offer staking tools directly on their websites.
Conclusion
While Solana is becoming more popular with new crypto launches, very few meme coins are making waves. Instead, the bulk of the action remains on the Ethereum network.
Currently, Wall Street Memes is the most trending meme coin in the crypto community. Its presale is still ongoing, and more than $9 million has been raised.
Those looking to buy Wall Street Memes tokens will get a presale discount.
References
https://coinmarketcap.com/currencies/bonk1/
https://coinmarketcap.com/currencies/shibonk-/
https://coinmarketcap.com/currencies/soldoge/
https://coinmarketcap.com/currencies/pepe/
https://coinmarketcap.com/currencies/fronk/
https://coinmarketcap.com/currencies/moonlana/
https://www.gemini.com/cryptopedia/solana-blockchain
https://academy.binance.com/en/glossary/market-capitalization
https://ycharts.com/indicators/ethereum_transactions_per_day
