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

With its rise, many other tokens also became active, including memecoin.

What is Memecoin?

In short, memecoins are coins that have no value or utility.

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

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

The first memecoin 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 (one of the potentials for the meme coin to grow), 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 only a small increase for a meme coin because there are potentially much bigger memes to come in 2024!

Meme Coins on Solana

Now let’s look at the more interesting meme coins, namely 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 grown, so has Solana (from $20 to $220) — the primary blockchain for all drop hunters and meme hunters, and it’s growing in popularity.

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

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

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

Dog Wif Hat

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 simply for the entertainment of cryptocurrency enthusiasts.

Meme coin itself was created in November 2023 and its price has risen 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 a loyal following that raised $700,000 to display “The Dog in the Hat” on an exterior screen in Las Vegas!

Bunker Dog

BONK is a utility 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 more than 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, a gain of over 52,000% in a short period of time:

Peng

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

The token’s growth was driven by X’s large number of subscribers, which exceeded 14,000 within a week of launch.

During this period, the token grew from its 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)

BOME — The most discussed meme coin on Solana in March this year.

The token was launched in mid-March and initially disappointed buyers (the price dropped to $0.00005848), but after March 16, it managed to reach a peak of $0.02689 (more than 45,000% in two days!) and its market capitalization exceeded $1 billion!

On the same day, Binance launched BOME perpetual contracts with a leverage ratio of more than 50 times. After the news was announced, BOME's popularity soared. However, this also triggered allegations of insider trading on the platform, although it was eventually dismissed after an internal investigation.

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

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

Slife

SLERF — A 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 surged:

$SLERF

Sloven

www.slerf.wtf

Popular cat

POPCAT – A tag for cat-related memes.

According to the project, in a series of videos, a cat named Oatmeal opens his mouth and forms the letter "O", which sparked the hype around the meme.

The price of the token itself dropped to $0.003797 on January 5, 2024, before reaching an all-time high of $0.3723 on March 15, 2024, an increase of over 9,700% in less than three months!

Currently, the market value is $323 million.

arts

WEN - A meme coin representing a cat robot, designed to expand the Solana ecosystem (not to be confused with the WEN project, whose airdrop we discussed in this Blast article).

The coin is unique in that each WEN provides the WEN community with equal ownership and fractional NFT of Meow Shi’s “Love Letter to Brother Wen”.

Additionally, 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%.

in conclusion

Therefore, memecoin is an interesting story for 2024, but always remember, where there are high profits, there are also high risks!

In the case of Meme Coin on Solana, only 1% of the 20,000 tokens generated daily show huge gains, just like BOME, so preserving funds is crucial!

What are the main factors to consider when choosing a meme coin?

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

• Risk tolerance – The main factor, as Memecoin can crash at any time and you may 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 token’s history begins.

• Analyze the community – This is a crucial factor because even if the project is terrible, but the community believes in the token, the meme coin 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 your tokens if they grow in the near future (e.g. lock in 50% when the token shows 2x growth).

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