Solana meme coins have exploded in popularity, and there’s a flood of new meme coins being launched on Solana every day. If you have never used Solana before but want to try your hand at buying and selling meme coins, the good news is that getting started is fairly simple.
We will show you how and where to buy Solana meme coins and explain the most important things to look out for.
Key highlights:
Buying Solana meme coins is fairly simple, but there are some important details to keep in mind.
The best way to buy meme coins on Solana is to use a decentralized exchange (DEX) such as Raydium.
You will need to create a Solana wallet and load it up with some SOL to get started.
How and where to buy Solana meme coins
Thanks to the Solana network’s low fees and fast transaction speeds, buying Solana meme coins directly on the blockchain is actually the most convenient way of buying Solana meme coins. In addition, you will be able to access every meme as soon as it launches without having to wait for centralized exchanges to list it.
In order to buy Solana meme coins using this method, you will need three things:
You will need to set up a Solana wallet so that you can buy and store your meme coins safely.
You will need SOL coins to pay for both the transaction fees and the meme coins you will be purchasing.
You will need to connect your wallet to a decentralized exchange to buy meme coins with your SOL.
Set up a Solana wallet and load it up with SOL
The first thing you’ll need to do if you want to buy Solana meme coins is to set up a Solana wallet. There are multiple high-quality options available on the market, but we’ll be using the Phantom wallet in our guide. We will install the Phantom wallet as a web browser extension, but it’s also available for iOS and Android if you prefer to use mobile devices.
If you wish to explore other Solana wallets as well, here are a few of the best alternatives:
Solflare
Backpack
Glow
After installing your Phantom wallet, you will be asked to create a password, which will protect your crypto in case the device your wallet is installed on gets into the wrong hands.
The next step is to back up your 12-word secret recovery phrase. You can use this secret recovery phrase to restore your wallet in case you forget your password or you can no longer access the device your wallet is installed on.
IMPORTANT: The 12-word secret recovery phrase provides the same level of access to your cryptocurrency as your private key. If someone else saw your secret recovery phrase, they would be able to steal all of the cryptocurrency in your wallet. Never show your secret recovery phrase to anyone else and don’t store it on devices that are connected to the internet. A simple but effective way to store your secret recovery phrase is to write it down on a piece of paper and store it in a secure location. If you want additional security for your crypto holdings, we recommend you purchase a crypto hardware wallet.
You can find your Solana address by clicking on the “Receive” tab in the main menu of the Phantom wallet interface. This is the address you can use to receive SOL or other tokens issued on the Solana blockchain.
If you already have an account on a crypto exchange (for example Binance or Coinbase), you should buy some SOL and withdraw it over to your Solana address. You should have enough SOL in your wallet to cover the amount you want to spend in your meme coin purchase, plus a small amount to cover transaction fees (around $5 - $10 worth of SOL should be plenty enough to cover all transaction costs).
Alternatively, you can buy SOL directly from the Phantom wallet interface. Currently, the wallet is integrated with MoonPay and Coinbase Onramp, which are two providers that simplify the process of buying cryptocurrency. Unless you’re in a hurry, we recommend that you avoid using a credit/debit card as the payment method, as it’s very expensive in terms of fees.
After choosing which service provider you want to use, you will be redirected to their website and given instructions for completing the purchase. Keep in mind that every provider will require you to go through an identity verification process. You will receive SOL coins in your wallet after the purchase is completed.
Buy meme coins on a DEX (decentralized exchange)
Now that you have a Solana wallet and some SOL coins in it, it’s time to actually buy the Solana meme coin that you want. To do that, we will be using Raydium, which is a DEX (decentralized exchange) built through smart contracts on the Solana blockchain. When using a DEX, there’s no need to create an account or provide identity verification, although you do need to pay transaction fees to complete the trade.
In our example, we will be buying the MEW meme coin, but the process is practically identical for any other (meme) coin you want to buy on Solana.
First, let’s head over to the Raydium website and click “Connect Wallet”. Then, select the wallet that you want to connect (Phantom in our example).
Our Phantom wallet will pop up and ask us to grant permission to connect to Raydium. After you click “Connect”, there should be a pop up in the bottom right of the Raydium website confirming that our wallet has been successfully connected.
Now, it’s time to enter the token we want to spend and the token we want to receive. In our example, we will be trading SOL for MEW. The website will provide an estimate of how many tokens we can expect to receive (the actual amount you will receive when the trade is executed will be slightly different).
Double-check that you entered the correct amount you want to spend and that the “From” and “To” tokens are correct. Then, click “Swap”. Your Phantom wallet will pop up with details of the transaction.
If everything looks good, click “Confirm”. Your transaction should be completed quite quickly, usually in just a few seconds.
After the swap is completed, you will be able to see your freshly purchased meme coins in your wallet.
When you want to sell your meme coins, you can do so through Raydium, other decentralized exchanges or through centralized exchanges (if the exchange you use actually lists the meme coin you want to sell).
If you want to explore other decentralized exchanges in addition to Raydium, here are some of the best alternatives:
Jupiter (a platform that aggregates multiple DEXes to find the best price for your trade)
Orca
Phoenix
Alternative: Buy Solana meme coins on a centralized crypto exchange
If you are not comfortable with using a decentralized exchange or managing your own Solana wallet, you can buy Solana meme coins on a centralized cryptocurrency exchange.
A centralized exchange (CEX) is the most popular type of cryptocurrency exchange. A centralized exchange is essentially an online cryptocurrency trading platform that is managed by a company. Meanwhile, a decentralized crypto exchange (DEX) is built entirely through smart contracts on the blockchain.
Examples of centralized crypto exchanges include platforms such as Binance, Kraken, KuCoin and Coinbase. While these platforms have many useful features, they are usually not the best choice for trading Solana meme coins.
This is because centralized exchanges cannot list new meme coins at the same speed as decentralized exchanges. On a decentralized exchange, anyone can create a trading pair for any token they want so long as they provide some liquidity. Meanwhile, centralized exchanges have (often slow) processes they need to go through before they can offer a new cryptocurrency for trading.
Centralized exchanges are a good option if you are primarily interested in popular Solana meme coins like WIF, BONK and MEW, which already have a significant market cap and good liquidity. However, if you are more interested in getting into brand new meme coins early and chasing moonshots, using decentralized exchanges is the way to go.
How to find new meme coins on Solana
If you are interested in finding meme coins on Solana, there’s a few platforms that you can use to find which coins are trading on Solana and easily identify the coins are seeing a lot of interest from traders. These platforms are typically referred to as DEX screener tools.
One of the most popular platforms for finding meme coins on Solana is DEX Screener. DEX Screener is an analytics platform that enables users to monitor activity on decentralized cryptocurrency exchanges across various blockchain networks, including Solana.
On DEX Screener, you can track the latest pairs added to decentralized exchanges, identify the biggest gainers and losers on Solana, and observe interesting trends that might lead to your next significant trading opportunity.
The platform allows you to filter data by specific blockchains and decentralized exchanges. You can further refine your search by sorting DEX trading pairs based on the number of transactions, 24-hour trading volume, liquidity, and other criteria.
If you want to learn more about the topic of finding meme coins with potential, we recommend you check out our guide explaining how to find meme coins early.
The bottom line
Solana is arguably the most exciting crypto ecosystem at the moment, and the number of new Solana meme coins entering the market each day is truly impressive.
However, it’s important to keep in mind that trading meme coins is one of the riskiest things you can do in the cryptocurrency market, which is already very risky by itself. Make sure to evaluate your financial situation before making any investment decisions and never invest more than you are willing to lose.
If you’re looking to explore other cryptocurrencies in addition to meme coins, take a look at our list of the best crypto to buy now.
