How to Buy Solana Meme Coins in 2024 – Beginner’s Guide
With the recent successes of $WIF and $BONK, investing in Solana meme coins can be an exciting and profitable venture. These tokens offer early investors the potential for substantial returns in the rapidly evolving world of cryptocurrency. Whether you’re a seasoned trader or a newcomer to the crypto space, understanding how to buy Solana meme coins is essential for navigating this dynamic market.
In this guide, we will break down how to buy tokens on the Solana blockchain and the options available to you when doing so.
Summary: How to Buy Solana Meme Coins
To begin your journey into the world of Solana meme coins, it’s essential to explore the different avenues available for purchasing these digital assets. Three primary methods include participating in presales and ICOs, utilizing Solana decentralized exchanges (DEXs), and trading on centralized exchanges (CEXs). Each method has its unique advantages and considerations, catering to different preferences and risk tolerances.
- Presales & ICOs: Presales and Initial Coin Offerings (ICOs) are fundraising mechanisms used by blockchain projects to raise capital before their tokens are listed on exchanges. During the presale stage, tokens are typically offered to early investors at a discounted price, providing them with the opportunity to acquire tokens before public availability.
- Solana DEXs: Solana decentralized exchanges (DEXs) are platforms built on the Solana blockchain that facilitate peer-to-peer cryptocurrency trading without the need for intermediaries. These DEXs provide users with direct control over their funds and offer a decentralized and permissionless trading experience. Raydium and Serum are examples of Solana DEXs.
- Centralized Exchanges: Centralized exchanges (CEXs) are online platforms that facilitate the trading of cryptocurrencies through a centralized intermediary. These exchanges require users to create accounts, complete identity verification, and deposit funds before they can start trading. By using CEXs like eToro or Binance, investors can buy Solana meme coins and benefit from features such as liquidity, user-friendly interfaces, and access to a wide range of trading pairs.
How to Buy Solana Meme Coins on Presale
Participating in presales offers investors the opportunity to acquire Solana meme coins at an early stage, often at a discounted price compared to the listing price on exchanges. To participate in a presale you first need to find one of the best Solana presales to invest in.
Once you found your ideal meme coin, simply follow these five easy steps to completing your purchase.
1) Visit Presale Page
Start by Identifying a Solana-specific project conducting a presale and visit their dedicated presale page. For example, consider exploring upcoming projects listed in our Solana presales guide.
One of the best presales at the moment is Slothana, so let’s use this as our example. Once on its official site, you will see the presale details.
2) Connect Solana-Compatible Wallet
Now that you have arrived on the website, ensure you have a Solana-compatible wallet, such as Trust or Phantom, and connect it to the presale platform to facilitate token purchases.
3) Select Amount of Tokens to Buy
The next step is to determine the amount of tokens you wish to purchase and choose your preferred payment method. Most presales accept Solana (SOL) or popular stablecoins like USDC or USDT. On the Slothana presale, you can currently buy 10,000 $SLOTH for 1 $SOL.
4) Place Order
Once you’ve selected the desired quantity of tokens and confirmed the details, proceed to place your order on the presale platform.
5) Confirm Transaction
Finally, confirm the transaction through your connected wallet. The purchased tokens will be credited to your wallet after you complete this.
How to Buy Solana Meme Coins on a CEX
Buying Solana meme coins on a centralized exchange (CEX) is the most beginner-friendly option and is suitable for acquiring the main Solana meme coins. However, it’s essential to note that many new Solana meme coins may not be listed on centralized exchanges.
Let’s go through the steps on how to buy meme coins on Solana using a CEX.
1) Select a Solana-Friendly CEX
Firstly, choose a centralized exchange that supports Solana and offers trading pairs with Solana meme coins. MEXC is a well-known crypto exchange that offers an array of Solana meme coins like Dogwifhat. dogwifhat ($WIF) has been one of the biggest moving meme coins since the 2021 bubble.
Once you land on the MEXC page, simply click “Sign Up.”
2) Create an Account and Complete KYC
After signing up for an account using your email address or mobile number, you will need to complete the necessary Know Your Customer (KYC) verification process. This will require you to confirm your identity by uploading supporting documents. This can be a passport or driver’s license. It may take a few hours for this to be processed.
3) Search for Meme Coin
The next thing you need to do is navigate to the trading section of the exchange and search for the desired Solana meme coin. Once you search for dogwifhat on MEXC, you will be presented with the price page.
4) Place Order
Lastly, once you’ve found the meme coin you want, choose your payment methods and then place a buy order based on your desired quantity and price. The purchase will then be added to your MEXC account.
How to Buy Solana Meme Coins on a DEX
Buying Solana meme coins on a decentralized exchange (DEX) is a fantastic option due to the Solana network’s significantly lower transaction fees compared to Ethereum, making trading on DEXs more cost-effective.
Additionally, DEXs offer the widest range of meme coins to buy, including newly launched meme coins, providing users with ample choices for their investments. However, beginners often prefer the simplicity of CEXs.
Should you want to find out where to buy Solana meme coins using a decentralized exchange platform, here are some of the names to consider.
- Jupiter Exchange
- Raydium
- Orca
1) Select a Solana DEX
When choosing a Solana DEX, it’s essential to opt for a reputable platform known for its reliability, security, and wide selection of trading pairs. One of the biggest DEXs on Solana is Jupiter Exchange. Jupiter is a popular decentralized exchange on the Solana network, offering a user-friendly interface and a diverse range of meme coins for trading.
2) Connect Your Solana Wallet
After you’ve chosen your DEX, begin the process of connecting a Solana-compatible wallet to Jupiter. This connection allows for seamless token swaps directly from the wallet, ensuring secure transactions.
3) Select SOL Meme Coin to Buy
Now that the wallet is connected, you can navigate through the available tokens and find your desired Solana meme coin to buy. For example, let’s consider the meme coin “Smog”. This viral token rallied by as much as 118%% following its launch on the Jupiter DEX.
4) Initiate Swap
Before initiating the swap, users must ensure that they have sufficient Solana tokens (SOL) in their wallet to cover the transaction fees associated with the trade. Having an adequate SOL balance ensures smooth processing of the transaction without any interruptions.
5) Confirm Transaction
After selecting the meme coin and verifying the transaction details, proceed to confirm the swap. Once confirmed, the swap will be executed, and the purchased meme coins will be deposited into your wallet.
What is the Best Way to Buy Solana Meme Coins?
When it comes to buying Solana meme coins, the best method depends on your priorities and preferences. Below, we explore three different approaches to buying Solana meme coins, each catering to specific needs.
The Highest Upside: Presales
Presales offer the highest potential upside for investors in Solana meme coins. By participating in presales, investors gain early access to new projects at a lower price before the token is listed on exchanges.
This early entry can result in significant gains if the project gains traction post-launch, as seen with Bonk where a trader turned $16,000 to $10 million. However, it’s crucial to conduct thorough research and due diligence on presale projects to reduce risks.
The Safest Trading Experience: CEXs
Centralized exchanges (CEXs) provide the most secure trading environment for investors, prioritizing safety and ease of use. CEXs are regulated platforms that comply with industry standards and offer robust security measures to safeguard users’ funds.
Additionally, CEXs typically require users to complete KYC (Know Your Customer) verification, enhancing security and reducing the risk of fraudulent activities. While CEXs may not offer the same level of potential gains as presales, they provide a reliable and user-friendly trading experience, making them suitable for less experienced traders.
The Biggest Choice of Solana Meme Coins: DEXs
For those looking for the broadest selection of Solana meme coins, decentralized exchanges (DEXs) are the ideal choice. DEXs operate on blockchain networks and allow users to trade tokens directly from their wallets without the need for intermediaries.
Since meme coins often list on DEXs before centralized exchanges, DEXs offer early access to a wide range of projects. These exchanges typically have lower fees and provide greater privacy and anonymity compared to CEXs. However, users should be mindful of the risks associated with DEXs, such as impermanent loss and potential security vulnerabilities.
Conclusion
This guide has now broken down how to buy Solana meme coins and the different methods available. The best way to buy Solana meme coins depends on your specific preferences and objectives. Whether you prioritize potential gains, safety, or variety, there’s a method tailored to your needs.
By understanding the distinct advantages and risks associated with each approach, investors of any level can make informed decisions when navigating the Solana meme coin market.
FAQs
Where can you buy Solana meme coins?
Solana meme coins can be purchased on various cryptocurrency exchanges, including centralized and decentralized platforms. Some popular options include centralized exchanges like MEXC and Binance, and decentralized exchanges like Jupiter and Raydium.
How do you buy meme coins on Solana?
To buy meme coins on Solana, you’ll first need to choose a CEX or DEX that supports Solana tokens. Then, you’ll need to create an account, deposit funds into your account, and place a buy order using your selected Solana meme coin.
What is the easiest way to buy Solana meme coins?
For beginners, the easiest way to buy Solana meme coins is by using a centralized exchange that offers a user-friendly interface, and customer support may be the simplest option.
What is the best exchange for Solana meme coins?
Determining the best exchange for Solana meme coins depends on factors such as trading volume, security, fees, and the variety of meme coins available. However, we found MEXC to be the best CEX platform, while Jupiter is the best DEX option.
References
- Meme coin trading levels back to 2021 volumes (CNBC)
- Smog meme coin up 118% in 7 days (Yahoo Finance)
- Impermanent Loss Definition (CoinMarketCap)
About the Author
Viraj Randev 
Kane Pepi 
