Solana Meme Tokens: What’s Behind the New Crypto Asset Boom?

Published:

  • BOINK, SLERF, MYRO, and WIF are climbing among the top meme tokens
  • Solana remains one of the most energetic networks, reaching volumes similar to Ethereum.
  • Meme tokens don’t necessarily make sense, but many of them make waves in the markets.
  • The fame of memes is brief, with only a few days between boom and bust.

Solana is back and has become a mainstay in cryptocurrency and Web3 trading during the recent bull market. There were many games, NFT and token collections on the network, as well as several decentralized exchanges.

Solana meme tokens are the sizzling modern thing, growing 10-100x during the overall cryptocurrency bull market. There is renewed interest in the Solana ecosystem, but modern buyers need to be wary of common pitfalls.

- Advertisement -

Meme tokens are not modern

Starting with Dogecoin (DOGE), meme tokens are nothing modern. DOGE and later ShibaInu (SHIB) are here to stay. Pepe (PEPE) was one of the first assets to gain popularity primarily through meme fame, even without utility.

The modern batch of Solana meme tokens follows this recipe, trying to find the catchiest theme that will translate into trading success. Unlike other tokens, utility or real-world applications are a secondary consideration.

As with other meme tokens, Solana’s modern batch is full of also-rans and copycats. Dozens of tokens are trying to attract attention and repeat the first success stories. The modern gold rush has increased the total market capitalization of all meme tokens over USD 60 billion.

Which are the stars of Solana: DogWifCat climbs to the highest level ever

The latest batch of Solana tokens is about the power of memes. So it’s no surprise that the newest tokens are climbing the fastest. The recent buzz has brought DogWifCat to a record level.

After launching below $0.15, DogWifCat has hit an all-time high above $4.70, led by the highly liquid Binance trading pair.

WIF is a Web3 phenomenon, run entirely by the online community. However, performance is not guaranteed and WIF may withdraw. Communities are also more ephemeral compared to P2E games, NFT collections, and other Web3 projects. WIF may be abandoned in favor of the next substantial meme token.

Despite this, WIF has been in the top three meme tokens since April 2024, ahead of BONK, MYRO and SLERF, the previous most popular Solana meme tokens.

Are meme tokens secure?

Solana DeFi meme tokens and assets may come with a catch. Not all designs can be freely traded. Buying into an early token sale may mean the asset is locked up and unable to sell.

New batches of Web3 tokens can also be restricted to a single wallet, in a form of forced holding. Unlike older crypto assets, modern tokens can tie the buyer to the project to receive future benefits. However, tokens cannot be freely transferred to modern wallets or exchanges. For this reason, investments may be illiquid and lock up funds without the possibility of sale.

Another risk with modern tokens is jitters and rapid failures. The modern tokens therefore seek to provide a form of audit, ensuring that the project will not be brought to airy. One basic tool can be DeFi scanner, which allows you to quickly check the potential of intelligent contracts, tokens or NFTs. An audit by a reputable source such as Certik and other reviews can provide further assurance about the token.

Related articles