Solana Ecosystem Memecoin Practical Guide: These Coins Are Worth Watching in 2024

2024年 crypto markets start strong, and the memecoin craze is back in full swing. From the early dominance of Dogecoin in the Ethereum ecosystem to the current shift of memecoin focus gradually moving to Solana, the underlying logic behind this trend is worth exploring.

Why Solana Has Become the New Hotbed for Memecoins

Thanks to its ability to handle thousands of transactions per second and transaction fees as low as 0.0001 SOL—compared to Ethereum’s average $1 Gas fee—this cost difference directly lowers the barrier to entry for retail investors. The efficient on-chain infrastructure has attracted a wave of developers experimenting with new concepts, making memecoin a natural testing ground for innovation.

More importantly, the airdrop culture within the Solana ecosystem has taken hold. The success story of BONK proves this—by conducting large-scale airdrops to Solana users and Saga phone holders, BONK reached a new high of $0.00003419 in December last year. At that time, some even said Saga phones became hard to find because of the BONK airdrop. This demonstration effect has spurred subsequent projects to follow suit.

Top 10 Must-Watch Coins

BONK: The Ceiling of Memecoin

As the “big brother” of the Solana ecosystem, BONK currently has a circulating market cap of $645 million. Launched at the end of 2022, it quickly built a complete ecosystem—including the DEX exchange BonkSwap, lending protocols, and the non-custodial wallet BonkVault. The closed-loop ecosystem has given BONK a higher valuation ceiling than simple meme coins.

Data shows BONK’s all-time high was $0.00003419. Although the current price has retraced significantly, its ecosystem development remains ahead of other memecoins.

WEN: A Bet of One Million Wallets

WEN was developed by an anonymous core contributor from the Jupiter exchange, Weremeow, using a bold airdrop strategy—distributing 70% of the supply to eligible Jupiter users holding 100 billion tokens. This distribution method has resulted in over 1 million wallets holding WEN, forming a large stakeholder base.

Since launch, WEN quickly surged to nearly $100 million in market cap. Despite experiencing typical memecoin volatility afterward, its circulating market cap remains around $4.41 million.

dogwifhat (WIF): The Out-of-the-Box Shiba

WIF is built around an image of a Shiba wearing a pink wool hat, and it surged after launching in October last year. After being listed on a major exchange, it nearly gained 50% in a single day. Its current market cap is $309.57 million. Although it has retraced from its all-time high of $4.86 to around $0.31, it remains one of the most actively traded coins in the Solana memecoin ecosystem.

The project’s ambitions extend beyond just the coin; plans include an NFT trading marketplace and social features, aiming to create a comprehensive community platform.

Myro (MYRO): Founder-Backed Memecoin

MYRO is named after the pet dog of Solana co-founder Raj Gokal, giving it a natural trust boost through official endorsement. The project includes a Telegram-based public BuyBot to help other Solana projects gain exposure. MYRO’s current circulating market cap is $4.59 million, with an all-time high of $2.08.

What makes this coin stand out is its practicality—generating revenue through BuyBot, with profits flowing into the Myro Treasury, creating a self-sustaining mechanism.

analoS (ANALOS): The Contrarian

analoS presents an interesting reverse narrative—it mocks Dogecoin but is integrated into the Solana ecosystem. Launched on December 24, it quickly attracted attention, with stories circulating in the community about traders earning $3.47 million in five days by investing $900. However, such extreme gains often come with extreme risks.

ANALOS has a tokenomics cap of 100 billion tokens, with allocations for liquidity, marketing, and airdrops. Its current market cap exceeds $8 million.

SHIBONK (SBONK): Super Deflation Mode

SBONK combines the popularity of Shiba Inu and “Bonk,” with its biggest feature being a super deflationary mechanism—regularly burning SBONK tokens. Since its launch in early 2023, over 14% of its circulating supply has been removed.

The project is also developing NFT staking and cross-chain bridges (supporting Ethereum, BNB Chain, and Polygon), expanding SBONK’s use cases. Its all-time high was $15.24, but it now fluctuates around $3.55, with a market cap of about $359,000.

SolDoge (SDOGE): The Dogecoin Clone on Solana

SolDoge is a pure spiritual successor—transplanting Dogecoin’s Shiba image onto the Solana chain. Launched in September 2023, it emphasizes 100% token supply at launch, promoting fair distribution. It once hit a high of $1.84 but experienced a rollercoaster correction. In the past week, it has shown over 58% growth, with a market cap of around $567,000, showing signs of mild recovery.

Fronk (FRONK): A Different Path

Fronk has a compelling story—born as the “abandoned” recipient of the BONK airdrop, specifically airdropped to projects like DeGods and y00ts excluded from BONK. This contrarian setup has sparked discussion within the community.

Since its launch in November, FRONK trades around $0.002, with a 24-hour trading volume slightly over $119,000. Market interest remains moderate.

Samoyedcoin (SAMO): The Most Socially Responsible Memecoin

SAMO is an early player—launched in the Solana ecosystem in 2021, with an all-time high of $0.246. Its unique feature is its charitable mission—supporting animal rescue centers and charities. It employs a deflationary model of 1% burn and 1% redistribution, and has developed the SAMO DAO for community governance.

Its current circulating market cap is $2.64 million. Although well below its peak, it remains one of the most historically established memecoins with strong community engagement.

WOOF: The DAO Governance Testbed

WOOF launched in 2021, adopting a fully decentralized DAO governance model. It has built its own DEX and trading platform, aiming to be an educational gateway for newcomers into Solana and crypto. Part of its revenue supports dog rescue centers, reflecting community-oriented values.

With a market cap of only $100,000 and a high of $0.005901, its DAO governance and community-building experiments are noteworthy.

Five Tips for Investing in Solana Memecoins

First, verify the authenticity of the project’s roadmap. Compare the development team’s track record and community feedback to see if promises have been fulfilled. Stories alone are not enough; execution matters.

Second, community engagement is a key indicator. Active Discord, quality Twitter comments, and the number of token holders reflect the project’s vitality. A dormant community often signals impending decline.

Third, beware of overall market volatility. Memecoins are highly sensitive to macro market sentiment. When Bitcoin drops sharply, memecoin prices often fall twice as much. Set stop-loss orders accordingly.

Fourth, diversification is essential. Don’t put all your funds into one or two memecoins. Even if you believe in a project, only invest an amount you can afford to lose entirely—an amount that can be wiped out completely.

Fifth, keep learning. The memecoin market changes rapidly. Regularly track project updates, community voices, and on-chain data. Passive waiting often causes you to miss the best exit points.

How to Get Started with Solana Memecoins

The most straightforward way is to buy through major exchanges—after completing identity verification, you can trade these tokens.

For a decentralized experience, connect your Phantom or Sollet wallet to Solana DEXs like Jupiter, Raydium, or Orca to swap tokens directly from your wallet. This requires holding SOL to pay for network fees.

Both methods have pros and cons—exchanges are more convenient but require KYC; DEXs offer more privacy but are less beginner-friendly. Choose based on your needs.

Summary

From SAMO’s early attempts to BONK’s explosion, and now to a landscape with more than a dozen popular tokens vying for attention, this evolution reflects the crypto community’s eternal pursuit of innovation, entertainment, and community building.

Low Gas fees, high throughput, and friendly developer environments make Solana the ideal stage for these experiments. But remember, high returns in memecoin often come with high risks. Maintaining rational risk management amid FOMO and dreams of quick riches is the key to long-term survival.