Top 10 Solana Meme Coins By Market Cap in October 2024

Solana continues to be a popular blockchain for its amazing speeds and low fees. This has allowed Solana to enjoy a great deal of popularity and interest among crypto enthusiasts and investors. That’s also why Solana is seeing a rise in emerging projects.

Solana’s meme coins or meme tokens are one of the most popular projects. But what exactly are they, how are they different from other coins, and why do people invest in meme coins? In our latest article, we’ll review these questions and provide a list of the top 10 best Solana meme coins.

What is Solana?

Solana is one of the major blockchains in the crypto market today. It’s a high-performing blockchain with a deep focus on scalability, low transaction fees, and fast processing times, making it a popular choice for traders.

Solana uses a rather unique consensus mechanism in comparison to the now standard Proof of Work (PoW) and Proof of Stake (PoS) – Proof of History (PoH). PoH was developed by Solana Labs and allows the blockchain to process thousands of transactions per second with minimal fees.

This consensus mechanism essentially operates by utilizing cryptographic functions known as Verifiable Delay Function (VDF) to create timestamps for every block in the Solana blockchain.

Additionally, Solana’s architecture was designed to be able to solve the infamous scalability issues that all blockchains experience. As a result, Solana can handle large amounts of transactions while maintaining security and decentralization. That’s why today, Solana is a popular choice for decentralized finance (DeFi) applications, NFTs, and decentralized applications (dApps).

If you’re interested in learning more about Solana and its price changes, you can easily check Solana’s current price in real time on our platform.

PoW vs. PoS vs. PoH

Consensus mechanisms are what make all blockchains tick, but with new technologies emerging every day, here’s a quick comparison between the three mechanisms:

• Proof of Work (PoW): Used by Bitcoin, this consensus mechanism requires miners to solve complex mathematical puzzles to validate transactions and create new blocks.
• Proof of Stake (PoS): Used by Ethereum and many other blockchains, PoS allows validators to stake cryptocurrency as collateral to verify transactions.
• Proof of History (PoH): PoH is a hybrid consensus mechanism that creates a cryptographic timestamp that proves occurred, streamlining network communication, and allowing multiple transactions to be processed at the same time.

What Are Meme Coins?

To put it simply, meme coins, are another type of cryptocurrency that’s based on internet memes, jokes, and viral trends. If you’ve seen a crypto meme or two, meme coins base their origin on similar online humor. However, unlike the major cryptocurrencies like Ether or Bitcoin, meme coins aren’t supported by serious use cases and technical development.

Even so, meme coins have quickly gained popularity with the increased community interest in the concept. One of the most famous examples is Dogecoin. It was originally created as a joke, but the meme coin quickly grew with the backing of an active online community, to a whopping market cap of $88.8 billion in 2021.

As amazing as this sounds, if cryptocurrencies are already volatile, meme coins take this to a whole new level. Meme coins experience extreme price volatility as their status and value depend heavily on social media hype, celebrity endorsements, and highly speculative trading.

At the same time, Coin Market Cap reports that Solana’s trading volume has increased by over 40%, which was driven by meme coins. This progress has also made Solana push forward compared to Ethereum, bringing more interest from crypto investors.

Top Solana Meme Coins

The technological advancements of Solana have created the perfect conditions for creating meme coins. Besides the competitive fees and fast processing times, Solana’s developers are also actively supporting new projects. Inevitably, this draws the attention of many crypto enthusiasts around the world.

The situation today shows that despite the heightened volatility of meme coins, they’re still growing rapidly in popularity and investment. There are many different meme coins, and we strongly recommend doing your own research and starting slow with cryptocurrencies.

However, in this section, we’ll provide a list of the top Solana meme coins by market cap you could look into. Just note that the prices and market caps can vary rapidly, so the placement of each meme coin can change depending on when you read this article.

1. DogWifHat (WIF)

Market cap: $2,614,408,245

We’re starting the list with a true meme coin, the DogWifHat coin that was launched just over a year ago in November 2023. This meme coin was inspired by the famous Dogecoin, but this one is a little different because the coin features a dog wearing a pink hat. Like with many meme coins, DogWifHat has little intrinsic value, virtually no blockchain technology, and even less innovation behind it.

The meme coin’s popularity depends solely on social media and the interest from online communities. What makes this meme coin stand out is its branding potential. However, despite the market cap, DogWifHat remains a highly volatile coin.

2. Bonk (BONK)

Market cap: $1,583,840,495

While relatively new, Bonk has quickly become a favorite in the Solana meme coin market after its initial launch in December 2022. As with WIF, the Bonk coin was also modeled after the Dogecoin dog-themed meme coin.

Bonk saw immense growth in popularity thanks to some really clever marketing, and more importantly, a strong crypto community. What’s important to note here, is that Bonk isn’t just about fun and games, this meme coin actually seeks to benefit the Solana ecosystem by allocating part of its token distribution to Solana developers and NFT creators.

3. Popcat (POPCAT)

Market cap: $1,209,566,739

Launched a year after BONK in December 2023, the Popcat meme coin was created after the famous “Popcat” meme that seemingly took the meme world by storm. The image of the coin shows a cat that has its mouth wide open to create a “pop” sound.

As you can imagine, this meme coin gained popularity solely because of the original meme, making the Popcat coin extremely reliant on social media and public sentiment. While surely volatile in nature, POPCAT embodies the very idea of meme coins, attracting investor interest with online buzz to buy this coin.

4. Cat In a Dogs World (MEW)

Market cap: $790,324,492

In continuing the animal theme, the fourth on the list is MEW. This meme coin was launched only a few months ago in March 2024, and it wants to stand out in the Solana meme coin market, quite literally showing this with the meme coin name itself – Cat In a Dogs World.

You can already guess that the majority of this meme coin’s popularity comes from its witty description which aims to grab the attention of the community. Additionally, despite the ironic branding, MEW is different from other meme coins as it works to build community-driven efforts through engagement and loyalty in an overly saturated meme coin market.

5. BOOK OF MEME (BOME)

Market cap: $639,538,596

The Book of Meme (BOME) is a meme coin that launched in March 2024 along with MEW in the Solana meme coin space. And just like Cat In a Dogs World, The Book of Meme coin wants to also differentiate itself from other meme coins by taking on a broader meme concept.

The design of BOME is to showcase a collection of popular memes. While seemingly a long shot, BOME also targets a wider audience that enjoys online culture as a whole. This allows BOME to evolve with new memes and trends, providing flexibility and stability to this meme coin.

Moreover, in contrast to other meme coins, BOME incorporates DeFi features by allowing holders to participate in liquidity pools and staking, adding some real-world utility to the token.

6. Gigachad (GIGA)

Market cap: $400,750,387

Gigachad (GIGA) is another meme coin on the Solana network that was introduced in April 2024. This Solana-based meme coin is inspired by the viral internet meme, Gigachad, showing an overly masculine figure. Gigachad has become an important symbol in today’s meme culture not just because of its meme origins, but also because of the associated confidence and masculinity, albeit exaggerated.

On a deeper level, GIGA appeals to different social media trends by appealing to a community that prefers satirical and ironic memes, especially those that deal with a person’s image and outer appearance. Yet again, as will all other meme coins, there’s little in terms of utility.

7. Goatseus Maximus (GOAT)

Market cap: $270,578,741

The Goatseus Maximus (GOAT) is one of the upcoming Solana meme coins that’s not officially out yet. But we wanted to include it in this list because the meme coin Goatseus Maximus (GOAT) reached a market cap of $150 million in less than four days. Rumors surrounding this meme coin state that it may have been launched by the AI robot “Truth Terminal” funded by a16z.

Andreesen Horrowitz, the creator of the Truth Terminal states that this wasn’t a crypto project, but rather, a study that looks at the potential dangers of unsupervised AI involvement that could lead to certain dangers.

8. PONKE (PONKE)

Market cap: $215,281,380

On the list of new Solana meme coins, we have Ponke (PONKE). This meme coin was just launched a few days ago by one of the major exchanges KuCoin. To celebrate the launch of this new meme coin, KuCoin has prepared a campaign with 4 different activities to gather attention from the crypto community.

Interestingly enough, this new meme coin doesn’t represent any specific meme, rather, the idea behind Ponke is to show a gambler’s personality with a unique personality. It’s also getting more and more attention due to the immense community engagement. This includes PONKE’s use in play-to-earn (P2E) games, or launchpads.

9. Fwog (FWOG)

Market cap: $176,909,315

Another new meme coin that was just added in July 2024 is the Fwog coin. It’s characterized by a frog, showing another favorite meme that’s been on the internet for years in all shapes and sizes. But besides the popularity of a long-known meme, Fwog quickly appeared in the headlines as just a mere 5 hours after its official launch, it was traded for $44.7 million, according to Binance.

It’s reported that the rapid decline was a result of a major investor liquidating their entire FWOG position, leading to a 73% decline in the token’s value. As of now, it’s too early to predict how will Fwog’s value change.

10. Michi ($MICHI)

Market cap: $172,635,406

Last but not least, we have the Michi meme coin on the Solana network which was launched in June 2024. Michi is one of the cat-themed meme coins that’s primarily used for trading and investment purposes.

This meme coin has a community-driven approach, focusing on long-term value increase rather than just social media popularity, though it naturally does play a role as well. The overall idea is to provide total transparency, particularly when Michi gives a percentage of transactions to the marketing wallet, to boost sustained growth and visibility.

How To Buy Solana Meme Coins?

Purchasing Solana meme coins is quite a straightforward process. Despite their humorous background and considerable volatility, there are lots of different platforms where you can buy the Solana meme coins that you want. Here are the 3 key steps you should know if you’re considering meme coins:

Step 1: Set up a crypto wallet

Choose a reputable, secure, and Solana-compatible crypto wallet like Phantom or Solflare. This is a crucial step, especially if you don’t have that much experience trading cryptocurrencies.

Step 2: Fund your wallet with SOL

Purchase Solana (SOL) to fund your crypto wallet. If you want to get Solana meme coins by swapping on one of Solana’s decentralized exchanges (DEX), you need to have SOL in your wallet so that the blockchain validators can confirm the transaction.

Currently, Paybis offers only a few Solana meme coins for purchase, but we’re a globally trusted and recognized exchange platform, so you can easily buy Solana (SOL), or check the latest SOL to USD rates on Paybis and enter your external wallet to deposit the SOL you purchased.

Step 3: Buy Solana meme coins

One of the most popular DEX platforms for buying Solana meme coins is Raydium. Once you connect your wallet to the exchange platform, choose the meme coins you wish to purchase, enter their crypto addresses, and initiate the purchase process.

Conclusion

With its impressive market performance, the Solana blockchain is making waves in the crypto market, leading to an increased interest in meme coins. These coins offer some of the most amazing flexibility in terms of development and management, but meme coins also come with dramatic price swings and highly speculative investments.

That’s why community support and market sentiment are crucial for the survival of any meme coin in the broader Solana ecosystem. While there is no such thing as the best Solana meme coin, some meme coins show more promise than others.

However, the meme coin market is too volatile to provide any recommendations, besides exercising caution and only engaging in investing with proper background knowledge. That’s why Paybis is dedicated to both helping you find the crypto information you need and using it to make decision-driven decisions toward meme coin investments.