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Since 2022, Solana has become the most popular cryptocurrency network for launching and trading meme coins because of its low fees, quick transactions and ease-of-use.
Sites like pump.fun have made the process of launching meme coins even easier, leading to thousands of new coins being created every day.
While some Solana meme coins are available on regular crypto exchanges, they are mainly traded on what’s known as decentralized exchanges (DEXs). These are programs that let you easily swap one crypto token for another without having to go through a regular exchange.
In this guide, we’ll show you how to use decentralized exchanges and how you can get started trading Solana meme coins.
How to buy Solana meme coins
Follow the steps below to get started. If you already have a Solana wallet and SOL, you can skip to step three or start trading now by following these steps.
Create a Solana wallet. The first thing you’ll need to do is set up a Solana wallet like Phantom, Trust or Coinbase Wallet. You can learn more about picking a Solana wallet here. When setting up your wallet, make sure you write down your recovery phrase and store it somewhere secure. Never share your phrase or password with anyone.
Fund your wallet. Most meme coins on Solana are traded using SOL, the native token of the Solana network. Once you’ve set up your wallet, you’ll need to deposit some SOL to your wallet address. If you don’t already have SOL, it may be easiest to buy it from a regular crypto exchange and then transfer it to your Solana wallet.
Find out where the meme coin is trading. Once your SOL has been deposited to your wallet, connect to the DEX that offers the specific meme coin you want to buy. Raydium, Orca, Jupiter and Meteora are among the most popular DEXs on Solana. Some meme coins may only be available on one DEX, while others may be available on multiple DEXs.
Connect to the decentralized exchange. After you’ve decided which DEX to use, you’ll need to connect your wallet. Simply head to the official website of the DEX, hit the Connect Wallet button and follow the instructions. Always make sure to verify that you’re visiting the correct URL and using the legitimate DEX before connecting your wallet.
Search for the coin you want to buy. After your wallet is connected, search for the name of the memecoin in the Receive or To box using either its ticker code or contract address.
Complete the transaction details. Choose the coin you want to trade for the meme coin (this will normally be SOL), enter how much you want to buy and check the transaction details.
Confirm the transaction. Hit the Buy, Trade or Swap button to confirm the trade. You should get a pop-up when the transaction is confirmed, but you should also check your wallet to see if the meme coin tokens have arrived. If you can’t see the meme coin in your wallet, you may need to import it manually using the contract address.
Where else can I buy Solana meme coins?
While Solana meme coins effectively start trading on decentralized exchanges, the most popular coins will often end up on apps like Moonshot or regular crypto exchanges like Kraken, Bitget, Coinbase and others.
If you don’t want to use decentralized exchanges, you’ll need to wait until a meme coin is listed on a centralized exchange and buy it there.
However, it’s worth keeping in mind that only the most popular meme coins will be listed on exchanges and may only do so after coins have already seen their prices appreciate dramatically.
The following exchanges list certain Solana meme coins:
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Finder Score for crypto exchanges
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score the better the exchange - simple.
It’s fairly simple to get started trading on Solana. All you really need are the following:
A Solana wallet. You’ll need to have your own software or hardware wallet to trade meme coins on decentralized exchanges. Phantom Wallet, Trust Wallet and Coinbase Wallet are popular options.
SOL or other tokens. The majority of Solana meme coins are traded with SOL, which means you’ll need to deposit some SOL into your wallet to buy and sell Solana meme coins. You should always leave a small amount of SOL in your wallet, as this will be needed to pay the transaction fee (also known as gas) when buying and selling.
Access to a computer or phone. You can access decentralized exchanges on either your computer and smartphone, but you’ll also need to be connected to the internet to trade.
How do I choose a Solana wallet?
There are two main types of wallet: software wallets and hardware wallets.
Software wallets are normally installed directly on your computer or via browser extensions. The main benefits of software wallets are that they’re normally free and easy to use. Phantom Wallet, Trust Wallet and Coinbase Wallet are some of the most common Solana software wallets.
Hardware wallets are physical devices that store your coins and may offer more security than a software wallet. Ledger and Trezor are the most popular hardware wallet providers. You’ll still need to access your hardware wallet through another wallet program like Metamask to trade meme coins.
Frequently asked questions
You can use sites like DEX Screener, DEXTools, CoinGecko and CoinMarketCap to search for new and popular memecoins.
You can buy Solana memecoins through regular crypto exchanges or via decentralized exchanges like Raydium and Jupiter.
Raydium, Meteora and Orca are among the most popular Solana platforms, according to data from CoinGecko. All three have daily trading volumes of hundreds of millions of dollars. Meteora and Radium have millions of monthly visits, while Orca has over 850,000 monthly visits.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio
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