Crypto traders already know meme language and rode the “WifHat” trends, BONK, SLERF, DogWifCat, and other tokens. Solana is still the hot breeding spot of meme tokens, and there are some signs of which coins and tokens are coming up hot.
Most meme tokens start with some form of decentralized trading through liquidity pools to gain speed and immediate impact. Centralized exchanges have no time to list all the new tokens. We looked at the growth potential of brand-new Solana meme coins, picking out the rising stars based on active trading statistics.
Most New Memes Have Low Liquidity
Based on decentralized data, new meme tokens are created roughly every five minutes. However, some of those assets also take minutes to erase 90% of their value. The game is fast-paced, and new Solana meme tokens may not even be generated for longevity.
Some early-stage meme tokens start with extremely low liquidity deposits, as low as 3-5 SOL, rarely up to 100 SOL. However, some projects launch with higher liquidity, offering more trading opportunities.
Source: Dextools
Which Solana Meme Token is the Top Dog?
All the new tokens may not even appear among the top assets in the Solana ecosystem. For now, the highest-ranked meme token is DogWifHat (WIF). Much lower down the ranks, but still rather liquid, are Book of Meme (BOME) and Cat in a Dog’s World (MEW). SLERF is down to the cutoff line with a market cap above $200M.
The small batch of Solana meme tokens also shows fluctuations, with any of the above tokens going through new pumps. The price moves are smaller than their initial pump, but enough to keep them on the radar. Traders are still choosing between the next potential DogWifHat, and the brand-new arrival tokens.
Avoid Trending Scams
The appeal of new tokens comes from the possibility of a fast turnover. Rapid buyers may be ready to spend a few SOL in exchange for outsized returns.
But most new Solana tokens have hardly any information about their smart contracts. The rapid launches don’t allow for auditing. Scammers commonly used this loophole. Trending coins on social media remains a risk, and some are outright scams.
Solana is still at risk for token-draining scams, often disguised as airdrops or NFT mints. However, there is always a risk of rug pulls, liquidity drains, and new tokens affecting the small SOL pools in decentralized markets.
Meme token projects that overpromise are also risky. After the initial token launch, many teams abandon their efforts and leave the asset to fail.
For new and highly active tokens, buyers usually use sniping bots, since human players are not fast enough to compete and lock in gains. Trending token tools and bots are also key to the rapid appreciation of tokens, which sometimes takes only minutes.
But this also means some tokens lose 99% of their value soon after the launch, and their smart contract is nothing more than a grab for SOL tokens.
Solana Seeks Resilience from Meme Token Transactions
SOL helps stabilize the meme token market price and enhances liquidity creation tools. SOL is relatively stable around $144.55, remaining within a range in April.
The network also needs to carry the bot-driven traffic. Small transactions generate high-volume traffic as all decentralized trades and token launches are promptly reflected on the blockchain.
The Solana network still shows signs of failing non-voting transactions, based on Dune Analytics data. The bot versus human trader ratio remains roughly 50%, with anomalous daily spikes in volumes. In April, overall Solana activity slowed down a bit, with 20M active wallets compared to nearly 30M active wallets in March.
It is still early to say whether the meme token trend has peaked, as there may be a new hot project to repeat the success of previous top memes.
