• Fri. Jul 19th, 2024

A Comprehensive Guide to Creating a Meme Coin on Solana

Louise Villalobos

ByLouise Villalobos

Jun 17, 2024
A Comprehensive Guide to Creating a Meme Coin on Solana

Although most meme coins lack utility, they have become popular among crypto traders in recent years, with some recording massive gains within a short period. As of June 2024, Dogecoin, Brett, Shiba Inu, Dogwifhat, and Pepe are the leading meme coins based on market capitalization.

Since the start of 2024, many meme coin creators have migrated from Ethereum to Solana, thanks to the latter’s cheap gas fees and ability to process transactions at lightning speeds. Are you planning to create and launch a meme coin on Solana? If so, this guide is a must-read. We will demonstrate how to build and market a Solana-based meme coin.

Defining Meme Coin

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Simply put, meme coins are digital assets with little to no utility. They are inspired by internet memes, and their value is determined by sentiments on social media platforms. While most meme coins lack utility, there are a few that have been adopted as payment methods. For example, Coinbase Commerce processes Dogecoin payments.

Many crypto investors who do not have enough capital choose meme coins, as they can be bought with just a few dollars. However, the growing investor interest in meme coins has led to an increase in bad actors who now launch pump-and-dump schemes regularly. For this reason, investors are advised to invest amounts they are willing to lose.

Can You Create a Meme Coin on Solana Without Coding Knowledge?

Yes! You can develop and launch a meme coin without prior coding experience, thanks to decentralized applications like Orion Tools. Note that you must follow the Solana token standard when creating a meme coin.

Prerequisites Before Creating a Meme Coin on the Solana Blockchain

Here are things to do before creating a meme coin:

1. Choose the Right Meme

As mentioned, meme coins draw inspiration from internet memes. Therefore, it is crucial to choose a popular and funny meme.

2. Draft a White Paper

To build a dedicated community around your meme coin, you need to demonstrate how you plan to grow your project in the long term. You can do so through a white paper, which also includes your meme coin’s tokenomics.

3. Formulate Marketing Plans

Before creating a meme coin, you should have answers to how you plan to create awareness about your project.

How to Create a Meme Coin on Solana

Several token creation apps that allow people to create meme coins on the Solana blockchain without coding knowledge exist. Orion Tools is one of the most used apps by meme coin creators. We will teach you how to create a meme coin using Orion Tools in this guide. Here are the steps to follow:

1. Create a Solana Wallet

You will need to set up a Solana-compatible wallet before creating a meme coin on Orion Tools. We recommend using the Phantom Wallet.

After setting up your wallet, go to Oriontools.io and click “Select Wallet” to connect your Phantom Wallet. Next, go to the “Solan Token Creator” section and fill out the required details, which include your meme coin’s name, symbol, total supply, and description. After that, upload the image of your meme coin.

2. Create Your Meme Coin

Once you have provided details about your meme coin, press the “Create Token” button to complete the meme coin creation process, which attracts gas fees that must be paid in SOL, Solana’s native token.

After creating your meme coin, remember to use the “Revoke Mint Authority” function to prevent third parties from minting more tokens of your meme coin.

3. Create a Liquidity Pool

To allow people to trade your meme coin, you will need to create a liquidity pool. You can do so on a decentralized exchange like Raydium. After that, list the meme coin on crypto price aggregators like Dexscreener and CoinGecko to make it visible to traders.

How Do You Market Your Meme Coin?

There are several ways to market your Solana meme coin. First, promote it on social media platforms like X and Reddit. Second, you can partner with trusted crypto influencers to help you create awareness about your meme coin.

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Louise Villalobos

Louise Villalobos

Louise Villalobos is an adept writer, renowned for her compelling articles that illuminate and engage. Her prowess in breaking down intricate subjects provides readers with clarity and nuance. With a vast and varied portfolio, Louise has solidified her standing as a distinguished voice in contemporary journalism.