Create a Memecoin on Solana. Memecoins are widely used in the cryptocurrency world. A few memecoins that are frequently in the news are Dogecoin DOGE $0.16, Pepe PEPE $0.000013, Dogwifhat (WIF), and Shiba Inu SHIB $0.000026. These memecoins are in the top 50 cryptocurrencies by market capitalization among Bitcoin BTC $67,593, Cardano ADA $0.45, and other cryptocurrencies.
Since memecoins are so popular, a lot of people might be curious about how to make them on blockchain networks such as Solana. The construction of a memecoin on the Solana blockchain, its principles, and its promotion will all be covered in this Solana token creation lesson.
What is a Memecoin?
A cryptocurrency with minimal intended value is called a memecoin. Memecoins exist to seize a moment in pop culture, as opposed to offering financial utility, like the Ethereum network’s ability to run decentralized apps. For example, the inventor of Shiba Inu created it purely for the sake of the popular Shiba Inu meme.
Popular memecoins might someday be useful in the field of decentralized finance (DeFi). One of the most well-known memecoins, Dogecoin, is now accepted by a large number of online retailers in return for goods and services. In 2021, the payment processing provider Coinbase Commerce started to accept DOGE.
Users generally invest in memecoins because they start at a cheap value or because they think the meme is hilarious, however, everyone has different motives for doing so. Nevertheless, memecoin pump-and-dump operations have caused investors to lose thousands of dollars. Investors must limit their investments to amounts they can bear to lose. Although certain projects, like Dogecoin, have their blockchain networks, memecoins can be constructed on top of pre-existing networks like Ethereum, BNB Chain, or Solana.
Can I Create a Memecoin Without Development Knowledge?
Users can create a memecoin without knowing how to code or develop software. Services like the Orion Tools decentralized application (DApp) allow the creation of coding-free tokens. In the case of Solana, users must abide by the Solana token standards.
Requirements for Solana Memecoin Creation
Creating a successful memecoin on the Solana blockchain requires some forethought.
Step 1: Choosing a meme
When deciding which meme to pick to create a memecoin, it’s best to do some research. Is the meme popular enough to warrant a token? Does it have a dedicated subreddit or other online community? Is it referenced by big YouTube videos or used by the general public? If so, it’s probably a good option for creating a memecoin.
Step 2: Utility plans
Is a more comprehensive plan in place? To ensure that a memecoin remains useful beyond investing purposes, users should produce a website or white paper outlining the tokenomics and future intentions of their memecoin. Because they will have a goal to unite behind, this validity will foster the growth of a committed community.
Step 3: Time commitment
The process of developing a cryptocurrency can take a while. Making the token is only the first step. Users have to advertise it, keep an eye on the expanding community, and eventually produce utility. Dedication and, in certain situations, a thorough comprehension of the Solana blockchain development ecosystem is necessary for these procedures.
Step-by-step Solana Memecoin Creation
Numerous token manufacturing programs and extensions on Solana allow memecoin creation. Many allow non-programmers to manufacture memecoins without smart contracts. Users should beware of bogus token creation services. You will learn all about the Orion Tools Solana platform that generates tokens in this tutorial.
One must first get a Solana wallet. Popular Solana wallets include Phantom Wallet. Open the Orion Tools DApp and select the token maker after getting a wallet. Solana tokenization requires the token creator to provide the token’s name, symbol, and supply. After inputting the name, insert the token symbol and decimal count. Token manufacturers need several decimals to make more tokens. The exchange-listed memecoin has a ticker for easy identification. Otherwise, Orion recommends a meme token with nine decimal places.
Entering the preferred supply and token image is the next step. A token’s supply indicates the total amount of tokens in circulation. Next, the user must provide a token description, which is only a few succinct phrases outlining the use case for the token.
The creator of the token needs to click “Create Token” after the Solana token requirements are met. There will be a wallet transaction confirmation that includes the transaction’s details and the transaction fee, which needs to be paid with Solana’s SOL $165 coin. The availability of funds in the user’s wallet is a key component of a valid transaction.
After creating the token, a user must use the button labelled “Create a Liquidity Pool” located beneath the “Create Token” item they just used to create a liquidity pool. Token creation is as easy as selecting it and clicking “Revoke Freeze Authority.” Although there will be an additional transaction fee, the creator can keep ownership of their work. Liquidity pools, however, are essential for long-term projects because they let traders buy tokens.
Click “Revoke Mint Authority.” to protect the Solana token minting process and prevent third parties from minting the token and incurring another transaction charge. After transactions clear, the produced token will appear in the associated wallet. After creating the token, the creator can share it privately with friends or use Raydium or Invariant to build a market or liquidity pool. Memcoin producers like to create a liquidity pool so anyone can trade the currency.
Marketing a Memecoin Created on the Solana Blockchain
After creating a memecoin, users likely want to build momentum before its Solana token deployment on an exchange. There are a few ways to do this.
Creating a Telegram or Discord channel
Most memecoins have their own Telegram or Discord channel to promote news around the token and make announcements. A Telegram or Discord channel is a free way to bring awareness to a memecoin and serves as a space for users to discuss and ask questions about it.
Promoting the memecoin on social media
Promoting a memecoin on platforms like X or Reddit can help grow its community and inform users of its Solana token issuance date. For example, creating unique memes and posting them on relevant meme subreddits might draw attention to the project.
Influencer marketing
Influencer marketing is one way that the inventor of the token, if they have the funds, can advertise their memecoin. Memes and influencers usually go hand in hand, so collaborating with one or more influencers should not be an issue if the memecoin has a sizable enough following.
Is it Profitable to Create a Memecoin?
It is extremely unlikely to create a viable memecoin that is unique to Solana’s token economy. Even though well-known companies like DOGE have had success, the majority do not make a sizable profit.
Effective marketing, a vibrant community, and a meme that appeals to a wide range of people are frequently prerequisites for profitability. A new memecoin is a dangerous endeavour because of the inherent volatility and unpredictability of cryptocurrency markets, which further complicate its potential success.
