How to create memecoin on Solana?

Memecoins are a broader part of the overall crypto ecosystem. Some memecoins such as Pepe (PEPE), Dogwifhat (WIF) and Shiba Inu (SHIB) take place in the top 50 cryptocurrencies by market capitalization of Bitcoin (BTC), Cardano (ADA) and others such as Dogecoin. (DOGE), which is often in the news.

With such a buzz around memecoins, many may be wondering how to create one on a blockchain network like Solana. This Solana token creation tutorial covers creating a memecoin on the Solana blockchain, discusses the basics of memecoin, and explains how to market it.

What is memecoin?

Memecoin is a currency with minimal perceived value. Instead of offering a financial service like the Ethereum network's ability to host decentralized applications, memecoin exists to capture a moment in popular culture. For example, the creator of the Shiba Inu built it simply because the Shiba Inu dog breed is a popular meme.

The popular Memecoins may eventually find utility in the decentralized finance (DeFi) space. Many online stores now accept Dogecoin – one of the most popular memecoins – in exchange for goods and services. Coinbase Commerce, a payment processing service, will begin accepting DOGE in 2021.

While everyone invests for different reasons, users typically invest in memecoins because they start at a low price or because the investor finds it funny. However, investors have fallen victim to memecoin's pump-and-dump schemes, losing thousands of dollars in the process. It is important that investors only invest what they can afford to lose.

Memecoins can be built on top of existing networks like Ethereum, BNB Chain or Solana, although some projects like Dogecoin have their own blockchain networks.

Can I create memecoin without development knowledge?

Users can create memecoin without knowing how to code or develop software. Services such as Orion Tools decentralized application (DApp) allow code-free tokens to be created. In Solana's case, users must comply with Solana token standards.

Prerequisites before creating memecoin on Solana

Creating a successful memecoin on the Solana blockchain requires forethought.

Step 1: Selecting a meme

When deciding which meme to choose to create a memecoin, it's a good idea to do some research. Is the meme popular enough to book a token? Does it have its own subreddit or other online community? Is it mentioned in big YouTube videos or is it used by the public? If so, memecoin can be a good option to create.

Step 2: Utility plans

Is there a big plan in the works? If a user intends their memecoin to have utility beyond a simple investment, it's a good idea to create a white paper or website that describes Tokinomics and its future plans. This authenticity helps foster an independent community, as they have a plan to rally around.

Step 3: Time commitment

Cryptocurrency development can be a long endeavor. Creating a token is just the beginning. Users need to market, monitor a growing community, and ultimately create a utility. These processes require dedication and in some cases a deep understanding of the Solana blockchain development ecosystem.

Step by step guide to create memecoin on Solana

There are various token creation apps and extensions to create memecoin on Solana. It allows many users to avoid smart contract development and build memecoin without development knowledge. Users should be careful as there are quite a few fraudulent token generation services. This guide covers the Orion Tools Solana token creation platform.

To get started, users need to get a Solana wallet. One of the most popular Solana wallets is the Phantom Wallet. Once you have a wallet, go to the Orion Devices DApp and go to their token generator.

The token creator provides some Solana token details to fill in, such as the token name, token, and general availability.

After entering the name, users must enter the token and the desired decimal count. Token creators who want a large token supply should have multiple decimals.

MemCoin offers a ticker for easy identification of the token when it is listed on the exchange. Otherwise, Orion recommends having nine decimal points for the meme token.

The next step is to enter the required supply and token image. The token supply specifies exactly how much token is available.

The user then needs to create a token statement – short sentences that describe the token's use case.

Once the Solana token levels are set, the token creator must click “Generate Token”. A wallet transaction confirmation will be generated stating the transaction and transaction fee to be paid in Solana (SOL) token. Users must have the required amount in their wallet to initiate a valid transaction.

Now when the token is created, if the user wants to create a liquid pool, they need to use the “Create Liquid Pool” tool under the “Create Token” tool. You can simply select the generated token and click on “Remove Freeze Authority”. This incurs another transaction fee, but gives the creator control over their property. However, liquidity pools are important for long-term projects as they allow traders to access the signal.

Also, to protect the Solana token creation process, it's a good idea to click “Revoke Mint Authority” to prevent others from making the token, which will incur another transaction fee. Finally, after the transactions are cleared, the generated token will appear in the connected wallet.

Now when the token is created, the creator can use Radium or Invariant to build a liquid pool or market for their assets or share their token privately with friends. Creating a liquidity pool allows anyone to exchange the token and is a popular choice for many involved in memecoin creation.

Marketing memecoin created on the Solana blockchain

After creating memecoin, users want to build momentum before deploying on the Solana token exchange. There are a few ways to do this.

Create a Telegram or Discord channel

Most memecoins have their own Telegram or Discord channels to promote news and make announcements. The Telegram or Discord channel is an open way for us to spread awareness about memecoin and for users to discuss and ask questions about it.

Promote memecoin on social media

Promoting memecoin on platforms like X or Reddit will help grow the community and inform users of Solana Token's release date. For example, creating unique memes and posting them on relevant meme subreddits can draw attention to the project.

Influencer marketing

If the token creator has the funding to pay for it, they can promote their memecoin through influencers. Influencers and memes go hand in hand, and if memecoin is based on a large audience, one should have no problem partnering with an influencer or two.

Is creating memecoin profitable?

Creating a profitable memecoin is highly uncertain and the economics of Solana Token is no different. While popular memecoins like DOGE have seen success, most of them don't make huge profits.

Profitability often depends on effective marketing, a strong community, and an amazing memory that resonates with a wide audience. The inherent volatility and unpredictability of cryptocurrency markets further complicates the success of a new memecoin, making it a risky venture.