How to buy meme coins in 2024 – AN UPDATED GUIDE

Let’s be real – the Solana memecoin scene isn’t what it used to be. Pump.fun fees have dropped 90% from their peak, which pretty much tells you everything you need to know about the current state of things. But don’t write off memecoins just yet. There are still plays to be made if you know where to look.

I’ve been in this game for a while now, and I’ve seen the ups and downs. Had a few nice wins, sure, but I’ve also been rugged more times than I care to admit. Here’s what I’ve picked up along the way:

Trading Basics:

1. Get yourself a Solana wallet. I use Phantom, but there are other options.
2. Find the coin you want and grab its address.
3. Use Jupiter or a Telegram bot to swap SOL for your memecoin of choice.
4. When it’s time to sell, do the same thing in reverse.

If you’re new to this and all that sounds complicated, there are simpler options out there. I’ve been trying out moonshot.money lately. It’s not perfect, but it does make buying memecoins a bit more straightforward if you’re not ready to dive into the deep end of DEXes and wallets.

Investment Strategies:

1. The YOLO Approach: Jumping on brand new coins. It’s basically gambling, but hey, sometimes it pays off.
2. The Slightly More Sensible Play: Looking for coins that have been around for a bit and have some kind of community.
3. The Inside Track: Getting to know influencers and devs. It’s work, but it can pay off.

What to Look For:

• Is the meme actually funny, or at least catchy?
• Does it have a real community, or is it just bots?
• Is it riding a current trend?
• How does its market cap compare to similar coins?
• Some coins react to real-world news, especially political stuff.

Some Tips:

• Clean up your Twitter. Follow people who actually know what they’re talking about.
• Don’t bet the farm. Seriously.
• Be careful with coins that are tanking.
• Use stop-losses. They’re there for a reason.
• Keep an eye on the broader market. When Bitcoin sneezes, memecoins catch pneumonia.
• Stick to platforms you trust.
• Never, ever share your seed phrase.
• Take profits. Don’t get greedy.

Despite the downturn, Pump.fun still managed to rake in over $100 million in fees since launch. That tells you there’s still money moving around in this space.

The Solana Breakpoint conference is coming up in Singapore. These events can sometimes shake things up, so keep an eye out.

Look, 100x gains are rare. If you’re consistently hitting 10x, you’re doing better than most. Do your homework, don’t believe the hype, and remember – this is still basically gambling. Be careful out there.