How To Find The Next Solana Memecoin Gem

You’ve probably heard and read fairy tale stories of how Solana memecoin hunters flip a couple of bucks into millions of dollars within hours, and you’re wondering, how the hell is this possible? 

Well, allow me clear your doubts, “Thomas,” those stories are absolutely true, and as I mentioned in my last article, Solana memecoin trading is the new treasure trove of the crypto space. Unfortunately, only a few people make money from it because, in reality, it is a volatile environment that exposes you to a lot of risks. However, with the right strategy and psychology, you can mitigate these risks and become profitable. Even better, if the stars align in your favor, you could make a fortune from it. 

But before you get too excited, it’s important to emphasize (AGAIN!) that this is a risky adventure. So, be sure to keep your expectations under check. With that said, here is how to find the next Solana memecoin gem. 

Step One: Get A Solana Wallet

The first step to becoming a profitable Solana memecoin hunter is to get a wallet that can hold Sol tokens. Think of it like owning a shopping handbag that will be used to store all the items you buy from the volatile memecoin market.

Step Two: Define Your Strategy

Most people tend to attribute the success of memecoin traders to luck. While this is not entirely wrong, experienced traders know that a well-defined strategy is essential to win in this game. Before you commit a penny to any token, ensure that you have a clear action plan that will guide you at every step of the way. How much of your portfolio are you willing to commit? How long are you willing to hold? And at what point will you sell off the bag if things don’t go your way? All of these must be clearly defined in your strategy. Feel free to add more criteria to the list and upgrade your strategy as you deem fit. But above anything else, try to minimize risks and avoid impulsive decisions that do not fit into your action plan. And lastly, never invest your entire bag in one project.

Step Three: Finding The Next Solana Memecoin Gem

As a memecoin hunter, the goal is to spot and buy good tokens early when their market cap is still considerably low. But this can be difficult, especially if you’re doing it without help. And by help, I don’t mean hiring someone to scour the internet all day in search of memecoins. Except you hire Genie and his magical lamp, that would be a waste of time. So, instead of doing this, optimize your social media accounts. Follow top crypto influencers, monitor the trends, and, more importantly, track the wallets of experienced traders. You’re probably wondering how to go about this, but there’s absolutely no need to panic because tracking whale wallets is dead simple. 

First things first, navigate to coinmarketcap.com and search for a popular meme token that has done well recently. For this experiment, I searched for dogwifhat. Next, copy the contract address of the token and proceed to Solscan.

Paste the address in the search pane and click on search. This will send you to a page containing basic information about the token. Ignore the noise, scroll down and click on “Holders.” You’ll find a list of all the wallets holding the tokens. Search for a wallet that has large holdings but doesn’t belong to exchanges. Copy the address into your notepad, and navigate to Step Finance or any other wallet-tracking platform of your choice. Now, paste the address you copied and run a quick search. Viola! You just worked your way into the secret chamber of a whale memecoin hunter. 

You’ll find the primary token that led you to the wallet. But your focus should be on the lesser-known tokens that the whale holds. Carefully write them down and carry out extensive research to identify the ones with the best prospects. Then, you can now proceed to invest.

But what if you don’t want to scour through hundreds of wallets to find the next big memecoin on the Solana blockchain? Well, there’s a way around it, and this one is even more profitable as it guarantees early entry. However, It carries more risks than the previous method.

If you’ve read that caveat and still want to try it out, grab your device and navigate to Dexscreener. Tap on “Filters” at the top right. Then, depending on your risk appetite, set the minimum requirements you expect the tokens to have. This includes Liquidity, Market capitalization, Volume, FDV, Transactions etc. Next, click on “All Platforms,” and select Solana. Save and apply the filter. The website will return a list of tokens based on the criteria you’ve set. Go through the list and select the top performers over the last 24 hours. Research the tokens and see if they have good fundamentals, then you can proceed to buy.

Conclusion

Memecoin trading is perhaps the most risky adventure in the crypto space right after derivatives, but with the steps we’ve discussed in this article, you can reduce the risk and increase your chances of hitting jackpot.  However, you’d still need to pray for luck because, in this realm, nothing (and I mean absolutely nothing) is guaranteed. 

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