How to Buy Meme Coins in 2024 (Best Ways)

If you're wondering how to buy meme coins, you're not alone – many are eager to hop on the bandwagon to potentially capitalize on their growth. But buying these coins requires a bit of know-how, especially with the variety of options available in 2024.

Plus, investing in meme coins is more than just jumping on a trend; it's about understanding the opportunity they offer in the evolving decentralized finance world. While these digital assets are highly volatile, they also provide the chance for high rewards if timed right.

Of course, as exciting as investing in meme coins can be, keeping them safe should always be your priority. Devices like the Ledger Nano X and Trezor Safe 5 provide reliable solutions for safeguarding your assets. Now, let’s walk through the steps on how to buy meme coins!

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How to Buy Meme Coins from a Centralized Exchange

So, how do you purchase meme coins? For those unfamiliar with the process, it can feel challenging at first. Therefore, let’s walk through a simple, step-by-step guide on how to buy meme coins from a centralized exchange, making the process easy and accessible for you.

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Choose a Centralized Exchange

The first step in how to invest in meme coins is selecting the right centralized exchange (CEX) that offers your preferred meme coin. But before diving into the selection process, let’s talk about what a centralized cryptocurrency exchange is and how it works.

So, what is a centralized exchange? In short, it’s an online platform where buyers and sellers meet to trade cryptocurrencies through a middleman^[1] – the exchange itself. It operates similarly to stock markets, where you can place buy and sell orders. Plus, the exchange manages the transactions, ensuring the trade happens securely and efficiently.

When choosing a reliable centralized exchange, there are a few factors to keep in mind. First, ensure the platform supports the meme coin you're interested in, whether it’s Dogecoin, Shiba Inu, or one of the newer ones.

Next, consider the exchange’s security features – does it offer two-factor authentication (2FA) or cold storage for added safety? You’ll also want to look into the platform’s fees, as these can vary significantly from one exchange to another.

Finally, pay attention to user experience and customer support. Choosing an exchange with a user-friendly interface and reliable support can make a huge difference, especially if you're new to crypto.

By the way, where to buy meme coins from a CEX? Well, there are many options, including Binance and Bybit. You’ll discover more as you read through the article. Once you’ve chosen where to trade meme coins, you’ll be ready to move forward and make your meme coin purchase.

Create and Verify an Account

Once you've chosen your centralized exchange, the next step in this how to buy meme coins tutorial is to create and verify your account. Let’s use Binance as an example and walk through the process like I’ve tried myself.

To get started, follow the steps below:

Step 1: Go to the official Binance website and click on [Sign Up] at the top-right corner of the page. Sign up using your email address, phone number, or even Google or Apple account. Also, make sure to create a strong password for your account.

Step 2: After entering your email or phone number, Binance will send you a verification code. Open your email or check your messages to retrieve the code, then input it to verify your account.

Step 3: Log in to your account and click the [Profile] icon. On the dashboard, click the [Verify] button. You’ll need to provide personal information like your full legal name, date of birth, and a government-issued ID like a passport or driver’s license.

Step 4: Wait for the verification to complete. This may take a few minutes or up to a couple of days, depending on your region. Once your account is verified, you'll receive an email confirming your status, and you'll be ready to buy, trade, and withdraw crypto.

Now that your account is set up, you're ready for the next steps in purchasing meme coins.

Deposit Funds to the Account

The third step is to deposit funds into your cryptocurrency exchange account. For instance, let’s walk through the process step by step using Binance:

Step 1: Go to the Binance website and log in to your account. Ensure that the account is verified before you can deposit funds.

Step 2: Once logged in, navigate to the top menu and click the [Deposit] button. You’ll be prompted to choose from P2P trading, depositing fiat currency, or using cryptocurrency.

Step 3: Choose your deposit method. Select the [P2P Trading] option to buy crypto directly from other users. If you prefer using fiat currency like USD, select the [Buy with USD] option. You can use credit or debit cards or bank transfers, depending on your region. To deposit crypto, choose [Deposit Crypto] and select the cryptocurrency you wish to send to Binance.

Step 4: Suppose I choose the [Buy with USD] option. On the Buy Crypto page, enter the amount of USD to spend in the [Spend] field. In the [Receive] field, you can choose a stablecoin like Tether (USDT) or USD Coin (USDC).

After your funds are deposited, you’re all set to start buying your favorite meme coins.

Purchasing Your Favorite Meme Coin

Now that your account is funded, let's walk through a step-by-step guide on how to buy meme coins, using the spot trading feature on Binance.

Step 1: Log in to your Binance account and navigate to the [Trade] section at the top navigation menu. Select the [Spot] option to enter the Spot trading interface. This is the place where to trade meme coins.

Step 2: On the right side of the Spot trading interface, you’ll see a list of available trading pairs. Use the search bar to type “DOGE". Once the pair appears (DOGE/USDT), click on it to load the trading interface for Dogecoin and Tether.

Step 3: Choose how you want to purchase Dogecoin. There are two options for this.

The first one uses Market Order, which allows you to buy Dogecoin at the current market price. It’s faster and easier if you want your order to be filled immediately. Alternatively, you can use Limit Order to set a specific price at which you want to buy Dogecoin. The order will only be executed if the market reaches your desired price.

Step 4: In the order section below the trading chart, enter the amount of Dogecoin you want to purchase.

If you're using a market order, the purchase will be completed instantly at the best available price. For a limit order, your purchase will occur once the market reaches your specified price. Click [Buy DOGE] to place your order.

After placing your order, you can monitor its status in the [Open Orders] section below the trading interface. Once your order is completed, the meme coin you purchase will appear in your Spot wallet, ready to hold or trade as you wish.

Congratulations, you now know how to buy meme coins like Dogecoin on Binance!

How to Buy Meme Coins From a Decentralized Exchange

Now that you know how to buy meme coins through a centralized exchange, there's another route to explore – decentralized exchanges (DEXs). This method can seem more complex, but once you get the hang of it, it’s a convenient way to access various meme coins.

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Set Up a Crypto Wallet

Before you can buy a meme coin on a decentralized exchange, the first thing you need is a cryptocurrency wallet. But what is a crypto wallet?

For those unfamiliar with a crypto wallet, it’s a tool for storing, sending, and receiving digital assets like meme coins. There are two types of wallets: hot wallets and cold wallets.

The former, like Binance Wallet and Coinbase Wallet, are connected to the internet, making them convenient but more vulnerable to hacks. Cold wallets, such as the Ledger Nano X and Trezor Safe 5, offer better security by keeping your assets offline.

For this how-to-buy meme coins guide, let’s focus on setting up Trezor Safe 5, a popular cold wallet option that ensures your assets are securely stored. Follow the steps below:

Step 1: Visit the official Trezor website and download the Trezor Suite desktop program. Once installed, plug in your Trezor using the provided USB-C cable. The Suite program will guide you through setting up your device.

Step 2: Open Trezor Suite, select [Set up my Trezor], and install the latest firmware. Follow the prompts to check your device’s authenticity.

Step 3: Click [Create New Wallet] in the Trezor Suite app. Choose a backup method – Trezor provides two options: Single-share Backup and Multi-share Backup. Follow the instructions to create a backup for the wallet.

Your Trezor Safe 5 is now ready. It provides a secure way to store your meme coins before trading them on a decentralized exchange.

Fund Your Crypto Wallet

The second step in how to buy meme coins on a decentralized exchange is to fund your crypto wallet. For the illustration, here’s a step-by-step guide on how to transfer Ethereum (ETH) to your Trezor Safe 5, which you can then use for transactions on a decentralized exchange:

Step 1: Connect your Trezor Safe 5 hardware wallet to your computer using the USB cable. Open Trezor Suite, the desktop application, and enter your PIN to unlock the device. Make sure the Trezor is properly authenticated and ready for use.

Step 2: In Trezor Suite, click the [+] symbol and select [Ethereum] to set up an Ethereum account if you haven’t done so already. This account will allow you to receive and store Ethereum and ERC-20 tokens.

Step 3: Once your Ethereum account is ready, navigate to the [Receive] tab. Click [Show Full Address], and a receiving address will be displayed on the Trezor Suite and Trezor Safe 5 screen. Verify that the addresses match to ensure it is safe to use. Copy the address, as you’ll need it for the next step.

Step 4: Go to your preferred exchange, such as Binance, Bybit, or Kraken, where you hold Ethereum. Go to the [Withdraw] or [Send] section, paste Trezor’s Ethereum address, and enter the amount of Ethereum you want to transfer. Confirm the transaction, and it will be sent to your Trezor wallet. Depending on network congestion, the transfer might take a few minutes.

Step 5: Return to Trezor Suite and wait for the Ethereum to appear in your wallet. Once it shows up, your Ethereum is safely stored on Trezor Safe 5.

After transferring cryptocurrency to your crypto wallet, you’re now ready to purchase meme coins from a decentralized exchange.

Connect Wallet to a Decentralized Exchange

Once you've transferred cryptocurrency to your wallet, the next step is to connect your wallet to a decentralized exchange. Before proceeding, do you know what a decentralized exchange is? If not, let’s discuss it a bit.

Unlike centralized exchanges, decentralized exchanges operate without intermediaries. Instead of relying on a central authority, they allow users to trade directly from their wallets using smart contracts^[2]. This setup provides more control over your funds and eliminates the need to trust a third party.

Now, let’s learn how to connect your wallet to a decentralized exchange. To illustrate it, I use Ledger Nano X and SushiSwap, a popular decentralized exchange. Here are the steps:

Step 1: Ensure that you have Ledger Live installed on your computer. Then, set up your Ledger Nano X and add an Ethereum account through Ledger Live.

Step 2: Navigate to the official SushiSwap website and click the [Connect Wallet] button. Since you’re using Ledger Nano X, you need to connect the wallet via the WalletConnect option. So, click [WalletConnect]. This will bring up a QR code.

Step 3: Open the Ledger Live app, select [My Ledger], and go to the [Accounts] section. Use WalletConnect to scan the QR code from the SushiSwap site.

Step 4: Once you scan the code, Ledger Live will prompt you to confirm the connection. Approve the connection, and your Ledger Nano X will be linked to SushiSwap. This allows you to safely execute trades directly from your Ledger without moving assets from your hardware wallet.

That’s it! Whenever you initiate a swap or transaction, SushiSwap will prompt you to approve it. Verify the details on your Ledger Nano X screen, and confirm the transaction. This ensures all actions are securely processed through your hardware wallet, protecting your assets.

Purchase Your Preferred Meme Coin

After connecting your wallet to a decentralized exchange (DEX) like SushiSwap, the next step in how to buy meme coins is to execute the swap. Let’s walk through how to use your Ledger Nano X to swap Ethereum for Pepe (PEPE) on SushiSwap. Follow the steps below:

Step 1: Connect Ledger Nano X to your computer. Also, ensure it has the Ethereum app installed via Ledger Live. This ensures your wallet is ready to interact with the Ethereum blockchain. Additionally, confirm that you have sufficient Ethereum for the swap, including any gas fees.

Step 2: Go to the SushiSwap website and connect your Ledger Nano X via the WalletConnect option, as I mentioned in the previous steps of this how to invest in meme coins guide.

Step 3: On the SushiSwap interface, make sure “ETH" is selected as the token you are swapping from.

Step 4: Choose “PEPE” from the dropdown menu as the token you want to receive. If the meme coin isn’t visible, you can manually add it by entering the contract address of the token. Make sure to double-check that the address is accurate to avoid any issues.

Step 5: Specify the amount of Ethereum you want to swap for PEPE. SushiSwap will automatically show you the amount of PEPE you will receive, factoring in current rates and fees. Double-check all transaction details, including slippage tolerance and gas fees, which you can adjust if necessary.

Step 6: Click [Approve] if this is your first time swapping ETH for PEPE on SushiSwap. This step authorizes the smart contract to access your tokens. Follow the prompts on your Ledger Nano X to confirm the approval.

Step 7: Click [Swap] on the SushiSwap interface. A confirmation window will appear, summarizing the transaction. Once you’ve verified all the details, confirm the swap on your Ledger Nano X by approving the transaction.

You’ve successfully bought a meme coin from a decentralized exchange. Congratulations! The swap will take a few moments to process, depending on Ethereum network congestion. Once completed, your meme coin will be visible in your wallet.

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Understanding Meme Coins

Now, you already understand how to buy meme coins from a centralized and decentralized exchange. But only knowing how to invest in meme coins might not be enough. So, let’s learn more about them!

These digital assets are a unique class of cryptocurrency, often driven by internet culture, humor, and virality. Their value stems from community enthusiasm, online hype, and social media attention. A good example is Dogecoin, which started as a joke but has grown into one of the most recognized meme coins due to celebrity endorsements and widespread online popularity.

One rising trend in the space is the new meme coins presale, where tokens are sold before their official launch. It offers investors a chance to buy into a project early, often at a discounted rate, hoping the coin will gain significant value upon public release.

Successful presales include Book of Meme (BOME) and Solana Meme Coin Flies. Both raised substantial funds quickly due to strong community backing and hype.

By the way, what’s the difference between meme coins and traditional cryptocurrencies? Simply put, they operate quite differently from cryptocurrencies.

Bitcoin (BTC), for example, has a fixed supply of 21 million coins and is designed to be a store of value akin to digital gold. Meme coins, on the other hand, typically have a much larger supply with fewer limitations, making them more susceptible to inflation.

Additionally, cryptocurrencies like Bitcoin and Ethereum are built on fundamental technologies – the former as a decentralized currency and the latter for smart contracts. Meanwhile, meme coins rely on their cultural appeal and speculative nature. This makes them more volatile but also highly lucrative for those who can capitalize on their rapid price movements.

Popular Meme Coins in 2024

When talking about how to buy meme coins, you might wonder if there are meme coins worth investing in 2024. Well, I’ve researched and compiled several popular meme coins. Let’s find out!

Dogecoin (DOGE)

The original meme coin, Dogecoin, has maintained its place as a popular cryptocurrency. Despite its humble beginnings, it’s now widely accepted for payments by some retailers and remains popular due to its active online community and endorsements from figures like Elon Musk.

Shiba Inu (SHIB)

Often dubbed the "Dogecoin killer", Shiba Inu launched as an Ethereum-based token and rapidly gained attention. What started as a meme coin has grown into a more comprehensive ecosystem, including decentralized exchanges and staking options, which gives it more utility than its competitors.

Pepe (PEPE)

Inspired by the famous meme character “Pepe the Frog”, Pepe is a cultural phenomenon in the crypto world. It has gained a large following, thanks in part to its strong ties to meme culture. Despite lacking a solid utility, its popularity has led to significant price gains.

dogwifhat (WIF)

dogwifhat has become a sensation recently, skyrocketing in popularity thanks to its strong community on platforms like Telegram. With a notable presence on social media, dogwifhat aims to replicate Dogecoin's success by fostering a meme-centric community.

Bonk (BONK)

As the first meme coin built on the Solana blockchain, Bonk has become a key player in the ecosystem. Its fast transaction speeds and low fees have made it attractive to users who want to explore decentralized finance (DeFi) and meme coins without the high gas fees associated with Ethereum.

If you're wondering how to find new meme coins presale early, keeping an eye on community-driven projects is key. Platforms like Solana and Ethereum host many presale events, where developers raise funds for their projects by selling tokens before the official launch.

Best Places to Buy Meme Coins

Aside from knowing how to buy meme coins and a list of the popular ones to purchase, you might want to know the best places to buy meme coins. Popular options to where to buy meme coins include Binance, Bybit, and Kraken, each offering unique features and advantages. Let's take a closer look at these exchanges.

Binance

The first best place to buy meme coins is Binance, one of the largest cryptocurrency exchanges in the world. It’s known for its extensive selection of assets, including popular meme coins like Dogecoin and Shiba Inu. It boasts high liquidity, making it easy to buy and sell tokens quickly, even during peak trading times.

Binance offers various features such as spot trading, futures, staking, and an intuitive mobile app. Additionally, Binance Launchpad provides access to new projects, including meme coins presale opportunities, which can be a way how to find new meme coins early.

Bybit

The next best place to buy meme coins is Bybit, a versatile exchange that supports derivatives trading. It also provides an easy way to purchase meme coins like Shiba Inu and Dogecoin through its spot trading feature.

Bybit’s interface is user-friendly, and it provides competitive trading fees, which is why it's a favorite among active traders. Plus, the platform supports copy trading and trading bots, which help users automate trades or replicate the strategies of successful traders.

Kraken

Kraken is renowned for its focus on security and regulatory compliance, making it a trustworthy choice for users who prioritize safety. It has been operating since 2011 and offers spot trading and futures contracts.

The exchange allows users to trade meme coins, including Dogecoin, with easy fiat-to-crypto conversion options. Thus, Kraken is considered another best place to buy meme coins. Plus, its intuitive platform suits both beginners and experienced traders, and it supports multiple payment methods, including bank transfers and wire deposits.

Overall, these exchanges not only offer a variety of options for purchasing and trading cryptocurrencies, including meme coins, but also feature additional services. For example, they help you engage with the broader crypto ecosystem, from staking and trading bots to discovering new meme coins presale opportunities.

How to Find the Next Meme Coins

Now you already understand how to buy meme coins and the places where to buy meme coins. Yet, let's say you want to know how to find the next meme coin that might go viral. Thus, you should consider several tips.

Monitor Social Media Trends

The first tip on how to find the next meme coin is to follow social media trends related to monitoring upcoming meme coins. They often rise to fame thanks to social media buzz. Platforms like Twitter, Reddit, and TikTok are hotspots for early discussions about potential options. A growing number of mentions can indicate that a coin is gaining momentum, and getting in early can make all the difference.

Assess Community Engagement

One key factor to consider in how to find the next meme coin is the community behind a meme coin. Coins with strong, active communities are more likely to succeed because their growth depends on people promoting and believing in them. Look for passionate and engaged users on forums and social channels—they’re the backbone of any successful meme coin.

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Evaluate the Tokenomics

Tokenomics can make or break a meme coin. Pay attention to factors like total supply, liquidity, and how tokens are distributed. A coin with a fair distribution and a reasonable supply will likely gain value over time. Meanwhile, poorly structured tokenomics can make it prone to sudden drops.

Finding the next meme coin is all about watching trends, understanding the community, and assessing the fundamentals. While the potential rewards are enticing, remember that meme coins are inherently risky, and it’s essential to do your own research before diving in.

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Conclusions

Wrapping up, the world of meme coins is exciting, but it can also be challenging, especially with the range of options available in 2024. If you’ve been wondering how to buy meme coins, the steps are relatively easy once you get the hang of it.

Remember, the key is to choose the right exchange, such as Binance or Bybit, which are great options if you're looking for where to buy meme coins, and ensure your assets are secure. Plus, you can safeguard your investments by taking the necessary precautions, such as using reliable wallets like Ledger Nano X and Trezor Safe 5.

Throughout your investing journey, keep in mind that meme coins thrive on community enthusiasm and online trends. This makes them unique compared to traditional cryptocurrencies. If you're intrigued by their dynamic nature, exploring presales and new listings could be your ticket to discovering the next big hit in the meme coin space.

In the end, knowing how to buy meme coins is just the beginning. As you dive deeper into the crypto world, you'll find that it's all about balancing risk with potential rewards. Approach your investments with care, stay informed, and who knows? You might just find yourself at the forefront of the next meme coin phenomenon.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. S. Hägele: 'Centralized exchanges vs. decentralized exchanges in cryptocurrency markets: A systematic literature review';

2. A. Barbon, A. Ranaldo: 'On The Quality Of Cryptocurrency Markets: Centralized Versus Decentralized Exchanges'.