First things first, you need some SOL, the native currency of the Solana blockchain. To buy SOL, you’ll want to use a reputable cryptocurrency exchange. Coinbase and Kraken are two popular options that are user-friendly and secure.
Here’s how you can start:
Create an Account: Sign up on Coinbase or Kraken, providing your email address and creating a password.
Verify Your Identity: Complete the KYC (Know Your Customer) process by submitting the required identification documents.
Deposit Funds: Link your bank account or use a debit card to deposit fiat currency into your exchange account.
Purchase SOL: Once your funds are deposited, navigate to the SOL listing and execute your purchase.
Step 2: Setup Your Own Solana Wallet
Now that you have some SOL, the next step is to transfer it into a wallet where you have full control — this is known as self-custody. The Phantom wallet is a popular choice for Solana users due to its ease of use and robust security features.
Here’s how to set it up:
Download the Phantom Wallet: Visit the official Phantom website and download the wallet extension for your browser.
Create a New Wallet: Follow the on-screen instructions to create a new wallet. Be sure to write down and safely store your seed phrase — it’s the key to your wallet and funds.
Secure Your Wallet: Add extra security measures like a strong password.
Step 3: Send Your Newly Purchased SOL to Your Newly Created Phantom Wallet
With your Phantom wallet ready, you need to transfer your SOL from the exchange to your wallet.
Here’s how:
Copy Your Phantom Wallet Address: Open your Phantom wallet, find your wallet address, and copy it.
Withdraw SOL from the Exchange: Go back to your exchange account, navigate to your SOL balance, and initiate a withdrawal to your Phantom wallet address.
Confirm the Transaction: Verify the transaction details and confirm the transfer. The SOL should appear in your Phantom wallet shortly.
Step 4: Swap into a SOL Meme Coin
With SOL in your Phantom wallet, you’re ready to swap it for a meme coin.
Connect Your Wallet: Visit Jupiter or Raydium, and connect your Phantom wallet.
Select Elmon: Select Elmon in the search area and ensure you have enough SOL for the transaction.
If needed, paste the Elmon contract address directly into the exchange: Oftentimes, new meme coins won’t show up in Jupiter and Raydium right away. If this is the case, and Elmon has just been dropped, simply paste the contract address directly into the exchange.
Swap: Execute the swap, exchanging SOL for Elmon.
Congratulations: You have just become a holder of the next monster