Solana’s latest feature to enable memecoin growth on social media

credit: Shutterstock
credit: Shutterstock

The Solana blockchain is set to expand its capabilities by adding a new feature that will help expand the reach and attention of various meme coins on social media platforms. 

The ‘Actions and Blinks’, developed by the Solana Foundation, will allow those on the blockchain network to trade memecoins directly from social media and websites, as well as interact with trends associated with memecoins, such as $DOGE on X

Solana wallets like Phantom and Backpack will support Actions and Blinks with other platforms being able to integrate the new feature by implementing it via the Solana chain’s developer docs. 

In a statement submitted to CoinDesk, the Solana Foundation said: “Solana Actions allow users to execute on-chain transactions across various platforms, including websites, social media and physical QR codes. 

“Actions make it simple for developers to integrate everything you can do in the Solana ecosystem right into their applications.”

Memecoins are proving to be incredibly popular with crypto enthusiasts as they bring a sense of unity to their respective communities. 

Derived from popular internet memes and trends, memecoins allow long and short-term investors to invest in a cryptocurrency that is supported by a reputable blockchain to earn profit from investment, with its price growing dependent on how many investors it attracts through its meme or trend. 

The most popular meme coin, DOGE, has become one of the largest cryptocurrencies in the world in no small part down to Elon Musk’s support for the coin, which has scaled further due to its presence on X, which Musk acquired in October 2022. 

However, the most glaring negative regarding memecoins is its high volatility and the risks that come with trading such assets. Another drawback are memcoins accessibility issues for newcomers. 

Solana is aiming to rectify the latter issue with Actions and Blinks by using memecoins popularity on social media platforms to provide a direct link to perform an immediate transaction which is then added to the relevant wallets, powered by the blockchain’s capabilities. 

By providing a seamless gateway for memecoin investing and transactions, Solana’s new feature may unearth a new wave of popularity for an often ridiculed aspect of blockchain and crypto.