- Solana DEXs, led by Raydium, gained $1.7 billion in 2024, highlighting their dominance in Memecoin trading fees.
- The Memecoin market has exploded, with a capitalization exceeding $100 billion, surpassing Bitcoin and Ethereum.
- “Whale players” dominated, accounting for over 90% of fees, with one address spending $129 million.
In 2024, Solana consolidated its position as the leading blockchain for Memecoin trading, generating over $3 billion in fees. Meanwhile, decentralized exchanges like Raydium saw the action and became the biggest beneficiaries, raising a total of $1.7 billion, of which Raydium contributed 80%.
Trading BOTs, led by Photon, reached $750 million, while priority trading provider Jito and token issuance platform Pump.fun raised $340 million and $240 million, respectively. The Memecoin market has also seen unprecedented growth, with its capitalization increasing from $20 billion in 2023 to over $100 billion in 2024.
This sudden surge sealed its dominance over traditional cryptocurrencies such as Bitcoin and Ethereum. The whalers contributed a lot to this, as shown in the AiCoin report: Their transaction fees have fueled Solana’s robust ecosystem and enabled the construction of platforms like Raydium.
Whale Players Boost Memecoin Market
An in-depth analysis of some 4 million Solana addresses showed that whale players, or the top 10% of users, accounted for more than 90% of Memecoin’s trading fees. For these big players, the average annual spend on fees reached $13,000, while the biggest spender, MfDuWe, paid an astonishing $129 million in fees for Raydium alone.
The report highlights that there is a huge concentration of wealth, with the richest 1% of users receiving up to 67.46% of the total fees. This trend shows that users spending a lot of money are driving the market when it comes to Memecoin. Other platforms like Jito and Pump.fun also received significant financial contributions, but this happened on a smaller scale than Raydium.
Emerging Trends in Memecoin Infrastructure
Raydium dominated in terms of user share, 89.27% ​​of Solana addresses interacted with it. Other popular dApps in terms of user share include trading bots such as Photon, Trojan, and Bullx, which have once again proven their appeal to both novice and regular users. High-volume traders preferred manual trading or premium tools such as Photon, which offer high accuracy.
The Memecoin trading frenzy has further diversified the user landscape, where newcomers try their luck on various platforms while whales display strong preferences for stability and liquidity. Such dynamics create a very thriving ecosystem, placing Solana and its platforms as the main beneficiaries of the Memecoin boom.
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