Solana (SOL) Memecoin Market Cemented Its Dominance in 2024, Generating Over $3B in Fees

In 2024, Solana cemented its position as the leading blockchain for Memecoin trading, generating over $3 billion in fees.

Solana (SOL) became the go-to blockchain for Memecoin trading in 2024, generating over $3 billion in fees.

This was largely due to the presence of decentralized exchanges (DEXs) like Raydium, which emerged as a major beneficiary, raking up a total of $1.7 billion, of which Raydium contributed 80%.

Trading BOTs, led by Photon, also reached $750 million, while the provider of priority trading Jito and the token issuance platform Pump.fun raised $340 million and $240 million, respectively.

The Memecoin market also saw a lot of growth, with its capitalization having grown from $20 billion in 2023 to more than $100 billion in 2024.

This growth was also sealed by whale players, as shown in the AiCoin report: their transaction fees fueled the robust ecosystem of Solana and enabled the building of platforms like Raydium.

Whale Players Drive Memecoin MarketA deep dive into some 4 million Solana addresses showed whale players, or the top 10% of the users, accounted for more than 90% of the trading fees of Memecoin.

For such high rollers, the average annual outlay on fees reached $13,000, while the single largest spender, MfDuWe, paid an astonishing $129 million in fees on Raydium alone.

The report pointed out that there was huge concentration in wealth, with the top 1% of the users taking to as high as 67.46% of the total fees. This pattern showed that high-spending users drive the market when it comes to Memecoin.

Other platforms like Jito and Pump.fun also received significant fee contributions, but this happened on a lower scale compared to Raydium.

Emerging Trends in Memecoin InfrastructureRaydium also dominated when it come to the share of users, 89.27% of Solana addresses interacted with it.

The other popular dApps in terms of the share of users include such trading bots as Photon, Trojan, and Bullx that again proved their attractiveness for novice and regular users.

Large volume traders preferred manual operations or premium tools such as Photon, which offer great precision.

The Memecoin trading frenzy further diversified the user landscape, where newcomers try their luck on various platforms while whales show strong preferences for stability and liquidity.

Such dynamics create a very thriving ecosystem, placing Solana and its platforms as key beneficiaries of the Memecoin boom.