Key Points:

• Total Transaction Fees: $3.093 billion from approximately 4 million active Solana user addresses.
• Memecoin’s market cap skyrocketed from $20 billion (2023) to over $100 billion (2024), overtaking mainstream cryptocurrencies in popularity.

This report provides an in-depth analysis of the thriving Solana memecoin market in 2024, showcasing its remarkable growth and the key consumption patterns of its users.

2024 Solana Memecoin Transaction Fees Surpass $3 Billion

In 2024, Solana became the blockchain on which Memecoin was traded the most, with over $3 billion in on-chain transaction fees. Of that amount, the lion’s share went to decentralized exchanges like Raydium, earning $1.7 billion in fees, while the trading BOTs had $750 million of that.

Jito, an MEV infrastructure provider, earned a revenue of $340 million, while the token issuance platform Pump.fun earned $240 million. The largest “whale player” has spent an astonishing $130 million in fees on the popular exchange Raydium alone, marking the market position of this platform within the Memecoin ecosystem.

The consumption pattern shows that, in the case of a whale user, 5% are responsible for approximately $13,000 each year. The top 1% of active users in Raydium comprised more than 67% of the total paid fees. And since 89% of all addresses are active in Solana, liquidity, user experience, and platform stability come ahead of speculations related to the trading fee rate, maintaining Solana at the top among Memecoin fans, according to Aicoin.

Read more: Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Whale Users Drive Solana’s Memecoin Boom

In 2024, the high-value participants highly concentrated on the Memecoin market. The top 10% of users accounted for 91% of total fees, reflecting a high dependency on whale players. On a platform like Raydium, the top 1% of users contributed almost 80% of its $1.7 billion in fees. Meanwhile, the usage of Trading BOTs was getting popular among more than 53% of users. The most popular ones were from Photon, accounting for 33% of the fees generated by BOT.

Despite all the focus on whales, the more minor platforms, such as Pump.fun, with their accessible functionality, attracted more novice users and showed different ways to play with Solana’s Memecoin ecosystem. Such a consumption trend suggests that the release of whale-driven liquidity and productive tools such asBOTsnecessarily accelerated the growth and development of Memecoins to become one of the essential props for Solana’s success in the cryptocurrency market.