jakiro
Author: ChainCatcher, Tesa
In 2024, Memecoin has become the biggest hot spot in the Crypto world.From the $20 billion market value in 2023 to over $100 billion in 2024, Memecoin not only consolidates its position in the crypto market, but also far exceeds the Benchmark index of mainstream cryptocurrencies such as Bitcoin and Ethereum.Become the most dazzling asset class of the year.
Amid this trading boom, a large number of “krypton gold” players emerged.They paid huge handling fees in Memecoin transactions, which directly promoted the prosperity and development of public chains such as Solana and made a fortune in Memecoin infrastructure platforms such as Raydium, Jito, and Pump.fun.
Recently, ChainCatcher, together with Memecoin smart trading platform Tesa and Memecoin project Evan the Hobo, jointly released the “2024 Memecoin Annual Consumption Report”.The report in-depth analysis of Memecoin player consumption data of about 4 million user addresses on the Solana chain in 2024, with transaction amounts of more than US$1,000. Starting from the distribution of handling fees, it comprehensively presents the consumption behavior of Memecoin users and the various platforms this yearBenefits.
Core data quick look
1. Total transaction fees for Solana chain Memecoin: exceed US$3.093 billion.
2. Revenue status of major core platforms:
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Raydium and other DEXs: Earn US$1.7 billion in handling fees, accounting for 56%.
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Trading BOT: The cumulative handling fee is US$750 million, accounting for 24%, of which Photon leads with a share of 33%.
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MEV Infrastructure Jito: Earn $340 million, accounting for 11%.
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Pump.fun: Earn $240 million, accounting for 8%.
3. User concentration: The top 10% of users contributed 90% of the handling fees, of which the average whale user spends as high as US$13,000.
4. Head users: The largest “krypton gold player” on Raydium spends nearly $130 million a year.
Memecoin total handling fee scale and consumption distribution
1. The total handling fee amount exceeds US$3 billion
As the most popular Memecoin public chain in 2024, Solana’s on-chain handling fee data has almost become a microcoin market consumption situation.By counting the approximately 4 million Solana user addresses with transaction amounts exceeding US$1,000 in 2024, it was found that on the Solana chain alone, the total fees generated by Memecoin exchanges were as high as US$3.093 billion, demonstrating Solana’s dominance in Memecoin transactions.
2. DEX Raydium and other DEXs are the biggest beneficiaries and earn more than US$1.7 billion in handling fees
The more than $3 billion in handling fees contributed by Memecoin users mainly flow to four major platforms: decentralized exchanges (DEX) Raydium, trading BOT (such as Photon), MEV infrastructure Jito, and one-click coin issuance platform Pump.fun.
Among them, DEXs such as Raydium ranked first with fee income of over US$1.7 billion, accounting for 56% of the total, of which Raydium’s fee income accounted for 80% of all Dex.The trading BOT ranked second with US$750 million, accounting for 24%.
Jito, which provides priority trading (anti-pinch) services, earned US$340 million with its exclusive capabilities, accounting for 11%.Pump.fun received US$240 million by simplifying the issuance process, accounting for 8%.
3. Photon is the most popular trading BOT, with handling fees accounting for more than 33%.
Among all types of trading BOTs, Photon performed the most outstandingly, earning a total of US$250 million in 2024, accounting for 33.3% of the total trading BOT fees.Following closely behind are Trojan and Bullx, receiving $123 million and $9,400 in handling fees, accounting for 16.2% and 12.4% respectively.
In addition, other BOTs have a considerable income: PepeBoost earns US$65.1 million, accounting for 8.6%; BonkBot earns US$63.17 million, accounting for 8.3%; GMGM and BananaGun earn US$23.76 million and US$20.53 million, accounting for a proportion of US$23.76 million, accounting for US$20.53 million, accounting for a proportion of US$23.76 million, and US$20.53 million, respectively.3.1% and 2.70%.
4. The average fee of Whale users in Memecoin transactions in 2024 is US$13,000
In 2024, the average handling fee expenditure of Memecoin players on major platforms showed significant differences:
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Raydium: $445.45/user
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Trading BOT: USD 193.89/user
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Jito: $87.07/user
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Pump.fun: $63.13/user
According to the amount of the handling fee, users are divided into three categories:
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Whale users (the top 5% of the highest handling fees): per capita annual expenditure is as high as US$13,000.
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Ordinary users (the handling fee is in the range of 20%-30%): per capita expenditure is US$171.28.
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Novice users (the lowest handling fee is 25%): Per capita expenditure is only US$17.67.
In terms of platform preference, Raydium and trading BOT have become the main places for handling fee expenditure for whale users and ordinary users, while novice users prefer to choose trading BOT and Pump.fun.
5. The largest “krypton gold player” on a single platform costs US$129 million in handling fees
In 2024, the Memecoin market has a real “krypton gold player”.Among them, the user address MfDuWeq on platforms such as Raydium has a payment fee of up to US$129 million within one year, far ahead of other platforms.
In contrast, the maximum fee expenditure of other platforms is relatively “moderate”:
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Trading BOT: $1.43 million
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Jito: $6.1399 million
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Pump.fun: $2.3992 million
This significant difference further highlights Raydium’s dominance in the Memecoin trading market.
2. Memecoin user consumption concentration and cross-platform characteristics
1. The top 10% of the users who spend the money contribute more than 90% of the handling fee
The consumption behavior of Memecoin users shows an obvious “28 Law”: a few top users contribute most of the handling fees.The specific data are as follows:
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The top 1% of users contributed 67.46% of the handling fees, with the per capita handling fee amounting to US$53,000;
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The top 10% of users contributed 90.97%, with an average handling fee of about US$7,182;
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The top 20% of users contributed 95.24%.The per capita handling fee is approximately US$3,760.
This highly concentrated consumption model shows that the handling fee income in the Memecoin market mainly relies on a few high-consumption users, while the handling fee expenditure of most ordinary users accounts for a low proportion.
2. Raydium consumption concentration is the highest, Pump.fun is the lowest
Among the four types of Memecoin platforms, Raydium, trading BOT, Jito and Pump.fun, Raydium has the highest consumption concentration.Data shows that the top 1% of users contributed US$1.358 billion in handling fees, accounting for 79.88% of the total handling fees of US$1.7 billion, with an average handling fee of US$34,700; while the average handling fee for users with a 2-20% ranking of handling fees.It is already below US$800, and the per capita handling fee of long-tail users who rank after 20% is less than US$100.This also reflects the characteristics of Raydium’s high reliance on top users.
In contrast, the top 1% of Jito’s top users contributed US$186 million in handling fees, accounting for 54.55%. Although the concentration is second only to Raydium, it is still more than half.Jito’s average handling fees are also very different from those of the top 1% of users. The top 1% of users are about US$4,759, while the number of users ranked between 2% and 10% has dropped to US$300, and the number of users ranked behind 10% of usersThe per capita handling fee is less than US$50.
The concentration of head consumption in trading BOT and Pump.fun is relatively low:
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Trading BOT: The top 1% of users contributed US$313 million, accounting for 41.24%.
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Pump.fun: The top 1% of users contributed $96.62 million, accounting for 39.07%.
This difference shows that there are significant differences in user structure and profit model between different platforms.
Judging from the per capita handling fee, the top users on transaction BOT and Pump.fun are also very different from long-tail users. The average handling fee of the top 1% of users in transaction BOT reached US$7,990, and ranks 2%-10%.The number of users is less than $1,000, and the number of users ranked 20% is less than $60.
The average handling fee of the top 1% of Pump.fun reached US$2,467, the average handling fee of 2%-10% was less than US$300, and the average number of users ranked behind 20% was less than US$50.
3. Raydium usage rate is the highest, and more than half of users rely on transaction BOT
In the Solana DEX ecosystem, although Raydium’s transaction fee rate is high (0.25%) and Meteora is low (0.16%), Raydium still attracts most users with its strong market advantage.Statistics show:
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Of the approximately 4 million Solana addresses, about 89.27% (3.4968 million addresses) of users have used Raydium.
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By comparison, Meteora and other DEXs have a total usage rate of only 35.53% (1.3917 million addresses).
This phenomenon shows that when Memecoin users choose trading platforms, they do not simply use the fee rate as the decisive factor, but pay more attention to comprehensive factors such as liquidity, user experience and platform stability.
In addition, the use of trading BOT is also very common:
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More than 2.11 million addresses use transaction BOT, with a usage rate of 53.83%.
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In contrast, Pump.fun and Jito use rates are 46.43% and 45.01%, respectively, not exceeding half.
These data reflect users’ high reliance on efficient and convenient trading tools, and also demonstrates Raydium’s absolute dominance in the market.
4. More than half of Bot users only use a single Bot platform
In the trading BOT market, user choices show obvious concentration.Data shows:
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66% (1.3995 million) of BOT user addresses only use a single transaction BOT.
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34% (712,400) of users choose to use multiple BOT transactions.
This proportion shows that users have high loyalty to the selected BOT platform, or because the differentiation between platforms is not obvious, users lack the motivation to replace or trade multiple platforms after selecting a BOT.
5. Users who do not use BOT transactions are significantly higher
Compared with users who trade BOT, users who do not use BOT have an average transaction volume of several times higher:
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Users using BOT: The average transaction volume is $93,500.
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Users who do not use BOT: the average transaction volume is as high as US$678,800.
This data may reflect that ordinary users and novice users account for a large proportion of the BOT user group, while whale users with high transaction volumes tend to operate manually or use efficient tools in pursuit of more precise control.
6. Whale users prefer Photon, while ordinary users prefer Trojan
Users of different consumption levels show significant differences in the choice of trading BOT:
Whale Users (Top 5%)
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Photon is the most popular trading BOT, contributing a 38.9% handling fee.
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Trojan followed closely behind, accounting for 15.02%.
This choice shows that whale users prefer to use powerful and stable performance Photon BOT.
Ordinary user (20%-30%)
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Trojan has become the first choice for ordinary users, accounting for 19.27% of the total handling fee.
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Photon and Bullx ranked second and third with 17.34% and 14.71% respectively.
The choices of ordinary users are more diverse, showing widespread acceptance of different BOT characteristics.
Novice user (minimum 25%)
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The choices of novice users are relatively scattered. Trojan, Photon, PepeBoost, and Bullx are the main transaction BOTs, all of which contribute more than 10% of the handling fee.
This distribution reflects that when using BOT, novices tend to try multiple tools rather than centrally using a single platform.
3. 2024 Memecoin annual consumption TOP 10 Address analysis
1. The handling fee for 5 addresses exceeds 10 million US dollars, with a maximum cost of 133 million US dollars
In the 2024 Memecoin transaction, the top 10 user addresses with total handling fees showed extremely high consumption concentration, and the total handling fees of 5 addresses exceeded US$10 million:
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MfDuWe: US$133 million (processing rate 0.3%, total transaction amount 44.855 billion).
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kpqUj8: $19.86 million.
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YubQzu: $18.2 million.
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HBGdum: $11.9 million.
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7vi5dy: $11.89 million.
2. Comparison between the highest handling fee and the lowest user
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The address with the highest handling fee, MfDuWe, shows huge transaction size and expenditure, and its fees account for 0.3% of the total transaction amount.
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In contrast, the handling rates for addresses 13g21m and 89VB5U are only 0.005%, which is the lowest level.
This data fully reflects the consumption differences between different users in the Memecoin market, as well as the significant contribution of leading users to the overall handling fee income.
3. Total handling fees for platforms such as Raydium, Jito, Pump.fun, etc. Top 10 address details
The top 10 user addresses of the Raydium platform show extremely high commission contribution, with annual commission expenses of more than US$10 million for each address. These users concentrate almost all commission expenses on the Raydium platform.Top10 addresses details:
The total amount of Jito processing fees for the Top 10 addresses is between 1.2 million and 6.2 million US dollars.Top10 addresses details:
Pump.fun The total handling fee amount of the Top 10 addresses is between 500,000 and 2.4 million US dollars.Top10 addresses details:
4. Top 10 total fee details
