Quick Breakdown
- Memecoin traders often lose money, while platforms like Pump.fun and Axiom capture massive profits.
- Pump.fun dominates Solana token launches, with nearly 13 million tokens created since 2024.
- Bots and trading tools drive rapid turnover, with hold times now averaging just 100 seconds.
Platforms, not traders, win big in memecoin boom
Memecoins may be drawing millions of new users into blockchain ecosystems, but the real winners are the platforms that facilitate trading, according to a new Galaxy Research report. The study highlights how most retail traders lose money in what it describes as a “short-term gambling market,” while launchpads, decentralized exchanges, and trading bots capture the bulk of profits.
Pump.fun dominates Solana token launches
Solana’s Pump.fun, a memecoin launchpad launched in early 2024, has emerged as a market leader. Tokens issued through the platform now represent a combined $4.8 billion in fully diluted market value, the report revealed. Out of the 32 million tokens minted on Solana, nearly 13 million originated from Pump.fun—marking a nearly 300% surge in under two years.
Galaxy described the trend as the “industrialization of token creation” on Solana.
Rapid trading fueled by bots
The report also notes that median holding times for Solana memecoins have plunged to just 100 seconds, compared to 300 seconds a year ago. This sharp decline underscores the dominance of bots and scalpers in the trading environment.
Trading tools capture millions in fees
Infrastructure players are cashing in heavily. Axiom, a trading platform with fewer than 10 employees, has amassed more than $200 million in fees thanks to memecoin activity. Meanwhile, tools like BONKbot and Trojan earn steady revenue by charging users to automatically snipe tokens at launch.
Pump.fun token sale breaks records
Despite concerns about memecoins’ limited utility beyond cultural value, Pump.fun continues to thrive. On July 12, the platform launched its own token, PUMP, raising $500 million in under 12 minutes from an initial sale of 125 billion tokens.
According to DefiLlama data, Pump.fun generated $13.48 million in revenue between August 11 and August 17, its best-performing week since February. On September 14, it processed more than $1 billion in trading volume in a single day, bringing its 30-day fee revenue to around $120 million.
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