A new report from Galaxy Research reveals that memecoins attract new users to blockchains, but profits mostly benefit infrastructure providers like launchpads and decentralized exchanges. Solana’s Pump.fun launchpad has seen significant growth, with $4.8 billion in token value. Median hold times for Solana memecoins have dropped to 100 seconds, highlighting bot dominance.
One platform, Axiom, has made over $200 million in fees with fewer than ten employees due to memecoin activity. Other tools like BONKbot and Trojan also earn revenue from memecoin trading. Pump.fun continues to expand, launching its own token, PUMP, which raised $500 million in under 12 minutes. Revenue for Pump.fun hit $13.48 million in a week.
Pump.fun recorded over $1 billion in trading volume on Sept. 14, reaching $1.02 billion after handling $942 million the day before. Over the last 30 days, the launchpad has generated approximately $120 million in fees. Despite offering little utility beyond cultural value, memecoin platforms like Pump.fun continue to thrive, attracting significant trading activity.
Read more at Cointelegraph
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