According to a new report from Galaxy Research, meme coins may attract new blockchain users, but most of the profits flow to the platforms that issue and trade these tokens.
The report, released on Wednesday, shows that although most traders incur losses in the short-term speculative market, infrastructure providers (such as launch platforms, decentralized exchanges, and trading bots) have generated millions of dollars in revenue by facilitating meme coin trading.
The report points out that Solana's Pump.fun—a meme coin launch platform set to launch in early 2024—has benefited significantly, with a total diluted market cap of $4.8 billion for the tokens on the platform.
Galaxy Research adds that of the 32 million tokens on Solana, nearly 13 million were launched through Pump.fun, growing nearly 300% in less than two years. Galaxy Research stated, "The platform has effectively industrialized token creation on Solana."
The report also shows that the median holding time for Solana meme coins has plummeted to about 100 seconds, down from 300 seconds a year ago, highlighting the dominance of trading bots and short-term traders in meme coin trading.
The report notes that due to meme coin trading activity, the trading platform Axiom, which has fewer than 10 employees, has generated over $200 million in fee revenue. The report states, "Axiom has achieved millions of dollars in monthly revenue by charging fees to meme coin traders."
Other tools like BONKbot and Trojan profit by automatically purchasing new tokens when they launch, charging users for the service.
Despite having almost no practical use beyond cultural value, platforms like Pump.fun continue to thrive.
On July 12, the platform launched its own token PUMP, raising $500 million in less than 12 minutes. The initial coin offering (ICO) offered a total of 125 billion tokens.
Data from DefiLlama shows that from August 11 to August 17, Pump.fun generated $13.48 million in revenue, marking the strongest week since February of this year.
Cointelegraph reported that Pump.fun's trading volume exceeded $1 billion on September 14, reaching $1.02 billion, up from $942 million the previous day.
In the past 30 days, data from DefiLlama indicates that the meme coin launch platform has generated approximately $120 million in fee revenue.
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Original article: “Research: Meme Coins Attract User Traffic, Platforms Are the Real Winners”
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