2024 Meme Consumption Report: The Biggest Player Spends $130 Million in Fees

Author: ChainCatcher, Tesa

In 2024, Memecoin has become the biggest hot spot in the Crypto world. From a market value of $20 billion in 2023 to over $100 billion in 2024, Memecoin has not only consolidated its position in the crypto market, but its performance has far exceeded the Benchmark index of mainstream cryptocurrencies such as Bitcoin and Ethereum, becoming the most dazzling asset class of the year.

In this trading boom, a large number of "Krypton Gold" players have emerged. They paid huge fees in Memecoin transactions, which directly promoted the prosperity and development of public chains such as Solana, and also made Memecoin infrastructure platforms such as Raydium, Jito, and Pump.fun earn a lot of money.

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 deeply analyzes the consumption data of Memecoin players with transaction amounts exceeding $1,000 in about 4 million user addresses on the Solana chain in 2024. Starting from the distribution of handling fees, it comprehensively presents the consumption behavior of Memecoin users and the benefits of various platforms in this year.

Core data overview

1. Total transaction fees of Memecoin on the Solana chain: over $3.093 billion.

2. Revenue of major core platforms:

•  DEX such as Raydium: earned $1.7 billion in handling fees, accounting for 56%.

•  Trading BOT: accumulated handling fees of $750 million, accounting for 24%, of which Photon leads with a share of 33%.

•  MEV infrastructure Jito: earned $340 million, accounting for 11%.

•  Pump.fun: Earned $240 million, accounting for 8%.

3. User concentration: The top 10% of users contributed 90% of the fees, of which whale users spent an average of $13,000.

4. Head users: The largest "pay-to-win" player on Raydium spends nearly $130 million a year.

Total scale and consumption distribution of Memecoin fees

1. Total fee amount exceeds $3 billion

As the most popular Memecoin public chain in 2024, Solana's on-chain fee data has almost become a microcosm of the entire Memecoin market consumption. By counting the approximately 4 million Solana user addresses with transaction amounts exceeding $1,000 in 2024, it was found that the total fee generated by Memecoin transactions on the Solana chain alone was as high as $3.093 billion, demonstrating Solana's dominant position in Memecoin transactions.

2. DEX Raydium and other DEXs are the biggest beneficiaries, earning more than $1.7 billion in fees

The more than $3 billion in fees contributed by Memecoin users mainly flow to four major platforms: decentralized exchanges (DEX) Raydium, trading BOTs (such as Photon), MEV infrastructure Jito, and one-click coin issuance platform Pump.fun.

Among them, Raydium and other DEXs ranked first with more than $1.7 billion in fee income, accounting for 56% of the total, of which Raydium's fee income accounted for 80% of all Dex. Trading BOT ranked second with $750 million, accounting for 24%.

Jito, which provides priority trading (anti-pinch) services, earned $340 million, accounting for 11%, with its exclusive capabilities. Pump.fun earned $240 million, accounting for 8%, by simplifying the coin issuance process.

3. Photon is the most popular trading BOT, with a handling fee accounting for more than 33%

Among all types of trading BOTs, Photon performed the best, earning a total of $250 million in handling fees in 2024, accounting for 33.3% of the total handling fees of all trading BOTs. Following closely behind are Trojan and Bullx, which received $123 million and more than $9,400 in handling fees, accounting for 16.2% and 12.4% respectively.

In addition, the income of other BOTs is also considerable: PepeBoost earned $65.1 million, accounting for 8.6%; BonkBot earned $63.17 million, accounting for 8.3%; GMGM and BananaGun earned $23.76 million and $20.53 million, accounting for 3.1% and 2.70% respectively.

4. Whale users spent an average of $13,000 in fees on Memecoin transactions in 2024

In 2024, the average fee expenditure of Memecoin players on major platforms showed significant differences:

• Raydium: $445.45/user

• Trading BOT: $193.89/user

• Jito: $87.07/user

• Pump.fun: $63.13/user

Based on the amount of transaction fees, users are divided into three categories:

1.  Whale users (the top 5% with the highest transaction fees): the average annual expenditure per person is as high as $13,000.

2.  Ordinary users (with transaction fees in the 20%-30% range): average spending per person is $171.28.

3.  Novice users (with the lowest transaction fees in the 25%): average spending per person is only $17.67.

In terms of platform preference, Raydium and trading BOT are the main places for whale users and ordinary users to spend transaction fees, while novice users are more inclined to choose trading BOT and Pump.fun.

5. The largest "paying gold player" on a single platform spent $129 million in fees

In 2024, the Memecoin market gave birth to a real "paying gold player". Among them, the user address MfDuWeq on platforms such as Raydium paid up to $129 million in fees in one year, far ahead of other platforms.

In comparison, the highest transaction fee expenditures of other platforms are relatively “moderate”:

• Trading BOT: US$1.43 million

• Jito: US$6.1399 million

• Pump.fun: US$2.3992 million

This significant difference further highlights Raydium’s dominant position in the Memecoin trading market.

II. Memecoin user consumption concentration and cross-platform characteristics

1. The top 10% of users contribute more than 90% of the transaction fees

The consumption behavior of Memecoin users shows an obvious "80/20 rule": a small number of top users contribute most of the transaction fees. The specific data are as follows:

• The top 1% of users contributed 67.46% of the transaction fees, and the average transaction fee per person reached 53,000 US dollars;

• The top 10% of users contributed 90.97%, and the average transaction fee per person was about 7,182 US dollars;

• The top 20% of users contributed 95.24%. The average transaction fee per person was about 3,760 US dollars.

This highly concentrated consumption model shows that the transaction fee income of the Memecoin market mainly depends on a small number of high-spending users, while the transaction fee expenditure of most ordinary users accounts for a low proportion.

2. Raydium has the highest consumption concentration, while Pump.fun has the lowest

Among the four Memecoin platforms, Raydium, Trading BOT, Jito and Pump.fun, Raydium has the highest consumption concentration. Data shows that the top 1% of users contributed $1.358 billion in fees, accounting for 79.88% of the total $1.7 billion in fees, and the average fee per user reached $34,700; while the average fee per user ranked 2-20% was less than $800, and the average fee per user ranked after 20% was less than $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 $186 million in fees, accounting for 54.55%. Although the concentration is lower than Raydium, it is still more than half. The average fee per Jito top user and long-tail user is also quite different. The top 1% of users is about $4,759, while the users ranked between 2% and 10% drop to $300, and the long-tail users ranked after 10% have an average fee of less than $50.

The head consumption concentration of Trading BOT and Pump.fun is relatively low:

• Trading BOT: The top 1% of users contributed 313 million US dollars, accounting for 41.24%.

• Pump.fun: The top 1% of users contributed 96.62 million US dollars, accounting for 39.07%.

This difference shows that different platforms have significant differences in user structure and profit model.

In terms of per capita transaction fees, there is also a big difference between the top users and long-tail users on Trading BOT and Pump.fun. The per capita transaction fee of the top 1% of users on Trading BOT reached US$7,990, while the users ranked 2%-10% were less than US$1,000, and the users ranked 20% were less than US$60.

The per capita transaction fee of the top 1% of users on Pump.fun reached US$2,467, the users ranked 2%-10% were less than US$300, and the users ranked after 20% were less than US$50.

3. Raydium has the highest usage rate, and more than half of users rely on trading BOT

In the Solana DEX ecosystem, although Raydium's transaction fee rate is higher (0.25%) and Meteora's is lower (0.16%), Raydium still attracts the vast majority of users with its strong market advantages. Statistics show:

• Among the approximately 4 million Solana addresses, approximately 89.27% ​​(3.4968 million addresses) of users have used Raydium.

• In contrast, the total usage rate of Meteora and other DEXs is only 35.53% (1.3917 million addresses).

This phenomenon shows that when Memecoin users choose a trading platform, they do not simply use the fee rate as the determining 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:

• More than 2.11 million addresses use trading BOT, with a usage rate of 53.83%.

• In contrast, the usage rates of Pump.fun and Jito are 46.43% and 45.01% respectively, which have not yet exceeded half.

These data reflect the high dependence of users on efficient and convenient trading tools, and also show the absolute dominance of Raydium in the market.

 4. More than half of Bot users only use a single Bot platform

In the trading BOT market, users' choices show obvious concentration. Data shows:

• 66% (1.3995 million) of BOT user addresses only use a single trading BOT.

• 34% (712,400) of users choose to use multiple BOT transactions.

This ratio shows that users have a high degree of loyalty to the selected BOT platform, or because the differentiation between platforms is not obvious, users lack the motivation to change or trade on multiple platforms after selecting a BOT.

5. Users who do not use BOT have significantly higher transaction amounts

Compared with users who use trading BOT, the average transaction amount of users who do not use BOT is several times higher:

• Users who use BOT: The average transaction amount is US$93,500.

• Users who do not use BOT: The average transaction amount is as high as 678,800 US dollars.

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 amounts prefer manual operations or use efficient tools to pursue more precise control.

6. Whale users prefer Photon, while ordinary users prefer Trojan

Users with different consumption levels show significant differences in their choice of trading BOTs:

Whale users (top 5%)

• Photon is the most popular trading BOT, contributing 38.9% of the transaction fees.

•  Trojan follows closely behind, accounting for 15.02%.

This choice shows that whale users prefer to use the powerful and stable Photon BOT.

Ordinary users (20%-30%)

• Trojan became the first choice of ordinary users, accounting for 19.27% ​​of the total transaction fees.

•  Photon and Bullx ranked second and third with 17.34% and 14.71% respectively.

Ordinary users' choices are more diverse, showing a wide acceptance of different BOT features.

Novice users (lowest 25%)

•  Novice users' choices are relatively scattered. Trojan, Photon, PepeBoost, and Bullx are the main trading BOTs, all of which contribute more than 10% of the transaction fees.

This distribution reflects that novice users tend to try multiple tools when using BOTs, rather than focusing on a single platform.

III. Brief analysis of the top 10 addresses of Memecoin annual consumption in 2024

1. The transaction fees of 5 addresses exceeded 10 million US dollars, and the highest expenditure reached 133 million US dollars

In the Memecoin transactions in 2024, the user addresses of the top 10 in terms of total transaction fees showed a very high consumption concentration, among which the total transaction fees of 5 addresses exceeded 10 million US dollars:

• MfDuWe: 133 million US dollars (transaction fee rate 0.3%, total transaction amount 44.855 billion US dollars).

• kpqUj8: $19.86 million.

• YubQzu: $18.2 million.

• HBGdum: $11.9 million.

• 7vi5dy: $11.89 million.

2. Comparison of users with the highest and lowest fees

•  The address with the highest fee, MfDuWe, shows a huge transaction scale and expenditure, and its fees account for 0.3% of the total transaction amount.

• In contrast, the fee rate of addresses 13g21m and 89VB5U is only 0.005%, which is the lowest level.

This data fully reflects the consumption differences between different users in the Memecoin market, and the significant contribution of top users to the overall fee income.

3. Details of the top 10 addresses with the highest total transaction fees on Raydium, Jito, Pump.fun and other platforms

The top 10 user addresses on the Raydium platform have shown extremely high transaction fee contributions, with each address spending more than 10 million US dollars in annual transaction fees. These users spend almost all of their transaction fees on the Raydium platform. Details of the top 10 addresses:

The transaction fee amounts of the top 10 addresses of Jito's total transaction fees range from 1.2 million to 6.2 million US dollars. Detailed information of the top 10 addresses:

The transaction fee amount of the top 10 addresses of Pump.fun in terms of total transaction fee ranges from 500,000 to 2.4 million US dollars. Top 10 address details:

4. Detailed information on the total fees of the top 10 Bots