Abstract

• Memecoins have become one of the hottest topics in the 2024 crypto market. According to data from CoinMarketCap, the total market capitalization of memecoins surged from $22.28 billion to $96.67 billion in 2024, achieving an impressive 433% growth.
• Solana’s token issuance volume leads all major ecosystems. In 2024, the average number of tradable tokens added weekly on Solana’s decentralized exchanges (DEX) reached 106,200, a 983% increase from 10,800 at the beginning of the year. More than 50% of these tokens originated from the Pump.fun platform. Solana has emerged as the platform for memecoin creators and traders.

• Pump.fun has shown strong momentum, becoming one of the most active protocols in the crypto space. As of February 5, 2025, the platform has accumulated transaction fees exceeding 2.76 million SOL and issued 7.5 million tokens, with over 98,000 tokens successfully launched on Raydium.

• In January 2025, tokens that were launched through Pump.fun accounted for 54% of the total transactions on Solana-based DEXs. The proportion of non-voting transactions on the Solana network also rose, reaching 25% in January 2025. This has played a significant role in boosting Solana’s overall network activity.

• The notable wealth effect has drawn more users to participate. For instance, Fartcoin’s price surged 105,118 times compared to its initial price on Pump.fun, and saw a 6,307-fold increase relative to its initial liquidity price on Raydium. Similarly, the prices of WOULD and arc tokens increased by 51,781 times and 36,391 times, attracting large numbers of speculators.
• After a brief surge, 99.69% of the memecoins issued on Pump.fun eventually fell back to their initial launch prices, ultimately returning to zero.
• New entrants, including projects like SunPump and Moonshot, are now competing in the memecoin launchpad space, but Pump.fun remains in the lead.
  
  
  (Click below to access the full report)
  
  
  Gate Research
  Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click the Link to learn more