The wild world of memecoins may look like a gold rush for retail investors, but new research shows the bigger payday is happening elsewhere.
According to Galaxy Research, the platforms that launch, trade, and automate these tokens are quietly raking in hundreds of millions while most speculators end up holding losses.
Instead of being driven by long-term communities or utility, the memecoin trade has become dominated by bots and scalpers. On Solana, where activity is most intense, the average lifespan of a trade has shrunk to under two minutes – a clear signal that automation, not human conviction, is steering the market.
One striking beneficiary is Axiom, a lean trading service with fewer than ten staff that has already collected more than $200 million in fees. Other players like BONKbot and Trojan are profiting by charging users for sniping capabilities that can grab tokens the instant they go live.
At the center of this ecosystem sits Pump.fun, the Solana-based launchpad that has industrialized token creation. Nearly 13 million of Solana’s 32 million tokens now trace back to Pump.fun, and the combined value of its projects has ballooned to almost $5 billion. In September, it handled over a billion dollars in trading in just a single day.
The platform has even launched its own coin, PUMP, which raised $500 million in minutes during its July sale. Revenue figures are equally dramatic – DefiLlama data shows around $120 million in fees in the past month alone.
Galaxy’s report suggests that while memecoins remain culturally explosive and capable of drawing waves of new users into crypto, the sustainable business is being built around the infrastructure. In other words, the casinos are cashing in far more reliably than the gamblers.
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Source: https://coindoo.com/the-hidden-winners-of-the-memecoin-boom-platforms-not-traders/