Throughout 2024, the Solana network witnessed an astonishing increase in the realm of decentralized applications (DApps), primarily driven by the rise of meme cryptocurrencies. According to a specialized report, DApps built on Solana generated profits amounting to $365 million in November 2024, with meme coins leading this exponential growth.
Meme-based digital currencies emerged as the main revenue catalysts for DApps on Solana during 2024. In January, applications dedicated to memecoins generated around $600,000 in economic inflows. In November, this figure skyrocketed to $183 million, representing an increase of over 300 times. Together, the crypto meme DApps accumulated $509 million in 2024, accounting for 83.7% of total DApp revenues on Solana.
Among the various DApps, Pump.fun stood out as it became the first application on Solana to surpass the $100 million mark in monthly revenue, reaching $106 million in November. Despite controversies related to inappropriate content, Pump.fun managed to maintain a dominant position in the market. However, the platform experienced a 66% decline in its weekly revenue, dropping from $33.8 million to $11.3 million in the last week of November.
In addition to Pump.fun, other platforms like Photon, a token discovery tool, and Raydium, a decentralized exchange (DEX), also contributed significantly to Solana's gains. Telegram bots, often used by crypto meme traders, generated $300 million in revenue this year, placing them just behind the memecoin DApps.
