Over 1 Million New Tokens Launched Since April, Ethereum and Solana Lead the Way
The cryptocurrency market has witnessed the launch of over 1 million new tokens since the beginning of April.
Ethereum and Solana, in particular, have been at the forefront of this token frenzy, with Ethereum hosting over 370,000 new tokens and Solana boasting an impressive 640,000 new tokens, mostly consisting of memecoins, according to a Dune Analytics dashboard.
On the Ethereum network, a staggering 372,642 new tokens have emerged since April 1.
It’s worth noting that 88% of these tokens, amounting to 327,553, were launched on Coinbase‘s layer-2 blockchain Base.
The surge in activity on the layer-2 network can be attributed to the growing interest in memecoins, as users are drawn to the low-cost environment for creating these types of tokens.
In fact, Coinbase director Conor Grogan highlighted that the number of tokens created on Base within this short timeframe is double the total tokens created on Ethereum between 2015 and 2023.
Simultaneously, Solana has seen a significant influx of new tokens, with an astounding 643,227 tokens created since April.
Among these, approximately 466,914 tokens were memecoins, according to data from Step Finance.
The popularity of memecoins on Solana is evident, as a dedicated dashboard tracking the number of new tokens launched on the Solana-based memecoin platform pump.fun confirms the trend.
The rise of memecoins has sparked mixed reactions within the crypto community.
Some argue that the proliferation of memecoins has had a negative impact on the industry, leading to an increase in scams and rug pulls.
Critics view the abundance of memecoins as a diversion of funds from more legitimate projects. They argue that scammers now hold real money that could have been invested in projects with
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