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Here’s how many new tokens and meme coins have emerged on Ethereum and Solana since April 1st
Since the beginning of April, more than one million new tokens have been created, with over 370,000 appearing on Ethereum, thanks to activity on Coinbase’s Layer 2 network, Base.
Solana is a leader in the creation of over 640,000 new tokens, mostly meme coins.
Base sees increased user activity
According to data As shared by Coinbase director Conor Grogan, 372,642 new tokens have been launched on the Ethereum network alone since April 1, with 88% of them on Coinbase’s Layer 2 blockchain, Base.
This surge in activity on the Layer 2 network is driven by users flocking to the low-cost platform to create new meme coins. Interestingly, the number of tokens created on Ethereum in this short period is double the total number launched between 2015 and 2023.
Base saw a pickup in user activity this quarter. This is evident in Franklin Templeton’s recent report that highlighted that blockchain has gained significant popularity from SocialFi applications such as Friend.Tech. He discovered that several important cryptographic-based social applications are being built on the Layer 2 network.
Base, in fact, processes around 46% of all SocialFi transactions, making this sector vital to the network’s adoption and growth, according to the asset manager’s statistics.
More data from L2BEAT revealed that Base is currently positioned as the third largest Ethereum Layer 2 network, boasting $5.48 billion in total value locked (TVL).
New users on Base have increased steadily since the beginning of the year, but have gained significant popularity since March. Dune Analytics data indicated that the daily number of network users increased from 4.6 million in March to 8.9 million in May, reflecting a 92.86% increase in just two months.
Solana meme coin explosion
Meme coins made up the majority of the 643,227 new tokens created on Solana in the same period. Some of those that have seen huge gains are dogwifhat (WIF), Bonk (BONK), and Slerf (SLERF), among others.
In addition to the hype of Bitcoin ETFs, meme coin mania has played a crucial role in the current market cycle. Many operators in the sector have done so advertised consequently this cycle is “bizarre”. However, most of these tokens have since collapsed or become worthless, with meme coin scams widespread not only on Solana but also on Base.
Meanwhile, CryptoQuant co-founder Ki Young Ju recently spoke out warned against the hype around meme coins, stating that these resources often overshadow the efforts of dedicated teams working on legitimate products that could advance the industry’s progress.