Over 1 million new tokens launched since April

Last Updated: May 15, 2024 02:41 EDT | 2 minute read

Since the beginning of April, the cryptocurrency market has seen the launch of over 1 million new tokens.

Ethereum AND Solanain particular, they have been at the forefront of this token frenzy, with Ethereum hosting over 370,000 new tokens and Solana boasting a staggering 640,000 new tokens, mostly made up of memecoins, according to a Dune Analytics control Panel.

Since April 1, a staggering 372,642 new tokens have emerged on the Ethereum network.

The Coinbase base attracts the majority of new tokens

Note that 88% of these tokens, equal to 327,553, were launched on CoinBaseLevel 2 blockchain base of.

The increase in activity on the Layer 2 network can be attributed to the growing interest in memecoins, as users are attracted to the low-cost environment to create these types of tokens.

In fact, Coinbase director Conor Grogan pointed out that the number of tokens created on Base in this short period of time is double the total number of tokens created on Ethereum between 2015 and 2023.

At the same time, Solana has seen a significant influx of new tokens, with a staggering 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 pump.fun platform 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 scams.

Critics see 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 real potential.

The surge in new memecoins has also raised concerns about spam and the use of precision bots.

These automated bots, designed to quickly acquire new memecoins in hopes of profiting from a potential breakout, have been seen as a hindrance to the ecosystem.

They contribute to the perception of memecoins as a speculative and volatile segment of the market.

Despite the criticism and concerns related to memecoins, they proved to be a profitable strategy in the first quarter of the year.

Solana Meme Coin season pre-sales rack up $150 million

The surge in Solana meme coin pre-sale scams comes as these events have accumulated a the incredible sum of 150 million dollars in SOL from only 33 presales.

Despite the allure of quick profits, analysts have pointed out that many of these projects, often promoted by smaller accounts, are dubious or outright scams.

Additionally, the lack of transparency and accountability within the meme coin space on Solana increases risk for investors due to the prevalence of “rug pulls” and disappearing funds.

Andrei Grachev, managing partner of DWF Labs, also recently warned against such token presales.

“This ‘send coins to this address for presale’ reminds me of the ICO boom of 2017,” he wrote on X.

“It always happens when many people become rich by accident. It would be FOMO until the money changes hands. Remember, you made money because someone made bad decisions.

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