Ethereum and Solana Lead with Over 1 Million Crypto Tokens Launched Since April

Ethereum,-BNBChain,-or-Solana-How-are-L1s-handling-the-Bear-Market
  • Over 1 million new crypto tokens have been launched since April 1, with 372,642 on Ethereum and 643,227 on Solana.
  • 88% of new Ethereum tokens were created on Coinbase’s layer-2 blockchain, Base.
  • 466,914 of the new Solana tokens are memecoins, highlighting Solana’s dominance in memecoin creation.

Since April 1, over 1 million new crypto tokens have been launched, with the Ethereum network accounting for 372,642 of these tokens. A significant portion of these tokens, 88%, were created on Coinbase’s layer-2 blockchain, Base. 

Read CRYPTONEWSLAND on Google News google news

The low-cost network has managed to attract a large number of developers and followers, resulting in a rise in activity, particularly with memecoins.The number of tokens generated on Ethereum has more than doubled From 2015 to 2023. Coinbase director Conor Grogan noted this recently on X platform citing that there were 20k+ tokens created each day on Solana.

Solana Dominates Memecoin Creation

Solana has seen the creation of 643,227 new tokens during the same period, according to Step Finance. Of these, 466,914 were memecoins, launched on the Solana-based memecoin platform pump.fun. This rapid growth in token creation on Solana highlights its popularity for developing new memecoins, surpassing Ethereum in the sheer number of tokens launched.

The rapid increase in memecoin creation has sparked varied reactions from the crypto community. Some express concern over the proliferation of scams and rug pulls, suggesting that the focus on memecoins diverts investment from more substantial projects. Despite this, memecoins have proven to be highly profitable in the first quarter, driving activity and interest within the cryptocurrency market.

Read Also:

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

related posts