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 onThe 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.
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