Over One Million New Tokens Have Been Released Since April

Close to half of the newly launched tokens, totaling over one million since April 1st, are memecoins generated on the Solana network.

Azcnews Over One Million New Tokens Have Been Released Since April

Since the beginning of April, more than 1 million new tokens have been created. Among them, there are more than 370,000 new tokens on Ethereum and more than 640,000 new tokens on Solana, mainly memecoins.

On Ethereum, a total of 372,642 new tokens were issued, of which 88% (i.e. 327,553 tokens) were launched on Coinbase Layer 2 Chain Facility. This boom mainly comes from developers creating new memecoins on layer 2 networks to benefit from low transaction costs. According to L2beat, the total value locked (TVL) on Base has increased by approximately 630% since the beginning of the year, mainly due to the strong growth of memecoin.

e9e283c2 3378 4be6 9071 e150c89f8099New tokens launched on Ethereum and related blockchains. Source: Dune Analytics

Meanwhile, on Solana, there were 643,227 new tokens created during the same period. Of these, 466,914 are memecoins, according to data from analytics platform Step Finance and the Dune Analytics dashboard.

CoinMarketCap listed the 500 newest tokens added to their platform in the past 30 days, with the majority being memecoins. The CoinGecko platform, one of the go-to places for cryptocurrency analysis, currently has a separate category for memecoins, with over 600 listed and a total market capitalization of $52.7 billion. This is almost half of Tether’s total value.

237560d0 3129 462f 9295 0063c35ecd76

More than 640,000 new tokens have been launched on Solana since April 1. Source: Step Finance

Grogan’s post caused a wave of negative reactions from the cryptocurrency community. Many people believe that memecoin has caused many problems for the value of cryptocurrencies. One commenter called it a “net negative,” agreed that the money could be used for larger projects, and objected to its use for memecoin, noting that it is now in the hands of scammers.

Related: 280 Million XRP Transferred Amid New Developments in Ripple vs. SEC Case

Others see the rise of new memecoins as “snipping bots from the farm”, pointing out that there are many projects designed to automatically collect new memecoins in the hope of profit.

In April, an investigation revealed that one in six new memecoins on Base were scams and more than 90% of them contained vulnerabilities. Despite criticism, memecoin remained one of the most profitable crypto stories in the first quarter of the year..

(3 votes)

4.7/5

(3 votes)
  1. Avatar of Halima dahiru abdullahi
    Halima dahiru abdullahi

    I want to know more about this

  2. Avatar of Halima dahiru abdullahi@hotmail.com
    Halima dahiru abdullahi@hotmail.com

    I

  3. Avatar of Halima dahiru abdullahi
    Halima dahiru abdullahi

    What I am going to do

Comments are closed.

Latest

Crypto Market Faces Volatility Ahead Of Trump Tariff Pause Expiration

News | Editor Choice | Policy & Regulations

Crypto Market Faces Volatility Ahead of Trump Tariff Pause Expiration

The crypto market is entering a sensitive phase as the Trump tariff pause nears its end and nearly $15 billion in Bitcoin options are set to expire, putting significant pressure on investor sentiment.

Pi Coin Faces Selling Pressure Ahead Of Pi2day

News | Editor Choice | Pi Network

Pi Coin Faces Selling Pressure Ahead of Pi2Day

Ahead of the Pi2Day event on June 28, Pi Coin is under strong selling pressure while Pi Network announces a series of new updates, including the KYC Sync feature and upgrades to the Pi Browser aimed at improving user experience and accelerating the transition to Mainnet.

Bitcoin Could Drop To $100,000 Soon

Bitcoin | Editor Choice

Bitcoin Could Drop to $100,000 Soon

Although Bitcoin has surged following the stabilization of the Middle East situation, it could still fall below the 100,000 USD mark in the near future.

Coinbase Stock Hits New High As Analysts Split On Future Rally

News | Altcoin | Editor Choice | Policy & Regulations

Coinbase Stock Hits New High as Analysts Split on Future Rally

Coinbase (COIN), the crypto exchange giant, has just set a new all-time closing high, despite growing concerns that the stock may be due for a short-term correction.

Ai Crypto App Users Double This Year

Editor Choice | Altcoin

AI Crypto App Users Double This Year

According to a report from DappRadar, there are approximately 4.5 million wallets using AI applications on the blockchain, marking an 86% increase this year.