- Solana has dethroned Ethereum as the best memecoin launchpad.
- In May, memecoins surged on Solana with nearly 500,000 released.
- One website was the main driving force behind Solana’s token boom.
Memecoin is once again in the spotlight, attracting the attention of traders and developers alike looking to capitalize on this trend. Solana is one of the best chains to benefit from due to its low fees and ease of use.
Most recently, the chain overtook Ethereum in terms of the number of tokens created on the chain. Notably, in May, users minted nearly 500,000 tokens on the Solana chain. This was thanks to one app that allowed anyone to generate Solana tokens almost instantly.
Solana users minted 455,000 tokens in May
In May, Solana experienced a surge in new token creation, reaching an astonishing figure of 455,000. This figure surpasses the number of new tokens on Ethereum during that period, which was 177,000. At one point, the chain reached 20,000 new tokens per day.
A significant portion of newly minted tokens were memecoins, and users were looking to capitalize on this trend. The success of Solana-based memecoins like Dogwifhat, Bonk, and Book of Meme has led others to try to emulate their model.
But what made Solana the most attractive platform for memecoins was how easy it was to launch the token. Especially thanks to websites that make token creation easier than ever.
Pump.fun drives the Solana token craze.
In recent months, the Pump.fun website has gained popularity as it allows anyone to create tokens with just a few clicks. This has significantly lowered the barrier to entry for new tokens, leading to an explosion of new memecoins.
Additionally, Solana’s low fees are also advantageous in terms of memecoins. Ethereum smart contracts typically require gas fees of around a few thousand dollars, excluding initial liquidity. On the other hand, deploying a smart contract on Pump.fun costs 0.02 SOL, which is equivalent to $3.3 at current prices.
With such a huge difference in distribution costs, it’s no wonder many memecoins are moving to Solana. In particular, political memecoins like Jeo Boden and Doland Tremp, taking advantage of the upcoming US elections, have been launched through this platform.
On the flip side
- As the number of new memecoins increases, the risk of rug pulls, hacks, and scams increases. Scammers can generate hundreds of memecoins per day, while inexperienced teams can fall victim to hacking.
- The sheer volume of new tokens raises concerns about market saturation. With so many tokens being launched every day, realistically only a few will succeed.
Why This Matters
The ease of creating tokens on Solana, especially via Pump.fun, and the low fees have made Solana a hotbed for memecoins. This new activity could increase demand for SOL, further solidifying its position as a DeFi platform.
Learn more about the dark side of Solana memecoin:
Disastrous Memecoin stunt landed Solana Dev in the hospital.
Learn more about Doge Ordinals.
Doge Ordinals are now available for EMV thanks to Dogechain’s PawPort.