Since the beginning of April, over 1 million new tokens have been created, with over 370,000 new tokens being created on Ethereum and over 640,000 new tokens (mainly memecoins) on Solana.
Since April 1, 372,642 new tokens have been launched on the Ethereum network, with 88% of them launched on Coinbase’s layer 2 blockchain base. Layer 2 networks have seen an explosion of activity as degen flock to low-cost networks to develop new memecoins.
Coinbase executive Conor Grogan cited similar figures in a May 14 report. post This is double the number of tokens created on Ethereum between 2015 and 2023, X stated.
According to L2beat, the total value locked in Base (TVL) has surged approximately 630% since the beginning of 2024. This was largely driven by wider enthusiasm for memecoins.
Meanwhile, 643,227 new tokens were created on Solana during the same period, according to data from analytics platform Step Finance.
According to the Dune Analytics dashboard, which tracks the number of new tokens launched on Solana-based memecoin platform Pump.fun, of the total 643,000 new tokens launched on Solana, 466,914 were memecoins.
CoinMarketCap lists the 500 newest tokens it added to its platform in the last 30 days, most of which are memecoins.
Cryptocurrency analytics platform CoinGecko currently has a memecoin category that lists over 600 coins and has a total market capitalization of $52.7 billion. This is almost half of the market capitalization of Tether (USDT).
Related: Pepe hits all-time high, memecoin surges after famous GameStop stock trader ‘gives back’
Grogan’s
1 comment author called This is a “net negative” due to the proliferation of scams and fraudulent activities. That’s real money that could be put into larger “legitimate” projects, he added, “and instead it will now end up in the hands of fraudsters to be cashed out for fiat.”
etc labeled It’s a “spam-to-farm sniper bot” designed to automatically pump out new memecoins in the hope that the number of new memecoins will skyrocket.
A Cointelegraph investigation in April found that one in six new Base memecoins were fraudulent and more than 90% had vulnerabilities.
Despite their outrage, memecoins were the most profitable cryptocurrency story in the first quarter. This is what Cointelegraph reported last April.
magazine: Meme Coin: A Betrayal of Cryptocurrency Ideals… Or its true purpose?