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When looking at the cryptocurrency market, it is observed that more than one million new tokens have emerged in just 30 days. This incredible increase highlights the rapid development of interest in crypto assets and the positivity in investors‘ approach to the sector.
Distribution of Created Cryptocurrencies
Ethereum (ETH) network has seen the creation of 372,642 new tokens since April 1, with 88% of them on Coinbase’s layer-2 blockchain Base. On the other hand, Solana (SOL) has seen the emergence of many new cryptocurrencies due to the popularity of memecoins.
Coinbase team Director Conor Grogan revealed in an X post that the mentioned number is twice the number of tokens that emerged on Ethereum between 2015 and 2023.
The Total Locked Value (TVL) on Base increased by approximately 630% since the beginning of 2024, influenced by the memecoin craze that emerged in March. Meanwhile, Solana saw the creation of 643,227 new tokens, 466,914 of which were memecoins, during the same period. This indicates that more than 20,000 new Solana tokens are created daily.
Looking at the Dune Analytics dashboard tracking Solana-based memecoins on Step Finance and pump.fun, it is evident how popular memecoins are on Solana. According to data provided by CoinGecko, more than 540,000 new crypto tokens emerged in 2024 as of early April, with an average of 5,300 new tokens entering the market daily this year.
The number of new tokens emerging this year marks more than half of the 830,000 new tokens that entered the market last year, and 2024 is on track to surpass 2023 in terms of the number of new tokens on-chain.
Uncertainty in the Cryptocurrency Sector
The reactions to this increase in the crypto community were mixed. While some believe that memecoins have initiated a new process, critics argue that the widespread adoption of memecoins has led to an increase in fraud.
It is also discussed that investing in these speculative assets prevents investments in more acceptable projects.
Despite all these concerns, the emergence of approximately one million new tokens in just one month marks a significant milestone. The popularity of memecoins paves the way for significant market activity, while also raising questions about sustainability and utility.
