Solana has emerged as a dominant force in the crypto space, hosting over 87% of new tokens launched in 2024.
As of September 30, Solana has demonstrated its growing influence on decentralized exchanges (DEXs) by facilitating the creation of 96,010 new tokens out of a total of 110,180 tokens issued across all tracked blockchains.
Solana’s rise is evident as new token launches on its blockchain have steadily exceeded 100,000 per month by mid-year, from near zero in early 2024. While Solana is the leader in token launches, Base has also been a major player. The two blockchains have been in close competition since April, accounting for more than 80% of new token launches in 2024.
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The surge in token creation, particularly on Solana, is largely due to the rising popularity of memecoins. Platforms like Pump.fun have simplified the process of creating and issuing tokens, sparking a wave of speculative trading. While not all of the new tokens are memecoins, the majority appear to be capitalizing on the trend and capitalizing on the hype and social media influence.
But the rapid rise of memecoins also comes with risks. The recent launch of the MOODENG token on Solana serves as a cautionary tale. Despite the initial excitement, MOODENG’s performance has declined, highlighting the volatility and uncertainty in the memecoin market.
*This is not investment advice.
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