Over 1 Million Cryptocurrencies Launched Since April
15 May, 2024 ● Crypto News
Since the beginning of April, more than one million new tokens have emerged, with the Ethereum and Solana networks experiencing significant growth.
Ethereum saw the creation of 372,642 new tokens, 88% of which debuted on Coinbase’s layer-2 blockchain, Base.
This surge in new tokens on Base is largely due to a wave of degens leveraging the low-cost network to create new memecoins.
Coinbase director Conor Grogan mentioned in a May 14 post on X that the number of tokens launched since April on Base is double the amount created on Ethereum from 2015 through 2023.
The total value locked (TVL) on Base has increased by approximately 630% since the start of 2024, as reported by L2beat.
This growth is primarily fueled by the rising interest in memecoins.
In the same period, Solana saw the introduction of 643,227 new tokens, as per data from Step Finance.
A Dune Analytics dashboard indicates that out of these, 466,914 were memecoins, launched on the Solana-based memecoin platform, pump.fun.
CoinMarketCap has recently listed the 500 newest tokens added to its platform in the past 30 days, most of which are memecoins.
CoinGecko has introduced a memecoin category, currently listing over 600 coins with a combined market capitalization of $52.7 billion — nearly half that of Tether.
Grogan’s post on X elicited a range of negative feedback from the crypto community, with many critics arguing that memecoins detract from the values of cryptocurrency.
One commenter described the influx as a “net negative” due to the increase in scams and rug pulls, lamenting the real money that could have been invested in more substantial, legitimate projects.
They added, “Instead, it’s now in the hands of the scammer, who will cash it into fiat.”
Others characterized the surge in new memecoins as “spam to farm sniper bots,” which are programmed to automatically purchase new memecoins in anticipation of a price surge.
Despite the backlash, memecoins emerged as the most profitable crypto narrative in the first quarter.
Sources:
https://cointelegraph.com/news/over-one-million-new-tokens-memecoins-launch-april-solana-base
https://twitter.com/jconorgrogan/status/1790385292446400623
https://l2beat.com/scaling/projects/base
https://analytics.step.finance/performance
https://dune.com/hashed_official/pumpdotfun
https://coinmarketcap.com/new/
https://twitter.com/TalentedGamblrs/status/1790449476928434278
