Ethereum

Solana

Step Finance

Base

April

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 <p class="paragraph">The cryptocurrency market has seen the creation of over one <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> new <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> in just 30 days. This explosive growth highlights the rapid development and increasing interest in digital assets.</p>
 <p class="paragraph">Ethereum (ETH) has seen 372,642 new <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> since April 1st, with 88% on Coinbase’s layer-2 blockchain, Base. Meanwhile, Solana (SOL) has witnessed a significant influx of new <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a>, driven by the popularity of memecoins. This unprecedented activity underscores the dynamic evolution of the crypto landscape.</p>
 <p class="paragraph"><em>Conor Grogan</em>, Coinbase Director, highlighted in an X (formerly Twitter) post that this number is double the number of tokens created on Ethereum between 2015 and 2023.&nbsp;</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">The Total Value Locked (TVL) on Base has surged&nbsp; by around 630% since early 2024, driven primarily by the memecoin mania.</p>
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    <p lang="en" dir="ltr">There were nearly 1 million new crypto tokens created in the last month, a number that is 2x the total number ever made on Ethereum from 2015-2023 pic.twitter.com/Dg7On7Muny</p>— Conor (@jconorgrogan) May 14, 2024
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 <p class="paragraph">Meanwhile, Solana has witnessed the creation of 643,227 new <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> within the same period, with a staggering 466,914 being memecoins. This translates to over 20,000 new Solana <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> being created every day.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="621" height="798" src="https://cdn.thebittimes.com/images/2024/05/15/85e5fb8627c25ff93f7156afedbc99d0.webp" alt class="wp-image-176115" srcset="https://cdn.thebittimes.com/images/2024/05/15/85e5fb8627c25ff93f7156afedbc99d0.webp 621w, https://cdn.thebittimes.com/images/2024/05/15/85e5fb8627c25ff93f7156afedbc99d0.webp 233w" sizes="(max-width: 621px) 100vw, 621px">
  <figcaption class="wp-element-caption"><em>New SPL tokens. Source: StepFinance</em>
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 <p class="paragraph">According to data from <em>Step Finance</em> and a<em> Dune Analytics</em> dashboard tracking Solana-based memecoins on <em>pump.fun</em>, the popularity of memecoins on Solana is evident.</p>
 <p class="paragraph">As per the report by <em>CoinGecko</em> , over 0.54 million new crypto tokens have been created in 2024 as of early April, averaging 5,300 new tokens launched daily this year.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="703" src="https://cdn.thebittimes.com/images/2024/05/15/656fc86eb9ee4a5a3832b846c410513e.webp" alt class="wp-image-176122" srcset="https://cdn.thebittimes.com/images/2024/05/15/656fc86eb9ee4a5a3832b846c410513e.webp 1024w, https://cdn.thebittimes.com/images/2024/05/15/656fc86eb9ee4a5a3832b846c410513e.webp 300w, https://cdn.thebittimes.com/images/2024/05/15/656fc86eb9ee4a5a3832b846c410513e.webp 768w, https://cdn.thebittimes.com/images/2024/05/15/656fc86eb9ee4a5a3832b846c410513e.webp 1226w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Number of tokens created quarterly on DEXs. Source:&nbsp; </em><em>coingecko.com/research</em> <br>
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 <p class="paragraph">Given that this is already more than half of the 0.83 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> new <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> <a rel="noopener noreferrer nofollow" title="launched" href="https://thebittimes.com/tag/launched.html">launched</a> last year, 2024 is on track to surpass 2023 in the number of new <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> onchain.</p>
 <p class="paragraph">It remains to be seen whether the absolute number of new tokens launched will continue to increase gradually or exponentially year-over-year, especially as the crypto industry seeks to bring more real-world assets onchain.</p>
 <p class="paragraph">With platforms like <em>Pump.fun</em> making it easier to launch tokens and onchain trading becoming more affordable, future memecoin seasons may lead to even greater spikes in new tokens.</p>
 <h2 class="wp-block-heading" id="h-industry-reactions-and-concerns">Industry reactions and concerns</h2>
 <p class="paragraph">The crypto community has had mixed reactions to this boom. On the one hand, memecoins have become a trend, capturing significant market attention.</p>
 <p class="paragraph">On the other hand, critics argue that the proliferation of memecoins leads to increased scams and rug pulls.</p>
 <p class="paragraph">They believe that the diversion of funds to these speculative tokens hampers investments in more legitimate projects.</p>
 <p class="paragraph">Additionally, the rise of sniper bots, which quickly acquire new memecoins hoping for rapid profits, has been a concern, contributing to the perception of memecoins as a volatile market segment.</p>
 <p class="paragraph">Despite these concerns, the creation of nearly one million new tokens in just a month is a significant milestone. While the popularity of memecoins drives significant activity, it also raises important questions about the sustainability and security of these new digital assets.&nbsp;</p>
 <p class="paragraph">As the market continues to evolve, stakeholders will need to navigate these complexities to ensure the long-term success of the cryptocurrency ecosystem.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>:</em><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-boom-1-million-new-tokens-launched-in-just-30-days-tbt88424.html">https://thebittimes.com/crypto-boom-1-million-new-tokens-launched-in-just-30-days-tbt88424.html</a></p>

Crypto boom: 1 million new tokens launched in just 30 days

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