One Million Crypto Tokens Launched in a Month
The crypto community created over one million tokens across all chains in the past month. Solana and Ethereum led the crypto token frenzy. According to Coinbase’s director, these numbers doubled the tokens created in Ethereum between 2015 and 2023.
Over 22,000 New Crypto Tokens Created Daily
Coinbase’s director, Connor Grogan, disclosed that 1 million tokens have been launched since April 1, 2024. The Ethereum Network accounted for 36% of this total, with 372,642 tokens launched in the past month and a half. Dune Analytics reported that 327,553 tokens, approximately 88% of the total, were launched on the Layer-2 blockchain Base, driven by the memecoin craze.
- Ethereum and Arbitrum had a smaller number of new tokens, with 21,474 and 19,284 respectively.
- Solana emerged as the leader with 643,227 tokens created since April 1. Out of these, 464,563 were memecoins, with an average of 20,000 new tokens daily.
Solana Breaks All-Time High in New Tokens
Solana reached a new all-time high in newly created tokens, with 23,000 tokens on a particular Monday. This surge was attributed to the market pump led by the return of renowned crypto trader Roaring Kitty. The comeback sparked the creation of several new memecoins, driving the surge of top-performing tokens.
The Continued Token Frenzy
Grogan emphasized that the current token creation wave is just the beginning of a larger trend. The crypto market will see an influx of new supplies and tokens, with various categories projected to experience a surge in token creation:
- Modular Infrastructure protocols
- Liquid Restaking Tokens (LRTs)
- Bridges and Cross-Chain Messaging solutions
- Perpetual Decentralized Exchanges (DEXes)
Downward Trends in Low-Float Tokens
DeFi researcher Ignas highlighted a list of recently launched low-float tokens shared by Hartvigsen that have experienced an average 63.6% decrease. Tokens like JUP, ONDO, and STRK saw significant drops of 49.2%, 30.5%, and 74.2% from their all-time high prices.
Hot Take: The Future of Token Creation
The crypto token creation trend continues to surge, with Solana and Ethereum leading the way. As the market evolves, new categories of tokens will emerge, shaping the future of decentralized finance and blockchain technology. Stay tuned for more exciting developments in the world of cryptocurrency tokenization.
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