Nearly 1 Million new crypto tokens have been launched on Ethereum and Solana blockchain since the start of April.
The crypto and memecoin fever sure is high. Over 1 million new crypto tokens have been created since April. Over 370,000 new tokens were introduced on the Ethereum network whereas the Solana blockchain saw the birth of around 640,000 new tokens.
Crypto Market Welcomed 1 Million New Crypto Tokens
Since April 1, around 370,000 new tokens have been introduced on the Ethereum (ETH) network among which 88% launched on Coinbase’s layer-2 blockchain Base. Optimism, Blast, and Arbitrium are other platforms that contributed to new crypto token development.
The market was bullish at the time of writing, with ETH at $2,944.37, after a 1.70% intraday spike. Solana (SOL), on the other side, trading at $148.54 after a 1.20% surge in 24 hours.
Interestingly, the numbers are almost double the number of tokens launched between 2015 and 2023. On March 14, Conor Grogan, the director at Coinbase shared the facts over X.
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
— Conor (@jconorgrogan) May 14, 2024
Solana blockchain, on the other hand, introduced over 640,000 new tokens in the same period, among which 466,914 were memecoins. Furthermore, approximately 20k+ new crypto tokens were created on Solana each day.
According to StepFinance, the blockchain created 131,112 new tokens in the past week, and over 1,531,006 within 1 year. Apart from this, Solana also generated 9,500,362 new Non-fungible tokens (NFTs) in the past 1 year.
A Look At New Members Of Crypto Community
As the crypto market has introduced a lot of new tokens, CoinMarketCap added many of the new cryptocurrencies.
GameStop 2.0 (GME2.0), CyberTrump (CYBERTRUMP), and Game of Memes (GOME) are a few of the recently added tokens on the Solana network. At press time, GME2.0 was trading at $0.0000003336, CYBERTRUMP was trading at $0.00171 and GOME was standing at $0.001836.
New Cryptocurrencies I Source: CoinMarketCap
Uncovering the newly added tokens on Ethereum or Layer-2 blockchain, Doomer (DOOMER), HIRO (HRT), and GameStop (GME) are on the top. At the time of writing, DOOMER was trading at $0.0005163, HRT at $0.367, and GME was standing at $0.000007692.
Ethereum Vs Solana: All About The Performance
Ethereum and Solana are top players in the list of new token launches, giving tough competition to each other.
Chain Comaprision I Source: DefiLlama
In the last 24 hours, the Total Value Locked (TVL) recorded by Ethereum was over $51.689b with $1.297 Billion in volume and 1.2 Million transactions. Solana, alternatively, documented $4.088 Billion in TVL and 26.24 Million.
