Solana, Hosting more than 87% of new tokens launched in 2024 cryptocurrency emerged as a dominant force in the field.
As of September 30, Solana demonstrated its growing influence on decentralized exchanges (DEXs) by enabling the creation of 96,010 new tokens out of a total of 110,180 issued across all tracked blockchains.
Solana’s rise is evident as new token launches on the blockchain rose from near-zero levels in early 2024 to consistently exceed 100,000 per month by mid-year. While Solana has been 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.
The increase in token creation, especially on Solana, is largely due to the growing popularity of memecoins. Platforms like Pump.fun fueled a wave of speculative trading by simplifying the process of creating and issuing tokens. Although not all of the new tokens are memecoins, the majority seem to be capitalizing on this trend, capitalizing on the excitement and social media influence.
However, the rapid rise of memecoins also brings risks. The recent launch of the MOODENG token on Solana provides a cautionary example. Despite the initial excitement, MOODENG’s performance declined, revealing the volatility and uncertainty in the memecoin market.
*This is not investment advice.
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