Published on mei 19, 2024, 12:43 am
Image source: Fox News
```json { "TLDR": "Over 1 million new tokens introduced since April 1, with a significant number on Solana and Ethereum, mostly memecoins. Coinbase's Base saw a surge in token creation, particularly memecoins. Solana witnessed the launch of over 640,000 new tokens, including nearly 467,000 memecoins. The rise of memecoins has led to discussions about their impact on crypto values and concerns about scams, yet they have been profitable. The debate continues on whether meme coins are diverging from crypto ideals or fulfilling their intended role." } ```
Nearly half of the one million new tokens introduced since April 1 belong to memecoins created on the Solana network. The surge in token creation has seen over 370,000 new tokens on Ethereum and a significant spike of more than 640,000 new tokens, predominantly memecoins, launched on Solana.
During this period, Ethereum witnessed the birth of 372,642 new tokens, with a notable 88% taking place on Coinbase’s layer-2 blockchain Base. This growth was fueled by the increased interest in creating new memecoins within the community.
Conor Grogan from Coinbase highlighted in a post on X that the token creation rate surpassed that of Ethereum between 2015 and 2023. The total value locked (TVL) on Base has shown an impressive uptrend of around 630% since the onset of 2024, largely driven by the craze for memecoins.
Simultaneously, Solana saw the launch of 643,227 new tokens during this timeframe, wherein 466,914 were identified as memecoins according to data from Step Finance analytics platform. Additionally, a tracking dashboard by Dune Analytics focusing on Solana-based memecoin platform pump.fun recorded these trends.
Market platforms such as CoinMarketCap list the latest 500 tokens added within the last month; most featured being memecoins. CoinGecko has even established a dedicated category for memecoins with over 600 coins amounting to a total market capitalization of $52.7 billion – nearly half of Tether’s market cap.
While these developments have sparked discussions within the crypto community, especially regarding memecoins’ impact on crypto values and legitimacy, some individuals have voiced concerns about scams and manipulative practices prevalent within this market segment. However, despite reservations expressed by critics, data suggests that memecoins have proven to be a profitable narrative in the cryptocurrency realm during recent times.
In light of ongoing debates surrounding meme coins and their role in shaping crypto’s future trajectory – one must ponder: Are they betraying crypto’s ideals or truly serving their intended purpose?
Original article posted by Fox News
