The crypto market has been flooded with over 1M new crypto tokens since April, surpassing the total number of coins minted in almost a decade. Among these, Ethereum (ETH) saw a surge of over 370,000 new tokens, while Solana (SOL) witnessed the launch of more than 640,000 coins, predominantly memecoins.
Interestingly, a majority of the new Ethereum-based tokens were introduced on Base, the L2 network under Coinbase. Furthermore, the Total Value Locked (TVL) on Base multiplied sixfold since the beginning of 2024, with the memecoin frenzy largely responsible for this sudden uptick.
Meanwhile, Solana emerged as a hotspot for token creation, with a significant portion constituting memecoins. Data from blockchain statistics firm Dune Anaylytics revealed that Pump.fun, a Solana-based memecoin platform, contributed significantly to this surge.
