Ethereum and Solana networks experience unprecedented token growth

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.
Dot
May 15, 2024
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Photo Source: Nick Chong (Unsplash)

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.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


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.

Ethereum and Solana networks experience unprecedented token growth

HomeAltcoins
Contents
Photo Source: Nick Chong (Unsplash)

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.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


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.

Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

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.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


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.

Written by
Ayush Pande