Over 1 Million New Tokens Launched Since April - Ethereum and Solana Lead the Charge

IconCNT15 May, 2024

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Over 1 Million New Tokens Launched Since April - Ethereum and Solana Lead the Charge

Since April 1, over 1 million new tokens have been introduced to the crypto market. Ethereum and Solana have been leading the charge in this token proliferation, with 372,642 and 643,227 new tokens launched on their respective networks. On Ethereum, the majority of these new tokens (88%) were launched on Coinbase's Layer 2 blockchain, Base. This is likely due to the lower network fees associated with Layer 2 networks, which has made them attractive to developers of new meme coins. On Solana, over 466,000 of the new tokens launched were meme coins. This suggests that the Solana network has become a popular destination for the creation and trading of these types of tokens.

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