{"id":20517,"date":"2024-05-15T10:30:38","date_gmt":"2024-05-15T10:30:38","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20517"},"modified":"2024-05-15T09:13:00","modified_gmt":"2024-05-15T09:13:00","slug":"memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/","title":{"rendered":"Memecoin Mania: Solana Dominates with Over 640,000 New Tokens Since April"},"content":{"rendered":"<p>On April 1,<strong> the Solana network<\/strong> launched over one million new tokens, the majority of which were memecoins. <strong>Solana has generated over 640,000 new tokens,<\/strong> while Ethereum has witnessed the birth of 370,000 new tokens. The Dune Analytics dashboard, which tracks the Solana-based memecoin platform, has identified 466,914 of the memecoins on Solana&#8217;s new tokens as mostly humorous internet memes.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/#Ethereums_Token_Boom\" title=\"Ethereum\u2019s Token Boom\">Ethereum\u2019s Token Boom<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/#Impact_on_Total_Value_Locked_TVL_and_Market_Trends\" title=\"Impact on Total Value Locked (TVL) and Market Trends\">Impact on Total Value Locked (TVL) and Market Trends<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/#Community_Reactions_and_Concerns\" title=\"Community Reactions and Concerns\">Community Reactions and Concerns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/#Memecoins_Profitable_Yet_Controversial\" title=\"Memecoins: Profitable Yet Controversial\">Memecoins: Profitable Yet Controversial<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Ethereums_Token_Boom\"><\/span>Ethereum\u2019s Token Boom<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>In the case of Ethereum, 372,642 new tokens have been in circulation since April 1.<\/strong> In summary, Coinbase launched 327,553 tokens, totaling 327,553, on its layer-2 blockchain base. Crypto enthusiasts, engrossed in creating <a href=\"https:\/\/coinengineer.net\/blog\/marketvector-launches-new-memecoin-index\/\">memecoins<\/a> during the low-cost network period, are responsible for this spike. Conor Grogan, the head of Coinbase, stated in a May 14 post on X that Ethereum produced twice as many tokens between 2015 and 2023.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Impact_on_Total_Value_Locked_TVL_and_Market_Trends\"><\/span>Impact on Total Value Locked (TVL) and Market Trends<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to L2beat, the memecoin fad has caused the<strong> Total Value Locked (TVL) on Base to increase by around 630%<\/strong> <strong>since the beginning of this year.<\/strong> The same thing is also on the other side, where CoinMarketCap&#8217;s list of the 500 new tokens added in the last 30 days reveals a dominance of memecoins.<\/p>\n<p>CoinGecko, a crypto analytics platform, has come up with a memecoin category that contains over 600 coins with a total market capitalization of $52. The latter of the 7 billion accounts for nearly half of Tether&#8217;s market capital.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Community_Reactions_and_Concerns\"><\/span>Community Reactions and Concerns<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Grogan&#8217;s post on X sparked a significant backlash from the crypto community, primarily due to the ongoing memecoin surge. One of the commenters called it a \u201cnet negative\u201d because of the increase in the number of scams and rug pulls; he\/she\/they stated that the money that could have been used for providing the help is now in the accounts of some scammers. The other individual posited that the surge in new memecoins serves as a form of spam for automated sniper bots.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Memecoins_Profitable_Yet_Controversial\"><\/span>Memecoins: Profitable Yet Controversial<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Although the memecoin has faced many protests, it has nevertheless been the most lucrative crypto story in the first quarter of this year, as claimed. However, research revealed that one in six new Base memecoins were scams, with 90% exhibiting vulnerabilities, intensifying the controversy surrounding these tokens.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 1, the Solana network launched over one million new tokens, the majority of which were memecoins. Solana has generated over 640,000 new tokens, while Ethereum has witnessed the birth of 370,000 new tokens. The Dune Analytics dashboard, which tracks the Solana-based memecoin platform, has identified 466,914 of the memecoins on Solana&#8217;s new tokens<\/p>\n","protected":false},"author":6,"featured_media":20518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[192,105,1332,319],"class_list":["post-20517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-blockchain","tag-ethereum","tag-memecoin","tag-solana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Memecoin Mania: Solana Dominates with Over 640,000 New Tokens Since April - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Over 1 million new tokens launched since April, with Solana leading in memecoins. Surge sparks debate on scams and market impact amid rising token creation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Memecoin Mania: Solana Dominates with Over 640,000 New Tokens Since April - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Over 1 million new tokens launched since April, with Solana leading in memecoins. Surge sparks debate on scams and market impact amid rising token creation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-15T10:30:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-15T09:13:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/05\/Solana-SOL.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"939\" \/>\n\t<meta property=\"og:image:height\" content=\"525\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/\",\"name\":\"Memecoin Mania: Solana Dominates with Over 640,000 New Tokens Since April - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/memecoin-mania-solana-dominates-with-over-640000-new-tokens-since-april\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/05\/Solana-SOL.jpeg\",\"datePublished\":\"2024-05-15T10:30:38+00:00\",\"dateModified\":\"2024-05-15T09:13:00+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"description\":\"Over 1 million new tokens launched since April, with Solana leading in memecoins. 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