Solana emerged as a powerhouse in the crypto space, accounting for 96,010 out of a total of 110,180 new tokens launched across all tracked blockchains.
This impressive figure means that Solana represents over 87% of all new tokens appearing on decentralized exchanges, showcasing its growing influence in the market. The question is it’s worth it?
Growth: rapid. Market: dominated.
The rise of Solana is evident in the unbelivable increase in new tokens, which went from almost none at the start of 2024 to consistently exceeding 100,000 per month by mid-year.
While Solana is clearly in the lead, another blockchain, the Base is also pretty active.
Since April, these two chains have competed to see who can launch more tokens, together making up more than 80% of all new token launches.
This situation highlights the competition in the market and how preferences among token creators and traders are shifting.
Memecoins, of course
The jump in new tokens on Solana is largely due to the growing popularity of memecoins.
Platforms like pump.fun simplified the process for users to create and launch their own tokens, sparking a wave of speculative trading.
While not every new token is a memecoin, many likely fall into this category, benefiting from hype and social media excitement.
Risk business
The excitement surrounding memecoins is undeniable, but there are important warnings to consider.
The launch of MOODENG on Solana illustrates the volatility and risks involved in this market, as after an initial burst of interest, MOODENG’s performance has struggled, reminding everyone that even the most talked-about memecoins can face hard challenges in achieving long lasting success.
As we enter the last quarter of 2024, all eyes will be on Solana to see if it can keep its strong position in new token launches.
Will the memecoin trend continue to thrive, or are we nearing a point where too many tokens could flood the market?
Many says we are already past that point, and there is no turning back.
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