{"id":13540,"date":"2024-05-15T16:24:36","date_gmt":"2024-05-15T13:24:36","guid":{"rendered":"https:\/\/forklog.com\/en\/over-1-million-new-tokens-emerge-on-blockchains-since-april\/"},"modified":"2024-05-15T16:24:36","modified_gmt":"2024-05-15T13:24:36","slug":"over-1-million-new-tokens-emerge-on-blockchains-since-april","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/over-1-million-new-tokens-emerge-on-blockchains-since-april\/","title":{"rendered":"Over 1 Million New Tokens Emerge on Blockchains Since April"},"content":{"rendered":"<p>In the past six weeks, more than 1 million new coins have been created. Of these, over 370,000 were launched on Ethereum, while 640,000 appeared on Solana, according to data from <a href=\"https:\/\/dune.com\/queries\/3729319\/6272382\">Dune<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/agT5uKH-zrUQz-LgeGxiiRyUtJFsrgR9f_JJ36752vUEdU8p75Cak47weBJgHipo80FSUa8Rm_wNKoy1g8gv9tmmNY_Nt84asJLIB3UTksoEgjGpzU6DH1c24-QgUV5e7rLGbBTxBiylwtISqEqw2yo\" alt=\"Over 1 Million New Tokens Emerge on Blockchains Since April\"\/><figcaption class=\"wp-element-caption\">Number of new coins across various blockchains. Data: Dune.<\/figcaption><\/figure>\n<p>Since April 1, the Ethereum network has seen the creation of 372,642 tokens, 88% of which were launched on the L2 solution Base. This surge is likely driven by low transaction costs and the hype surrounding meme tokens.<\/p>\n<p>Coinbase Director Conor Grogan highlighted a similar figure, noting that this number is twice as large as the total from 2015 to 2023.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">There were nearly 1 million new crypto tokens created in the last month, a number that is 2x the total number ever made on Ethereum from 2015-2023 <a href=\"https:\/\/t.co\/Dg7On7Muny\">pic.twitter.com\/Dg7On7Muny<\/a><\/p>\n<p>\u2014 Conor (@jconorgrogan) <a href=\"https:\/\/twitter.com\/jconorgrogan\/status\/1790385292446400623?ref_src=twsrc%5Etfw\">May 14, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to <a href=\"https:\/\/l2beat.com\/scaling\/projects\/base\">L2BEAT<\/a>, the volume of locked funds on Base has increased by approximately 630% since the beginning of 2024.<\/p>\n<p>Analytical platform <a href=\"https:\/\/analytics.step.finance\/performance\">Step Finance<\/a> reports that 643,227 new tokens have been created on Solana since the start of April.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/T5i9vgJNFi7SMEqponu5wKhENM2TSplfF_qwnolb9dUgXpOqZRd1TATgUm4E-7iwE3RH3vTj4iDOO-i4iOAibb6ZxzwMvy4W4S8Rp8SdH-NlvBedcB_9kEVsvZxEw9aBqCoxIyiUA4VsalPOLB5OALw\" alt=\"Over 1 Million New Tokens Emerge on Blockchains Since April\"\/><figcaption class=\"wp-element-caption\">Dynamics of new token creation on Solana. Data: Step Finance.<\/figcaption><\/figure>\n<p>Another dashboard from <a href=\"https:\/\/dune.com\/hashed_official\/pumpdotfun\">Dune<\/a>, which tracks assets on the Solana-based platform pump.fun, indicates that 466,914 of the new coins were meme tokens.<\/p>\n<p><a href=\"https:\/\/coinmarketcap.com\/new\/\">CoinMarketCap<\/a> listed 500 recently added tokens, most of which were also meme coins. <a href=\"https:\/\/www.coingecko.com\/en\/categories\/meme-token\">CoinGecko<\/a> counts 614 such assets with a total capitalization of $55.4 billion.<\/p>\n<p>Under Grogan&#8217;s post, community members saw the sharp rise in meme coins as a &#8220;net negative&#8221; leading to the spread of scams.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">but that\u2019s even worse<br \/>\u2800<br \/>They launch, rug retail for a few eth<br \/>\u2800<br \/>That\u2019s real money that could have went into bigger \u201clegit\u201d projects<br \/>\u2800<br \/>Instead it\u2019s now in the hands of the scammer, who will cash it into fiat<br \/>\u2800<br \/>Net negative, don\u2019t let anyone gaslight you otherwise<br \/>\u2800<br \/>Dilution\u2026<\/p>\n<p>\u2014 Talented Gamblers (@TalentedGamblrs) <a href=\"https:\/\/twitter.com\/TalentedGamblrs\/status\/1790449476928434278?ref_src=twsrc%5Etfw\">May 14, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThat\u2019s real money that could have gone into bigger \u2018legit\u2019 projects. Instead, it\u2019s now in the hands of the scammer, who will cash it into fiat,\u201d wrote Talented Gamblers.<\/p>\n<\/blockquote>\n<p>Others <a href=\"https:\/\/twitter.com\/KHoleCrypto\/status\/1790468240499524039\">considered<\/a> this situation as &#8220;spam for sniper bot farming,&#8221; aimed at automatically purchasing new meme coins in hopes of a sharp rise.<\/p>\n<p>Previously, Messari&#8217;s head of research, Martje Bas, <a href=\"https:\/\/u1f987.com\/en\/news\/messari-labels-meme-tokens-as-a-trojan-horse\">stated<\/a> that meme tokens will remain a vital part of the crypto industry and potentially evolve into a new asset class. She described them as a &#8220;Trojan horse&#8221; for the next era of native consumer applications.<\/p>\n<p>Back in March, CryptoQuant founder and CEO Ki Young Ju <a href=\"https:\/\/u1f987.com\/en\/news\/cryptoquant-ceo-criticizes-meme-coin-surge\">expressed concern<\/a> over the boom in the meme token segment. According to the expert, such projects simply harm the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the past six weeks, more than 1 million new coins have been created. Of these, over 370,000 were launched on Ethereum, while 640,000 appeared on Solana, according to data from Dune. Number of new coins across various blockchains. Data: Dune. Since April 1, the Ethereum network has seen the creation of 372,642 tokens, 88% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1161,1150,596],"class_list":["post-13540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-memes","tag-news-plus","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13540"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13539"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}