More than 1 million new tokens have been created since the beginning of April, with more than 370,000 appearing

More than 1 million new tokens have been created since the beginning of April, with more than 370,000 new tokens appearing on Ethereum while more than 640,000 new tokens – mostly memecoins – were launched on Solana.

A total of 372,642 new tokens have been launched on the Ethereum network since April 1 – 88% of which, or 327,553 – were launched on Coinbase’s layer 2 blockchain. The layer 2 network has seen an explosion of activity caused by strains flocking to the low-cost network to create new memecoins.

NNew tokens have been launched on Ethereum and related blockchains. source: Dune analyses

A similar number was cited on May 14 attack To

The total value locked (TVL) on the base has risen about 630% since the beginning of this year according to L2beat, driven primarily by the broader memcoin craze.

Meanwhile, 643,227 new tokens were created on Solana in the same time frame, according to data from analytics platform Step Finance.

Over 640,000 new tokens have been launched on Solana since April 1. Source: Step Finance

Of the total 643,000 new tokens launched on Solana, 466,914 tokens were memecoins, according to the Dune Analytics dashboard, which tracks the number of new tokens launched on the Solana-based memecoin platform

CoinMarketCap lists the latest 500 new tokens it has added to its platform in the last 30 days, and the majority of these tokens are memecoins.

Cryptocurrency analytics platform CoinGecko now has a memecoin category where it lists more than 600 coins with a total market cap of $52.7 billion. This is almost half of Tether’s USDT market capitalization.

Related: Pepe hits all-time high, memecoins soar after popular GameStop stock trader ‘returns’


One commenter Named It is a “net negative” due to widespread fraud and rug pulling. They said this was real money that could have gone to larger, “legitimate” projects, before adding: “Instead, it is now in the hands of a fraudster, who will convert it into fiat currencies.”

Others Named The spike in new memecoins has been described as “sniper bot spam” designed to automatically collect new memecoins in hopes of being hacked.

In April, an investigation by Cointelegraph revealed that one in six new memecoins were scams, and more than 90% of them had vulnerabilities.

Despite the anger directed their way, memes were the most profitable cryptocurrency in the first quarter, as Cointelegraph reported in April.

magazine: Memes: Betraying the ideals of cryptocurrencies…or their true purpose?

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