Over 1 Million New Crypto Tokens Launched Since April

The crypto community created over one million tokens across all chains in the past month, with Solana and Ethereum leading the crypto token frenzy. According to Coinbase’s director, these numbers doubled the tokens created in Ethereum between 2015 and 2023.

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Over 22,000 New Crypto Tokens Created Daily

Coinbase’s director Connor Grogan shared on X that 1 million tokens have been launched since April 1, 2024. The tokens created in the Ethereum Network account for 36% of the total number, with 372,642 tokens launched in the past month and a half.

According to Dune Analytics, 327,553 tokens, around 88% of the total, were launched on the Layer-2 blockchain Base. The surge was seemingly propelled by the memecoin frenzy that has taken over this cycle.

Additionally, Ethereum and Arbitrum saw a significantly smaller number of new crypto tokens launched, with 21,474 and 19,284 new tokens, respectively.

However, Solana took the crown after seeing the creation of 643,227 tokens since April 1. Out of those, 464,563 are memecoins, per Dune Analytics. Moreover, Grogan highlighted that Solana registers an average of 20,000 new tokens daily.

As reported by Solana Floor, on Monday, the blockchain reached a new all-time high (ATH) in newly created tokens, with 23,000. This could be attributed to the market pump propelled by the return of renowned crypto trader Roaring Kitty. Since his comeback to social media, several new memecoins have been created, and the top ones have surged.

🚨 BREAKING: Over 23K New SPL Tokens created on @solana in the last 24 hours, a new all-time high. pic.twitter.com/cn4ARy0KwC

— SolanaFloor | Powered by Step Finance (@SolanaFloor) May 14, 2024

The crypto community reacted to the astonishing numbers, with many expressing concerns. One user pointed out that most of these tokens are “just spam to farm sniper bots.” He alleged that some people launch tokens “just to rug pull bots that auto-bought.”

Another user playfully added, “The moral of the story is don’t buy projects created after February 2024.” This year, investors have seen many project launches promising big returns. Instead, investors have suffered rug-pull and other scams.

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