The crypto community created over a million tokens across all chains within the past month, with Solana and Ethereum leading the crypto token frenzy. In accordance with Coinbase’s director, these numbers doubled the tokens created in Ethereum between 2015 and 2023.
Furthermore, Ethereum and Arbitrum saw a considerably smaller number of unique crypto tokens launched, with 21,474 and 19,284 unique tokens, respectively.
On the opposite hand, Solana took the crown after seeing the advent of 643,227 tokens since April 1. Out of these, 464,563 are memecoins, per Dune Analytics. Furthermore, Grogan highlighted that Solana registers a median of 20,000 unique tokens day to day.
As reported by Solana Ground, on Monday, the blockchain reached a unique all-time excessive (ATH) in newly created tokens, with 23,000. This is able to perchance be attributed to the market pump propelled by the return of notorious crypto vendor Roaring Kitty. Since his comeback to social media, loads of unique memecoins win been created, and the quit ones win surged.
🚨 BREAKING: Over 23K Recent SPL Tokens created on @solana within the closing 24 hours, a unique all-time excessive. pic.twitter.com/cn4ARy0KwC
— SolanaFloor | Powered by Step Finance (@SolanaFloor) Can also just 14, 2024
The crypto community reacted to the astonishing numbers, with many expressing issues. One individual identified that nearly all of these tokens are “correct voice mail to farm sniper bots.” He alleged that any other folks commence tokens “correct to rug pull bots that auto-bought.”
One other individual playfully added, “The classy of the story is don’t aquire projects created after February 2024.” This yr, traders win seen many mission launches promising huge returns. As a replacement, traders win suffered rug-pull and completely different scams.
Overabundance Of Altcoins?
On the terminate of April, DeFi researcher and Web3 investor Thor Hartvigsen identified that while simplest four months into the yr, the market had seen a huge amplify within the provision of altcoins.
As a outcome, this amplify accounted for $8.6 billion in extra liquid present injected into the market. Hartvigsen added that crypto projects will liberate $70.5 billion over the years, with many tokens launched in 2023 “also unlocking this yr with many cliffs ending.”
Furthermore, the market observer highlighted that the typical float in market capitalization and completely diluted valuation (FDV) for the tokens launched in Q1 2024 used to be correct 13.6%.
To him, this is simplest “the tip of the iceberg,” as the crypto market will proceed to be flooded with unique provides and tokens. He supplied a record of categories he believes will win the finest number of unique tokes this yr.
His record included Modular Infrastructure protocols, Liquid Restaking Tokens (LRTs), Bridges and Immoral-Chain Messaging solutions, and Perpetual Decentralized Exchanges (DEXes).
