1M New Crypto Tokens Created In A Month; Is Crypto Market Rising?

Nearly 1 Million new crypto tokens have been launched on Ethereum and Solana blockchain since the start of April.

The crypto and memecoin fever sure is high. Over 1 million new crypto tokens have been created since April. Over 370,000 new tokens were introduced on the Ethereum network whereas the Solana blockchain saw the birth of around 640,000 new tokens.

Crypto Market Welcomed 1 Million New Crypto Tokens 

Since April 1, around 370,000 new tokens have been introduced on the Ethereum (ETH) network among which 88% launched on Coinbase’s layer-2 blockchain Base. Optimism, Blast, and Arbitrium are other platforms that contributed to new crypto token development.

The market was bullish at the time of writing, with ETH at $2,944.37, after a 1.70% intraday spike. Solana (SOL), on the other side, trading at $148.54 after a 1.20% surge in 24 hours.

Interestingly, the numbers are almost double the number of tokens launched between 2015 and 2023. On March 14, Conor Grogan, the director at Coinbase shared the facts over X.

Solana blockchain, on the other hand, introduced over 640,000 new tokens in the same period, among which 466,914 were memecoins. Furthermore, approximately 20k+ new crypto tokens were created on Solana each day.

According to StepFinance, the blockchain created 131,112 new tokens in the past week, and over 1,531,006 within 1 year. Apart from this, Solana also generated 9,500,362 new Non-fungible tokens (NFTs) in the past 1 year.

A Look At New Members Of Crypto Community

As the crypto market has introduced a lot of new tokens, CoinMarketCap added many of the new cryptocurrencies.

GameStop 2.0 (GME2.0), CyberTrump (CYBERTRUMP), and Game of Memes (GOME) are a few of the recently added tokens on the Solana network. At press time, GME2.0 was trading at $0.0000003336, CYBERTRUMP was trading at $0.00171 and GOME was standing at $0.001836.

Crypto Tokens

New Cryptocurrencies I Source: CoinMarketCap

Uncovering the newly added tokens on Ethereum or Layer-2 blockchain, Doomer (DOOMER), HIRO (HRT), and GameStop (GME) are on the top. At the time of writing, DOOMER was trading at $0.0005163, HRT at $0.367, and GME was standing at $0.000007692.

Ethereum Vs Solana: All About The Performance 

Ethereum and Solana are top players in the list of new token launches, giving tough competition to each other.

Crypto Tokens

Chain Comaprision I Source: DefiLlama

In the last 24 hours, the Total Value Locked (TVL) recorded by Ethereum was over $51.689b with $1.297 Billion in volume and 1.2 Million transactions. Solana, alternatively, documented $4.088 Billion in TVL and 26.24 Million.

Source: https://www.thecoinrepublic.com/2024/05/15/1m-new-crypto-tokens-created-in-a-month-is-crypto-market-rising/