In May 2024, creators launched nearly half a million tokens on the Solana blockchain, driven by lower barriers to entry and a strong desire to create a successful memecoin.
According to data from The Block Pro:
- 455,000 tokens were created on Solana in May 2024
- 177,000 tokens on Ethereum Layer 2 Base, and
- 39,000 tokens on BNB Chain
The majority of the Solana tokens are memecoins which have captivated the crypto community. This trend follows the rapid rise of certain Solana-based memecoins, such as DogWifHat, Bonk, and Book of Meme, in the crypto market rankings.
Part of this success can be attributed to Pump.Fun, a website that allows users to create tokens with just a few clicks. By significantly simplifying the token creation process, Pump.fun has driven a surge in the number of new tokens, with Solana witnessing the launch of 1.1 million new tokens so far this year [2024].
The token creation website has reportedly served as the launchpad for political memecoins like Jeo Boden and Doland Tremp, which have gained traction ahead of the upcoming U.S. election.
Moreover, celebrities from the entertainment world are also using the application to launch tokens and make money for themselves and other crypto enthusiasts. Just in the past few days, Nigerian music sensation Davido, American media personality, Caitlyn Jenner, and rapper, Iggy Azalea, have launched tokens on the Pump Fun application.
🇳🇬Nigerian Celebrity, #Davido, Among Stars Cashing in on Celebrity Pump and Dump Crypto Craze
The Nigerian singer has a history of launching and promoting ‘multiple scams in the past,’ including ventures like RapDoge, Echoke, and Racksterli, the latter being an investment Ponzi… pic.twitter.com/Xir6DrV7fj
— BitKE (@BitcoinKE) June 3, 2024
For Solana to take the lead in the number of newly created tokens in May 2024, it first had to overtake the Base Network, which has also experienced high activity in recent months. In April 2024, Base saw the creation of 240,000 new tokens, while Solana had 229,000.
Both networks have assumed the mantle from BNB Chain, which was previously the preferred network for launching new tokens. In 2021 and 2022, BNB Chain averaged around 95,000 tokens created per month. However, these figures have been gradually declining since reaching their peak in May 2021.
In total, 7 million tokens have been launched on the six blockchain networks since 2017. BNB Chain retains the lead with 3.7 million tokens, followed by Solana with 1.4 million tokens, and Ethereum mainnet trailing closely behind with just under a million tokens.
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