Memecoin Mania: Over One Million New Tokens Launched Since April

• Explosive growth in memecoin creation on Solana and Ethereum networks indicates a fervent speculation trend in the crypto market.
• Coinbase’s Base sees a significant uptick in token launches, driven by cost-effective transactions and the memecoin frenzy.
• While memecoin mania fuels market excitement, concerns linger regarding scams and the potential diversion of investment from genuine crypto projects.

The cryptocurrency market has witnessed a surge in token creation, with over one million new tokens launched since April. This explosion, driven largely by the explosion of memecoins, has raised concerns about speculation and potential scams.

Nearly half of the newly created tokens, exceeding 640,000 tokens, were launched on the Solana network. Ethereum, the leading smart contract platform, also saw a substantial influx of new tokens, with over 370,000 created during the same period.

This surge in token creation is particularly evident on Coinbase’s layer-2 blockchain, Base. The platform has seen a staggering 88% increase in token creation compared to Ethereum with 372,642 new tokens launched. The low transaction fees offered by Base is believed to be a major …

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