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Solana Leads 2024 Token Launches, Capturing Over 87% in Recent Surge
- The Solana blockchain has accounted for over 87% of all new tokens launched across tracked blockchain platforms, with 96,010 tokens created out of a total of 110,180 in late September.
- Since early 2024, Solana has consistently produced over 100,000 new tokens each month, marking a rapid rise in token activity on the platform.
- Base and Solana also represent over 80% of new token launches, with both networks competing for dominance in token creation since April 2024.
The Solana network has indisputably become the largest hub for token launches, as the blockchain platform has accounted for over 87% of all tokens created across tracked chains.
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According to data from The Block, Solana launched 96,010 tokens out of a total of 110,180 in late September. The chain’s rapid ascent in token creation began in early 2024 and has consistently seen new token launches surpassing 100,000 per month by mid-year.
As noted by the green bars in the graph, The Base network has also seen substantial activity throughout the year. Since April, both chains have competed for the top spot, collectively responsible for more than 80% of new token launches.
The surge in new tokens, especially on Solana, is largely driven by the popularity of memecoins. Platforms like pump.fun have simplified the process of token creation, resulting in a wave of speculative activity. Although not all new tokens are memecoins, a significant number fall into this category, fueled by social media buzz and market hype.
Memecoins Are Changing The Game
Anatoly Yakovenko, the co-founder of Solana and CEO of Solana Labs, believes we’re seeing a change in the dynamics of the memecoin market, and that’s a “good thing for the industry”.
In a post on X, Yakovenko said:
I think previous cycles were also 90% meme 10% product. My theory is that memecoins today have completely absorbed the meme energy that drove other cycles, like DeFi summer. Now each product has to make it purely on value. If that’s the case, it’s a good thing for the industry.
Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs Memecoins can look like a lot of fun, and there’s no need to feel like a degenerate for wanting to buy some from time to time. Even entrepreneurs like Mark Cuban are drawn to them.
However, platforms like Pump.fun take things one step further by allowing anyone to create a token with as little as one US dollar. Yet, fewer than 1.50% of these tokens reach a market capitalisation of over US$60k.
Related: October Token Unlocks: TIA to Unlock $1.1b, Plus SOL, ADA & SUI Unlocks
The TRON ecosystem also wanted a slice of the memecoin generating machine, which is obviously why they decided to create SunPump. Which, yes, is just a blatant copy of Pump.fun. But it worked out in the end (I guess), as it generated over US$1M in volume back in August.
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
