Meme Coin Trend, New Token Surge on Solana Blockchain!

Bittime - Data from The Block Pro shows a significant spike in the number of tokens created on Solana during May 2024. A total of 455,000 new tokens were created on Solana, far outpacing its competitors, such as Layer 2 Ethereum Base (177,000 tokens) and BNB Chain (39,000 tokens).  

Solana: Friendly for New Token Creation

Solana's popularity as a new token creation platform can be attributed to several factors. First, Solana is designed as a general-purpose Layer 1 blockchain that offers fast finality, high throughput, and very low transaction fees.

Second, the token creation trend is dominated by meme coins, crypto assets whose value is often driven by popularity and trends on social media. Several Solana-based meme coins, such as Dogwifhat, Bonk, and Book of Meme have successfully soared on the crypto market popularity ladder.

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Pump.fun Roles and Celebrity Endorsements

The emergence of the Pump.fun site also played an important role in the surge of new tokens on Solana. This platform allows anyone to create tokens with just a few clicks. 

This convenience has fueled the launch of many new tokens in recent months. So far in 2024, Solana has launched 1.1 million new tokens.

Pump.fun even became the launching pad for political-themed meme coins such as Joe Biden and Donald Trump which took advantage of the momentum of the United States general election. 

This trend has also attracted the interest of celebrities such as Caitlyn Jenner and Iggy Azalea who launched Solana-based tokens. The large fan base means the token has the potential to increase in value quickly.

Solana Surpasses Base and BNB Chain

Previously, the Base network also experienced high activity in creating new tokens. In April, Base recorded 240,000 new tokens, while Solana only recorded 229,000 tokens. Both have taken over the role previously held by BNB Chain as the favorite network for launching new tokens. 

Throughout 2021 and 2022, BNB Chain averaged 95,000 new tokens per month. However, this figure has continued to decline since its peak in May 2021.

Overall, 7 million tokens have been launched across six blockchain networks since 2017. BNB Chain still leads with 3.7 million tokens, followed by Solana with 1.4 million tokens, and mainnet Ethereum with nearly 1 million tokens.

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Number of New Tokens

The number of new tokens is just one metric used to observe the crypto ecosystem. This metric is more reflective of networks that are cheaper and have higher throughput. 

However, this number does not take into account the value collected for each token. Additionally, many new tokens may be illiquid and quickly forgotten.

Nonetheless, the surge in new tokens on Solana shows a shift in activity among blockchains. With ever-increasing competition to be faster and cheaper, this trend is expected to continue.

However, whether Solana can maintain its dominance in token launches other than meme coins remains to be seen.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

List of the Best Solana Meme Coins 2024, Check Here!

Solana Coin Memes Go Crazy: Trader Bots Harvest Profits

Hilarious and Profitable: 3 Solana Coin Memes You Must Check Out!

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.