CDS Crypto News Crypto News – Crypto Craze Continues: Over 1 Million New Tokens Launched Since April
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Crypto News – Crypto Craze Continues: Over 1 Million New Tokens Launched Since April

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Crypto News - Crypto Craze Continues: Over 1 Million New Tokens Launched Since April

Crypto Craze Continues: Exceeding 1 Million New Cryptocurrencies Since April

Crypto News- In a whirlwind of crypto creation, the world has witnessed the birth of more than a million new tokens since April kicked off its reign. Ethereum and Solana emerged as the main stages for this crypto spectacle, with Ethereum witnessing the birth of over 370,000 tokens, while Solana, the memecoin haven, saw a staggering 640,000 new tokens take flight.

Base Layer-2: A Hotbed for Memecoin Mania

Ethereum, particularly on Coinbase’s Base layer-2 network, experienced an eruption of activity, as degens flocked to capitalize on the network’s lower costs to birth new memecoins. Conor Grogan, a director at Coinbase, highlighted the magnitude of this surge, noting that it doubled the number of tokens created on Ethereum over an eight-year span.

Memecoin Frenzy: Driving Explosive Growth in Base’s Total Value Locked

The surge in memecoin madness catapulted the total value locked (TVL) on Base by a whopping 630%, fueled by the insatiable frenzy for memecoins.

Solana’s Memecoin Boom: Pumping Up Token Numbers

Solana, not to be outdone, witnessed a deluge of 643,227 new tokens in the same timeframe, predominantly memecoins, according to Step Finance data. Nearly 467,000 of these tokens found their genesis on the Solana-based memecoin platform, pump.fun.

Memecoin Mania: Dominating CoinMarketCap and CoinGecko

Memecoin Mania: Dominating CoinMarketCap and CoinGecko

CoinMarketCap and CoinGecko have been bustling with activity, listing the newest memecoins, which have captured the market’s attention. CoinGecko even dedicated a category to memecoins, boasting a staggering 600 coins with a combined market capitalization nearing $53 billion, a feat almost rivaling that of Tether.

However, not all are singing praises to the memecoin saga. Critics within the crypto community have raised concerns, labeling memecoins as a breeding ground for scams and rug pulls, diverting funds from more substantial projects into the hands of scammers. Some even likened the spike in memecoins to spam, designed to lure in sniper bots eager to pounce on potential breakouts.

Despite the uproar, memecoins reigned supreme in the first quarter, proving to be the most profitable narrative in the crypto landscape. As the debate rages on, one thing remains certain: the memecoin frenzy continues to reshape the crypto landscape, for better or for worse.

FAQs

What are memecoins, and why have they become so prevalent in the crypto market?

Memecoins are a type of cryptocurrency that often derive their value from internet memes or popular culture references. They have gained popularity due to their accessibility and the potential for quick returns, leading to a surge in their creation and trading.

How has the surge in memecoin creation impacted Ethereum and Solana networks?

The creation of memecoins has significantly impacted both the Ethereum and Solana networks, with a substantial number of new tokens being launched on these platforms. Ethereum, especially on Coinbase’s Base layer-2 network, witnessed a surge in activity as users capitalized on lower costs to create memecoins. Similarly, Solana experienced a deluge of new tokens, predominantly memecoins, indicating a growing trend in memecoin creation.

What role have platforms like CoinMarketCap and CoinGecko played in the rise of memecoins?

Platforms like CoinMarketCap and CoinGecko have played a crucial role in the rise of memecoins by listing these tokens and providing visibility to potential investors. CoinGecko even dedicated a specific category to memecoins, showcasing their popularity and market capitalization, which has neared $53 billion.

For the latest in crypto updates, keep tabs on Crypto Data Space.

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