• Solana dominates token launches, accounting for over 87% of new tokens in 2024
• The surge in new tokens, particularly on Solana, can be largely attributed to the explosion in popularity of memecoins
• As we move into the final quarter of 2024, all eyes will be on Solana to see if it can maintain its commanding lead in new token launches
Solana has seen an explosion in popularity for launching new tokens, cementing its position as the go-to blockchain for memecoins and speculative assets. As we move into the final quarter of 2024, all eyes are on whether Solana can maintain this commanding lead.
Solana’s Surge in Token Launches
The number of new tokens launched on Solana has skyrocketed from near zero in early 2024 to over 100,000 per month by mid-year. Solana accounted for 96,010 out of 110,180 total new tokens launched across all chains as of September 30, 2024 – over 87% market share.
Solana and Base Layer have gone back and forth for the top spot since April, together accounting for over 80% of new token launches. This duopoly highlights the intense competition between chains for attracting token projects.
Frenzy Over Memecoins and Speculative Assets
Much of Solana’s surge can be attributed to the explosion in memecoins and speculative assets. Platforms like pumpfun have made it easy for anyone to create and launch tokens, fueling a gold rush.
However, volatility and risks remain high, as evidenced by the launch and subsequent faltering of memecoin MOODENG on Solana. Despite initial hype, even the buzziest memecoins face long odds of sustained success.
Outlook for the Final Quarter
As we enter Q4 2024, all eyes are on whether Solana can maintain its commanding lead in the “token creation” space. Will the memecoin craze continue unabated, or are we nearing a saturation point? The world of DEXs and token creation remains dynamic and unpredictable.
