More than 1 million new tokens have been created since the start of April, with over 370,000 new tokens cropping up on Ethereum while over 640,000 new tokens — mostly memecoins — were launched on Solana. 

A total of 372,642 new tokens were launched on the Ethereum network since April 1 — 88% of which, or 327,553 — were launched on Coinbase’s layer-2 blockchain Base. The layer-2 network has witnessed an explosion in activity brought about by degens flocking to the low-cost network to whip up new memecoins.

New tokens launched on Ethereum and related blockchains. Source: Dune Analytics

A similar figure was cited in a May 14 post to X by Coinbase director Conor Grogan who noted this was twice the number of tokens ever created on Ethereum between the eight-year period spanning from 2015 to 2023.

The total value locked (TVL) on Base has surged around 630% since the beginning of this year according to L2beat, primarily driven by a wider frenzy for memecoins. 

Meanwhile, 643,227 new tokens were created on Solana in the same timeframe, according to data from analytics platform Step Finance. 

More than 640,000 new tokens have been launched on Solana since April 1. Source: Step Finance

Of the total 643,000 new tokens launched on Solana, 466,914 were memecoins, according to a Dune Analytics dashboard that tracks the number of new tokens launched on the Solana-based memecoin platform pump.fun.

CoinMarketCap lists the latest 500 new tokens it has added to its platform in the last 30 days and the majority of these tokens are memecoins.

Crypto analytics platform CoinGecko now has a memecoin category in which it lists more than 600 coins with a total market capitalization of $52.7 billion. This is almost half of Tether’s USDT market cap.

Related: Pepe hits all-time high, memecoins soar after famous GameStop stock trader ‘returns’

Grogan’s X post sparked a swathe of negative responses from the crypto community, with many claiming that memecoins had been a scourge on the values of crypto.

One commenter called it a “net negative” because of the proliferation of scams and rug pulls. That is real money that could have gone into bigger “legit” projects, they said before adding “Instead, it’s now in the hands of the scammer, who will cash it into fiat.”

Others labeled the spike in the number of new memecoins as “spam to farm sniper bots” that are designed to automatically scoop up new memecoins in the hope of a breakout.

In April, a Cointelegraph investigation revealed that one in six new Base memecoins were scams, and more than 90% of them had vulnerabilities.

Despite the outrage directed their way, memecoins were the most profitable crypto narrative in the first quarter, as reported by Cointelegraph in April.

Magazine: Meme coins: Betrayal of crypto’s ideals… or its true purpose?