Solana dominates new token launches in 2024 with 87% of total

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The Solana blockchain recorded a significant increase in the launch of new tokens in 2024. The network counted 96,010 of the 110,180 new tokens launched on all chains monitored until September 30th.

This number represents more than 87% of all new tokens launched on decentralized exchanges (DEXs), consolidating Solana's growing dominance in this segment.

Solana's evolution is visible in the graph that highlights the jump in the number of new tokens, which went from levels close to zero at the beginning of the year to consistently surpassing the mark of 100,000 new launches per month from mid-2024 onwards.

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Solana leads token launch

While Solana leads the market, the Base blockchain has also seen significant activity. Since April, Solana and Base have alternated at the top of the list of chains with the most token launches, accounting for more than 80% of all tokens created. This duopoly reflects the intense competition in the DEX space and the changing preferences of token creators and traders.

Much of the increase in the number of new tokens, especially on Solana, is tied to the explosion in popularity of memecoins. Platforms like pump.fun have facilitated the process of creating and launching tokens for users. This has fueled a frenzy of speculative activity in the market.

While not all new tokens are memecoins, most appear to fall into this category, taking advantage of the hype generated by social media and the cryptocurrency craze. However, the rapid growth of this market also brings significant risks. The recent launch of the MOODENG memecoin on the Solana network serves as a warning about the volatility and dangers surrounding this space.

Even with the high initial expectations, MOODENG's performance was not maintained, showing that, despite initial interest, memecoins face major challenges in achieving sustainable success.

Meanwhile, Solana price is on a downward trend. In the last seven days, the cryptocurrency has retreated more than 8%. At the time of writing this article, SOL is priced at US$144.41, according to data from CoinGecko.

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