Could Solana (SOL) be the kingdom of memecoins? For 2024, blockchain represents 87% of all tokens launched. How can we explain this breakthrough and will it last?
Solana powers the vast majority of new tokens for 2024
According to data shared by The Block, Solana represents the vast majority of tokens that were launched in 2024. 87% of listings on decentralized exchange platforms (DEX) are in fact tokens that have emerged on this blockchain:
New tokens appearing on DEXs
We see that since this summer, it is Solana who largely dominates, despite a significant presence of Base. This explosion is of course largely due to memecoins. These have multiplied in recent months, largely thanks to the emergence of the pump.fun launcher.
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It is now very easy to create a new token on Solana. Users therefore rushed to try to launch the next nugget which could have a parabolic trajectory in terms of price.
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A wave of tokens… But few winners
If we look at the launch of tokens before they arrive on DEXs, the figures are even more striking. A report published last August indicated that 98.6% of tokens launched on pump.fun never reached the exchange platforms.
What this suggests is that actual launches on DEXs represent only a drop in the ocean in the mass of tokens that have been launched on Solana for several months.
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But are we seeing a certain loss of steam? The memecoins that are breaking through seem to be fewer than before. The example of Moo Deng (MOODENG) is particularly telling. While it had aroused enthusiasm a week ago, its price has already plunged by 20% over the last 7 days.
Among memecoins, the competition is tough and few winners emerge. The big question for Solana will therefore be whether the craze will last over timeor if this cycle will also end, like other modes of cryptocurrencies.
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Source: The Block
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how news in this sector influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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