87% of New Crypto Created on Solana (Patreon)

Key Insights provided by The Block Pro Research

• Solana dominated new token launches, accounting for 87% (96,010 out of 110,180) of all new tokens across tracked chains as of September 30, 20241.

• The number of new tokens on Solana increased dramatically from near-zero in early 2024 to over 100,000 per month by mid-year1.

• Solana and Base have been competing for the top spot in new token launches since April 2024, collectively representing over 80% of all new tokens1.

• The surge in Solana's new tokens is largely attributed to the rising popularity of memecoins, facilitated by platforms like pump.fun1.

• While Solana leads in token creation, the MOODENG launch serves as a cautionary tale, highlighting the volatility and risks in the memecoin space1.

As of September 30, 2024, it remains to be seen whether Solana can maintain its lead in new token launches and if the memecoin trend will continue or reach a saturation point1.