Solana Blockchain Powers 87% of Tokens Launched in 2024

Solana is a memecoin hub as data confirms, powering approximately 87% of all new token launches on DEXs this year

As 2024 draws near, Solana has stood out in the Wild West of decentralized exchanges. 

Astonishingly, what was once a fledgling competitor to Ethereum and other chains has emerged as a dominant force. Over the past year, the Solana blockchain has powered an unprecedented wave of new token launches. 

The SOL Meteoric Rise: New Tokens and Memecoin Mania

Solana has soared to its peak in 2024 due to a surge in memecoins and a growing expansion of its user-friendly DApps. These factors have made the network the leading chain for new token launches in a volatile and unpredictable market.

According to The Block, Solana accounted for 96,010 new tokens out of 110,180 launched across all tracked blockchains in late September. This means over 87% of all new tokens appearing on DEXs originated from the protocol. 

While Solana basks in the spotlight, it is not the only player in the race. Coinbase’s blockchain, Base, is also a fierce competitor. Since April, both chains have been fighting to launch the highest number of new tokens. Together, they have collectively accounted for over 80% of all new token launches. 

Platforms SOL, such as Pump.Fun have made token creation easier, opening up opportunities for many. However, the story of MOODENG on Solana highlights the risks. 

Despite high expectations, MOODENG’s performance has yet to meet the hype, showing the volatility risks of new memecoins.

Can Solana Keep Its Crown?

Many market watchers want to see if Solana can sustain its dominance in the token creation space. Since the memecoin surge has been a major driver of its success, expectations are high if the trend will continue. 

For now, Solana has shown no signs of slowing down. Its ease of use, speed, and affordability have made it the go-to network for token creators. 

Speculatively, as long as the memecoin mania continues, Solana might remain at the forefront. However, in a world as unpredictable as blockchain, nothing is certain.

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