In 2024, Solana solidified its position in the crypto world by becoming a major platform for launching new tokens.
Rise in Solana's Popularity
As of September 30, Solana has demonstrated its significance in decentralized exchanges (DEXs) by facilitating the creation of 96,010 new tokens out of a total of 110,180 tokens issued across all tracked blockchains.
Dominance in Token Creation
Solana's rise is evident as new token launches on its blockchain have steadily exceeded 100,000 per month. Solana and Base have been in close competition since April, accounting for more than 80% of new token launches.
Risks and Challenges of Memecoins
The surge in token creation on Solana is largely due to the rising popularity of memecoins. However, the rapid rise of memecoins also comes with risks. The recent launch of the MOODENG token on Solana highlights this, as its initial success quickly gave way to declining performance, underscoring the volatility and uncertainty of the memecoin market.
Solana is showing strength and significance in the crypto world, but the risks associated with the memecoin trend should not be overlooked.