Memecoin Mania
May 15, 2024
According to on-chain data, over one million new tokens have entered the crypto market since early April, the majority of which are memecoins. Notably, 372,642 of these new tokens were launched on the Ethereum network, with 88% created on the Base layer-2 blockchain. As a result, the total value locked (TVL) on Base has increased by approximately 630% since the beginning of 2024. Another network, Solana, has hosted over 640,000 new tokens, of which 466,914 were memecoins.
