Solana dominates token launches, accounting for over 87% of new tokens in 2024
2024-10-08

As of Sept. 30, Solana accounted for 96,010 new tokens out of a total of 110,180 launched across all tracked chains. This represents over 87% of all new tokens appearing on DEXs, a testament to Solana's growing dominance in the space.
The chart illustrates Solana's rise, with the number of new tokens skyrocketing from near-zero levels in early 2024 to consistently topping 100,000 per month by mid-year. 
While Solana leads the pack, Base has also seen significant activity. The two chains have gone back and forth since April to see who can launch more coins, collectively accounting for more than 80% of new token launches. This duopoly highlights the intense competition in the space and the shifting preferences of token creators and traders.
The surge in new tokens, particularly on Solana, can be largely attributed to the explosion in the popularity of memecoins. Platforms like pump.fun have made it easier than ever for users to create and launch their own tokens, fueling a frenzy of speculative activity. While not all new tokens are memecoins, the vast majority likely fall into this category, riding the wave of hype and social media buzz.
However, the memecoin gold rush comes with its fair share of cautionary tales. The recent launch of MOODENG on Solana serves as a stark reminder of the volatility and risks inherent in this space. 
Despite the initial hype, MOODENG's performance has faltered, underscoring the fact that even the most buzzworthy memecoins face long odds of sustained success.
As we move into the final quarter of 2024, all eyes will be on Solana to see if it can maintain its commanding lead in new token launches. Will the memecoin craze continue unabated, or are we approaching a saturation point? Only time will tell, but one thing is certain – the world of DEXs and token creation is more dynamic and unpredictable than ever before.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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