As the desire to create a successful memecoin and the reduced barriers to entry became more prevalent, creators launched nearly half a million tokens on the Solana blockchain in May.
The previous month saw the development of 455,000 tokens on Solana. In comparison, there were 177,000 tokens created on Ethereum layer 2 Base, and in the case of BNB, there were 39,000 tokens. Where the Ethereum mainnet and layer 2 networks, Arbitrum and Optimism, were concerned, the figure dropped to 20,000 tokens.
According to Austin Federa, Head of Strategy at the Solana Foundation, Solana is fashioned to play the role of a common layer 1, with accelerated finality, high output, and fewer transaction fees.
Major amounts of Solana tokens are in the form of meme coins, which have piqued the interest of crypto players. This appears to be taking place at a time when a select few Solana-oriented meme coins, such as Dogwifhat, Bonk, and Book of Meme, are experiencing upward growth.
The responsibility for this falls on Pump.fun, a website that is designed to facilitate the development of tokens. It sparked the development of multiple tokens, with Solana receiving 1.1 million fresh tokens in 2024. The site primarily catered to political meme coins like Jeo Boden and Doland Tremp.
According to Steven Zheng, director of research at The Block Pro, all of these factors have transformed Solana into the absolute top blockchain for introducing new tokens. It remains to be witnessed whether Solana can surpass meme coins.
In the recent past, celebrities like Caitlyn Jenner and Iggy Azalea have been responsible for introducing Solana-oriented tokens, taking advantage of the fact that the value of the tokens keeps rising owing to steady demand.
