CryptoNews

Meme Coin Craze Drives Solana’s Token Issuance to New Heights

Exploring the Meme Coin Craze on Solana Blockchain

According to statistics, 115,773 tokens were issued on the Solana blockchain, and 30-day metrics show that more than half a million tokens, specifically 549,386, were minted.

Solana Blockchain Mints Over Half a Million Tokens in 30 Days

Solana has recently been a major source of new tokens, surpassing every other blockchain in monthly token issuance. Creating a token on Solana is generally faster and more cost-effective compared to Ethereum, mainly due to Solana’s unique consensus mechanism and lower transaction fees. This makes it an appealing platform for developers aiming to deploy tokens with high transaction volumes without incurring substantial costs.

Over the past seven days, Solana has seen more tokens issued than Ethereum, Base, Optimism, Blast, and Arbitrum combined in the past 11 days. For example, these five networks produced 80,235 new tokens since June 1, with Base recording 68,701 of the total. Yet, Solana outpaced them all with 115,773 tokens in a shorter seven-day period. Much of the tokenization on Solana is believed to stem from the meme coin craze.

A significant number of new meme coins launched over the past few months have been Solana-based. This past month, more than half a million tokens were issued on Solana, as metrics on June 11 show 549,386 new tokens were minted during the 30-day period. At the same time, 419,219 SOL-centric non-fungible tokens (NFTs) were also minted. Over the past 12 months, 1.82 million Solana tokens were issued, and to date, 1.25 billion sol-based tokens exist.

This increase in token issuance on Solana underscores the blockchain’s growing influence in the decentralized finance (defi) space. As developers continue to prioritize efficiency and cost-effectiveness, Solana’s appeal keeps rising, reshaping the landscape of token creation. What will happen to all these tokens in the long run is anyone’s guess, as the trend may be short-lived. As stated above, the meme coin hype has seemingly driven this trend of token issuance on Solana, and that alone may not be the most stable foundation.

Source: Bitcoin

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