Solana is leading the new token movement, having surpassed Ethereum as a lulluby for new memecoins.
More than 1 million new tokens have been created since the start of April, with over 370,000 new tokens cropping up on Ethereum while over 640,000 new tokens — mostly memecoins — were launched on Solana.
As Cointelegraph states, of the total 643,000 new tokens launched on Solana, 466,914 were memecoins.
Some experts are calling this madness “net negative” because of the proliferation of scams and rug pulls.
That is real money that could have gone into bigger “legit” projects, they say.
“Instead, it’s now in the hands of the scammer, who will cash it into fiat.” Earlier a Cointelegraph investigation revealed that one in six new Base memecoins were scams, and more than 90% of them had vulnerabilities.