Since April, over a million new tokens have emerged on the blockchain, with Ethereum and Solana accounting for the majority.

The cryptocurrency market has witnessed the launch of over a million new tokens since the beginning of April. Ethereum and Solana have been at the forefront of this token frenzy, with Ethereum hosting over 370,000 new tokens and Solana boasting an impressive 640,000 new tokens, mostly consisting of memecoins, according to a Dune Analytics dashboard.Specifically, 372,642 new tokens have emerged on the Ethereum network since April 1. Notably, 88% of these tokens, amounting to 327,553, were launched on Coinbase's layer-2 blockchain Base. The surge in activity on this layer-2 network can be attributed to the burgeoning interest in memecoins, as users are drawn to the low-cost environment for creating such tokens.Coinbase director Conor Grogan has highlighted that the number of tokens created on Base within this short timeframe is double the total tokens created on Ethereum between 2015 and 2023. Simultaneously, Solana has witnessed an influx of 643,227 new tokens since April, with approximately 466,914 of them being memecoins, according to data from Step Finance. The popularity of memecoins on Solana is evident from dedicated dashboards tracking new tokens launched on the pump.fun platform.The proliferation of memecoins has sparked diverse reactions within the crypto community. Some argue that this abundance has negatively impacted the industry, leading to an increase in scams and rug pulls. Critics view the sheer number of memecoins as a diversion of funds from more legitimate projects, as scammers now hold real money that could have been invested in more promising endeavors. Additionally, the surge in new memecoins has raised concerns about spam and the use of sniper bots. These automated bots, designed to quickly acquire new memecoins in the hopes of profiting from potential breakthroughs, have been deemed detrimental to the ecosystem.Despite these criticisms and concerns, memecoins have proven to be a profitable narrative in the first quarter of the year. The surge in Solana meme coin presale scams has generated an astonishing $150 million in SOL from just 33 presales. While the allure of quick gains exists, analysts caution that many of these projects, often promoted by smaller accounts, are likely dubious or even scams. The lack of transparency and accountability within the meme coin space on Solana further enhances the risk for investors due to the prevalence of rug pulls and vanishing funds.