According to data from The Block, Solana (SOL) saw ~500k token launches in the month of May, whomping other blockchains such as BNB Chain, Base, and Ethereum.
Giving credit where it’s due, this is what happens when you have high-throughput and ultra-low transaction costs. The cost of token experimentation and new idea creation on Solana is next to nothing. Add in user-friendly platforms like Pump.fun, and now anyone can launch a new token with just a few clicks.
The consequence, however, is that now we have a half million memecoins and dogwifhats splurging across the internet. Maybe we’re just too fundamental or stubborn, but this doesn’t bode well for us at this time. Prices are inching closer to ATHs. Roaring Kitty is back. What could possibly go wrong?
At one point, we wanted flying cars. Instead we got Facebook ads. Not long ago we also wanted decentralized finance, and we got Caitlyn Jenner and Iggy Azalea memecoins.