Since April, more than a million new tokens have appeared, with 370,000 more on Ethereum, thanks to activity on Coinbase's Layer 2 network, Base. Solana led the way by creating more than 640,000 new tokens, primarily meme coins. 🚀

Base saw increased user activity. According to data from Coinbase director Conor Grogan, 372,642 new tokens have been launched on the Ethereum network since April 1, with 88% of them on Coinbase's Layer 2 blockchain, Base.

Base saw a resurgence in user activity this quarter. This is evident in Franklin Templeton's latest report which highlights that blockchain has gained substantial traction from SocialFi applications such as Friend.Tech.

Fun fact, Base processes around 46% of all SocialFi transactions, making this sector vital to network adoption and growth.

What do you think about this meme coin explosion? Is this a positive or negative trend for the crypto industry? Share your opinion in the comments column! 😊