Since the beginning of April, about 1 million (!) new cryptocurrencies have appeared on the crypto market. This is evidenced by#Duneanalytics data.

In particular:

- 643,227 cryptocurrencies appeared on the#Solanablockchain, of which 466,914 are meme coins.

- 372,642 cryptocurrencies appeared on the#Ethereumblockchain, of which 327,553 appeared on the L2 network from#CoinbaseBase. Moreover, many are, again, meme coins.

This growth rate is twice the total number of tokens ever created on Ethereum between 2015 and 2023.

Let us remind you that the boom of meme tokens on Solana began back in December 2023. At the end of April of this year, blockchain detective ZachXBT said that more than 40% of new projects on Solana were abandoned a month after the presale. In particular, 12 of the 27 meme coins on#Solanawere completely abandoned, which at the same time managed to collect 180,650 SOL (about $27 million) from presales. Moreover, one of the meme tokens did not even have a name.

In a word, this is the case when quantity does not turn into quality. But it attracts a large amount of retail liquidity through hype.