Nearly half a million tokens created on Solana last month

In May 2024, Solana had 455,000 new tokens minted according to data from theblock.

Most of the tokens are meme coins. Meme coins creators are desire to have their meme coins succeed following the success of WIF, BONK, and BOME.

Meme coins can contribute to the success of a blockchain platform.

Meme coins increase the use of native token of the blockchain platform such as SOL.

They also increase the volume of decentralized exchanges such as Jupiter or Raydium.

And attract developers to create other categories of dApps. Meme coins can have indirect contribution to the growth of the blockchain platform.

Austin Federa, head of strategy at the Solana Foundation said that the rise of mass token creation on Solana can happen because Solana brings the cost of experimentation and new idea creation to near zero. Tokens on Solana should be as easy to create as content on the internet.

1.1 million new tokens were minted on Solana this year.

Pump.fun also contributes to the success, it is a platform on the Solana blockchain that allows users to create and trade meme coins, which are a type of cryptocurrency often inspired by internet jokes or trends.

Pump.fun is a website for creating new tokens in just a few clicks. It’s designed to be a “fair launch” platform, meaning that investors can buy into these tokens early on.