Solana accounts for over 87 percent of new tokens in 2024
As of September 30, Solana (SOL) was responsible for 96,010 of the 110,180 new tokens that were launched across all chains that were tracked. This shows Solana's increasing dominance in the market and accounts for more than 87% of all new tokens that are listed on DEXs.
Although Solana is in the lead, Base has also seen a lot of activity. Since April, the two chains have been competing to see who can launch the most coins; between them, they have launched over 80% of all new tokens.
Surge in new Solana tokens
It should come as no surprise that Solana generates the most tokens. Because of its high scalability, developers have flocked to the platform since the H2 2023 boom, which raised SOL from about $20 to over $240 early this year.
In the upcoming months, few cryptocurrency tokens are anticipated to show bullish trends. Solana Coin is among the top candidates for investors to watch as analysts predict that altcoins will drive the next bull run. The SOL native token is being impacted by the increasing popularity of Solana's blockchain.
The explosion in popularity of memecoins is largely responsible for the rise in new tokens, especially on Solana. Platforms such as pump.fun have made it easier than ever for users to create and launch their own tokens. Although not all new tokens are memecoins, the great majority probably are, as they ride the hype and buzz on social media.
Over 378,000 tokens minted on Solana
For the majority of the year, Solana trading volume has surged across leading decentralized exchanges like Raydium due to the surge in meme coin activity, which is primarily driven by the low on-chain fees and increased scalability. Over 378,000 tokens were created on the third-largest smart contract platform in September 2024, according to on-chain data that compiled all activities in that month. Memes made up the majority of these tokens.
Given the increasing speed of token launches, it is not surprising that more than 378,000 tokens were released in September alone.
Solana growth by final quarter of 2024
In late September, Solana reached its highest price of $160, following VanEck's forecasts that the Layer-1 protocol might still surge to $330 by year's end and overtake BNB as the most valuable cryptocurrency by market capitalization.
However, Solana dropped to $134 last October 3rd after adjusting in the first week of October. With bulls purchasing the dip to push prices back to a critical support level, Solana prices have since fluctuated in the $150 range. If Solana bulls are to meet VanEck's high standards and contend with BNB and Ethereum for market share and dominance, they will need to step up their game.
When Solana hit $38 billion in valuation last December, it was dubbed "crypto's next big thing." The value of the cryptocurrency has recently increased as a result of technological advancements to its well-known blockchain network, which now provides cheaper prices and faster transaction speeds than its competitors.
All eyes will be on Solana as we enter the last quarter of 2024 to see if it can continue to lead the way in the introduction of new tokens. According to data from CoinGecko, the price of Solana, the fourth-largest cryptocurrency in the world by market capitalization, is at almost $147 per token.
Sygnum Bank predicts SOL could flip Ethereum
Numerous Solana meme coins, including Bonk, Dogwifhat, Popcat, and others, have seen a sharp increase in recognition and popularity on the Solana (SOL) blockchain in recent months. As a result, Solana has experienced an upward trend and is now a leading blockchain that houses other cryptocurrency projects.
According to a report by Sygnum Bank, a leading digital asset bank, organizations are beginning to prefer the Solana blockchain over Ethereum. The report is further supported by a comparison of Solana and Ethereum's prices.
In a comparison supported by market data, Solana's value has increased by over 490%, outpacing Ethereum's gain of just over 50% in the last 12 months. If it continues on its current trajectory, Solana's price may record a sizable gain against Ethereum, which could ultimately prove to be a significant move.
SOL to see 5x growth by Q4 2025
The Street reported that Solana's price history over the last month has shown an upward trajectory of growth. Since the cryptocurrency has been hovering around $150 for over 228 days in a row, some analysts have predicted that it may grow five times before the final quarter of 2025.
The value of the cryptocurrency has recently increased as a result of technological advancements to its well-known blockchain network, which now provides cheaper prices and faster transaction speeds than its competitors.
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