The Solana blockchain accounts for 89% of new token launches
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Johny Smith
2024/11/19
3 mins read
There is a clear positive trend in the cryptocurrency market, which is contributing to the growth of most digital coins. In parallel, there has been a surge in activity on the Solana network. According to current statistics, about 89% of new tokens are launched on this blockchain. Last week, about 181 thousand coins appeared on decentralized trading platforms. At the same time, the greatest surge was observed in the niche of meme assets.
It is worth noting that users choose the Solana network to launch new tokens due to the fact that this blockchain has high throughput with minimal commission costs. According to many experts, this situation indicates that investors maintain a high “appetite” for high-risk assets. In particular, this thesis is confirmed by the stable influx of funds into spot Bitcoin ETFs.
Some experts also note that the Solana network’s position as the preferred platform for deploying new tokens will remain stable in the medium term. This is due to both its technical advantages and the fast speed of transactions.
However, experts note that these types of assets are very volatile. Consequently, they have high growth potential, but the risks for investors will be quite significant.
Over the past 7 days, Solana has added about $8.7% in value. The market capitalization of the coin has exceeded $100 billion. Currently, the asset is trading near the $214 level. It is worth noting that the absolute price extreme for the coin was reached at the end of 2021. At that time, Solana reached $260. Currently, the asset ranks 4th in the overall ranking of cryptocurrencies in terms of capitalization.
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