- The cryptocurrency market witnessed a record-breaking number of new meme coins launched in April, according to on-chain analysis platform Crypto Koryo.
- Within a span of just one month, 138 new meme coins were introduced to the market, a stark contrast to the 18 meme coins produced in April of the previous year.
- The surge in meme coin production is largely attributed to investors’ desire for quick, high-risk returns, with Solana (SOL) and Base blockchains becoming the preferred platforms for meme coin creation.
In April, a record-breaking number of meme coins were launched in the cryptocurrency market. This article explores this surge and the factors contributing to it.
Record-Breaking Meme Coin Production
According to data from on-chain analysis platform Crypto Koryo, the cryptocurrency market saw a record-breaking number of new meme coins launched in April. The data reveals that 138 new meme coins were produced in just one month. This is a significant increase compared to April of the previous year, when only 18 meme coins were introduced to the market.
Investors’ High-Risk Appetite
The stark difference in meme coin production can be attributed to investors’ desire for quick, high-risk returns. This trend highlights the volatile nature of the cryptocurrency market and the high-risk appetite of investors. However, it’s crucial for investors to exercise caution when entering this space, as the majority of meme coins are used for short-term pump-and-dump schemes.
Shift in Blockchain Preference
In previous years, the production of new meme coins was frequently seen on the Ethereum (ETH) network. However, this year, Solana (SOL) and Base blockchains have become the preferred platforms for meme coin creation. The impressive performance of Solana-based projects like dogwifhat (WIF) and Bonk (BONK), coupled with the cost-effectiveness and usability of the Base network, has increased interest in this area.
Conclusion
The record-breaking production of meme coins in April highlights the volatile nature of the cryptocurrency market and the high-risk appetite of investors. While the shift in blockchain preference has contributed to this surge, it’s crucial for investors to exercise caution when entering this space due to the prevalence of short-term pump-and-dump schemes.
