Solana has solidified its position as the home of meme-based tokens, with over 8,000 memecoins created on the blockchain in one day.
8,630 Memecoin Created in a Day
According to data from Solscan, a total of 8,630 memecoins were created on the high-speed layer-1 (L1) blockchain on March 10, 2024. As displayed on the block explorer, an average of 3,000 memecoins are launched on Solana daily, with the recent figure setting a new high.
In an X (Twitter) thread, Solana co-founder Anatoly “Toly” Yakovenko suggested that this unprecedented surge in memecoin creation could be one factor contributing to the recent congestion on Solana. As indicated by Toly, these memecoins might be using a significant portion of the available block space, potentially worsening the congestion in the process.
Is it worth it to aggressively increase block space on Solana even if it increases the risk of an outage?
— toly 🇺🇸 (@aeyakovenko) March 12, 2024
He opened a poll, proposing increasing block space as a potential solution to congestion while acknowledging the potential risk of doing so. So far, only 28% of over 5,000 community members have voted to increase block space.
The Home of Memecoins
Meanwhile, the latest development underscores Solana’s position as the leading blockchain for memecoins, which are major drivers of community engagement and investor interest in industry projects.
While many meme-based tokens have launched on Solana, only a few have seen early success and have caught the attention of industry projects and members.
One of these tokens is Bonk (BONK), which saw astronomical gains after receiving listings from leading cryptocurrency exchanges, including Coinbase, Binance, OKX, Bybit, HTX, and others.
Another on the list is Dogwifhat (WIF), a dog-with-a-hat memecoin that has seen its price and market cap skyrocket since getting listed on Binance this month.
