Since April 1, a staggering number of new tokens have flooded the cryptocurrency market, with over a million emerging on Ethereum and Solana alone. Solana takes the lead, hosting over 640,000 new tokens, mostly meme coins, while Ethereum trails with around 370,000.

Coinbase's Layer 2 network, Base, has seen a significant surge in user activity, with 88% of the new Ethereum tokens launched on the platform. This influx is largely driven by users creating new meme coins, drawn to the low-cost platform. In fact, the number of tokens created on Ethereum in this short period has surpassed the total number launched between 2015 and 2023.

Base has experienced a notable revival in user activity this quarter, with SocialFi applications like Friend.Tech driving traction. The blockchain processes around 46% of all SocialFi transactions, making this sector crucial for its growth. With $5.48 billion in total value locked (TVL), Base is now the third-largest Ethereum Layer 2 network.

New users on Base have been increasing steadily since the beginning of the year, with a significant spike after March. Daily user count data from Dune Analytics reveals a 92.86% increase in just two months, from 4.6 million in March to 8.9 million in May.

On Solana, meme coins dominate the 643,227 new tokens created during the same period. Some have posted impressive gains, such as dogwifhat (WIF), Bonk (BONK), and Slerf (SLERF). However, many have since collapsed or become worthless, with meme coin scams rampant on both Solana and Base. Industry experts warn against the hype, emphasizing the importance of legitimate products driving progress.