Global gold reserves rose by 33 tonnes in April, according to the World Gold Council. The Central Bank of Turkey was at the forefront, increasing its holdings by 8 tonnes. This addition marks 11 consecutive months of purchases, bringing the central bank’s year-to-date acquisitions to 38 tonnes and raising its overall official gold reserves to […]
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By The Numbers: Over 1 Million New Crypto Tokens Launched Since April
The crypto community created over one million tokens across all chains in the past month, with Solana and Ethereum leading the crypto token frenzy. According to Coinbase’s director, these numbers doubled the tokens created in Ethereum between 2015 and 2023.
Over 22,000 New Crypto Tokens Created Daily
Coinbase’s director Connor Grogan shared on X that 1 million tokens have been launched since April 1, 2024. The tokens created in the Ethereum Network account for 36% of the total number, with 372,642 tokens launched in the past month and a half.
According to Dune Analytics, 327,553 tokens, around 88% of the total, were launched on the Layer-2 blockchain Base. The surge was seemingly propelled by the memecoin frenzy that has taken over this cycle.
Additionally, Ethereum and Arbitrum saw a significantly smaller number of new crypto tokens launched, with 21,474 and 19,284 new tokens, respectively.
However, Solana took the crown after seeing the creation of 643,227 tokens since April 1. Out of those, 464,563 are memecoins, per Dune Analytics. Moreover, Grogan highlighted that Solana registers an average of 20,000 new tokens daily.
As reported by Solana Floor, on Monday, the blockchain reached a new all-time high (ATH) in newly created tokens, with 23,000. This could be attributed to the market pump propelled by the return of renowned crypto trader Roaring Kitty. Since his comeback to social media, several new memecoins have been created, and the top ones have surged.
BREAKING: Over 23K New SPL Tokens created on @solana in the last 24 hours, a new all-time high. pic.twitter.com/cn4ARy0KwC
— SolanaFloor | Powered by Step Finance (@SolanaFloor) May 14, 2024
The crypto community reacted to the astonishing numbers, with many expressing concerns. One user pointed out that most of these tokens are “just spam to farm sniper bots.” He alleged that some people launch tokens “just to rug pull bots that auto-bought.”
Another user playfully added, “The moral of the story is don’t buy projects created after February 2024.” This year, investors have seen many project launches promising big returns. Instead, investors have suffered rug-pull and other scams.
Overabundance Of Altcoins?
At the end of April, DeFi researcher and Web3 investor Thor Hartvigsen pointed out that while only four months into the year, the market had seen a massive increase in the supply of altcoins.
As a result, this increase accounted for .6 billion in additional liquid supply injected into the market. Hartvigsen added that crypto projects will unlock .5 billion over the years, with many tokens launched in 2023 “also unlocking this year with many cliffs ending.”
Moreover, the market observer highlighted that the average float in market capitalization and fully diluted valuation (FDV) for the tokens launched in Q1 2024 was just 13.6%.
To him, this is only “the tip of the iceberg,” as the crypto market will continue to be flooded with new supplies and tokens. He offered a list of categories he believes will see the greatest number of new tokes this year.
His list included Modular Infrastructure protocols, Liquid Restaking Tokens (LRTs), Bridges and Cross-Chain Messaging solutions, and Perpetual Decentralized Exchanges (DEXes).
On Tuesday, DeFi researcher Ignas shared a list based on the recently launched low-float tokens shared by Hartvigsen. According to him, these tokens are down by 63.6% on average.
According to the researcher, tokens like JUP, ONDO, and STRK have registered a 49.2%, 30.5%, and 74.2% decrease from ATH prices.
US Inflation Data Indicates Slight Cooling in April; Gold, Silver, and Cryptos Climb
The latest report from the U.S. Labor Department’s Bureau of Labor Statistics reveals that the consumer price index (CPI) for April climbed by 0.3%. Over the last 12 months, the CPI increased by 3.4%, primarily driven by higher costs for shelter and gasoline. Relief Rally in Financial Markets as April CPI Data Shows Subdued Inflation […]
Bitcoin News
Nigerian Currency Becomes Worst-Performing After Erasing All Early April Gains
The Nigerian currency, which has been depreciating against the U.S. dollar in the past few weeks, has completely erased its gains from early April, making it the worst-performing currency in the world. The decline of the naira is attributed to Nigeria’s ongoing foreign exchange shortages. One economist expects the pressure on the currency to peak […]
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Hut 8’s Bitcoin Mining Output Drops 36% to 148 BTC in April
North American bitcoin miner, Hut 8, said it mined 148 bitcoins, or 36% coins less in April than it did in March. Hut 8 primarily attributes the decrease in the number of mined bitcoins to the relocation of its proprietary miners, which were previously hosted at the Kearney and Granbury sites. The Halving Effect Hut […]
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Defi’s TVL Declines by $10 Billion in April Despite Growth in Bitcoin and Newer Blockchains
The total value locked (TVL) in decentralized applications (defi) experienced a 7% decrease, dropping billion in April, with defi’s ecosystem ending the month at 8.6 billion despite a widespread outflow of funds from several blockchains, such as a significant drop in Avalance and Solana. Despite the overall downtrend, Bitcoin, Base (a Layer two blockchain […]
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Bitcoin Miners Log Second Highest Monthly Revenue in April, Despite Falling Hash Value
In April, bitcoin miners amassed the second-highest monthly revenue of the past year, following the unprecedented earnings in March. In total, they collected .79 billion, which, although 0 million less than the previous month, still exceeded the revenues of December 2023, which totaled .56 billion. Bitcoin Miners Recorded Strong Revenue Last Month On May 1, […]
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NFT Sales Dip Over 31% in April; Ethereum, Solana Experience Sharp Declines
Sales of non-fungible tokens (NFTs) experienced a 31.26% decline in April from the revenues recorded in March. Last month, statistics show that NFT transactions across several markets totaled approximately .15 billion in sales. NFT Revenues Shrink in April, Certain Bitcoin Collections Buck the Trend As April concluded and May commenced, data reveals that NFT sales […]
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Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days
The Naira recently depreciated by 12% in just seven days, thus shedding all the gains it made against the U.S. dollar in early April. Local media reports attribute the volatile naira’s latest drop to the growing mismatch between the supply and demand of foreign exchange. Demand and Supply Mismatch Just weeks after nearly breaching the […]
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Trading of Hong Kong Spot Bitcoin and Ethereum ETFs Starts April 30
Per the Securities and Futures Commission (SFC) of Hong Kong, the region’s newly authorized spot bitcoin and ethereum exchange-traded funds (ETFs) are set to commence trading on Tuesday, April 30, 2024. Anticipation Builds for the Rollout of Bitcoin and Ethereum ETFs in Hong Kong Recently, the SFC of Hong Kong announced its approval for several […]
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