Solana saw a record-breaking surge in token creation in May 2024, with 455,000 new tokens launched on its blockchain. This unprecedented increase, driven largely by the popularity of memecoins, surpassed other blockchains such as Ethereum Layer 2 Base and BNB Chain. The surge was attributed to low entry barriers and the hype around meme tokens. For comparison, during the same period, 177,000 coins were issued on other platforms. The rate of new token creation on Solana was more than 10 a minute.