1M Crypto Tokens Flood the Market Since April!

More than one million new tokens have been created since the start of April, almost half of which were meme coins.

Danielle du Toit
May 15, 2024

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Almost half of the one million new tokens that have been launched since Apr. 1 were meme coins.

Since Apr. 1, a total of 372,642 new tokens have been launched on the Ethereum network. 88% of these tokens were launched on Coinbase's layer-2 blockchain Base.
According to Coinbase Director Conor Grogan, the number of new tokens launched on Base since April is double the total number launched on Ethereum from 2015 to 2023.
643,000 new tokens were launched on Solana since the start of April, of which 466,914 were meme coins.

The U.S. Securities and Exchange Commission seems to be leaning towards classifying Ether (ETH) as a security.

A March filing by BlackRock looking to list a spot Ether ETF suggests that the SEC is considering classifying Ether as a security.
The SEC ended up delaying its decision on the ETF and asked the public for its opinion on whether it should be treated as a commodity.
Scott Johnsson, an associate at Davis Polk and Wardwell, suggested that the SEC's request for public feedback might signal that the SEC intends to reject the ETF application.

Ramji left BlackRock in January 2024 and played a crucial role in the launch of BlackRock’s iShares Bitcoin Trust (IBIT).

Vanguard has appointed Salim Ramji as its new CEO, making him the very first CEO that was hired from outside the company.
Ramji's appointment has attracted a lot of interest mainly because of his background in digital assets and Vanguard's traditionally cautious stance on Bitcoin and crypto.
Speculation is growing that Vanguard may shift its stance on digital assets under Ramji's leadership.

Well known crypto analyst Ali Martinez recently shared a very bullish forecast for BTC.

According to Martinez, the TD Sequential indicator recently flashed a buy signal on Bitcoin's hourly chart, which could indicate a potential increase in BTC’s price.
Federal Reserve Chair Jerome Powell also recently shared his optimism about the U.S. economy after last year's strong GDP growth.
The very optimistic economic outlook could suggest a more favorable environment for investment assets, including cryptocurrencies like Bitcoin

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