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Whereas Dogecoin stood as an anomaly—a well-established memecoin that surged thanks to celebrity endorsements and organic community support—2024 saw a myriad of poorly conceived tokens flooding the market. Each day, the quantity of token launches skyrocketed, soon eclipsing meaningful projects that once held sway in the digital currency ecosystem.
The Impact of Pump.fun
Central to this tidal wave of new tokens is a platform called “pump.fun,” which allows nearly anyone to create their own cryptocurrency in mere minutes. By lowering the barrier to entry for would-be developers, pump.fun catalyzed the creation of over four million new tokens on the Solana network in 2024, with a staggering proportion comprising memecoins.