One Million New Tokens Since April: How Crypto Project Founders Rise Above the Noise

28 May 2024

Since April 1, the crypto market has been hit with a tsunami of new tokens. We’re talking more than one million in less than sixty days. Over 370,000 new tokens sprouted on Ethereum. But Solana stole the show. A whopping 640,000+ new tokens, most of them meme-tastic creations were launched on the platform. What does this surge in new coins mean for developers, project founders, and CEOs in the space?

What You Should Know

This isn't your grandma's crypto market. This landscape is a meme-fueled rollercoaster. Of the total 643,000 new tokens launched on Solana, 466,914 were memecoins., Solana's memecoin factory, is churning them out faster than a Shiba Inu chasing its tail. Some of these freshly minted tokens are straight rug pulls.

They only want to survive long enough to cash out and ghost investors who were too lazy to do their own research. Don’t let bad actors dash off carrying your hopes, dreams, and hard-earned cash.

New tokens launched on the Solana-based memecoin platform

A Dune Analytics dashboard tracks the number of new tokens launched on the Solana-based memecoin platform But Ethereum isn't sitting on the sidelines. Its layer-2 blockchain, Base, has become a playground for degens creating memecoins at warp speed.

With numbers doubling since April, the massive volume of new tokens means devs, founders, and CEOs must prioritize transparency, security, and building trust with their communities.

We’ve been here before. Back in 2017 when the ICO craze was really popping I reviewed hundreds of projects for a top review site. Most of them were trash. From January to December 2017, the value of BTC rose 1500% – the largest one-year increase in history.

As bitcoin gained value and legitimacy, trading volumes increased and hundreds of new crypto coins were issued.

The following year 751 crypto coins became defunct – the most casualties of any year. Of those, 390 failed due to lack of trade volume and 237 due to issues with fraud. Don’t be the next victim.

As bitcoin gained value hundreds of new crypto coins were issued.

I’ve grown stealthy at spotting crypto winners and losers based on their publicly available information. You don’t have to be Nostradamus to know most meme projects will crash and burn. A handful will emerge stronger than ever.

These will have a community that is vibrant and engaged. The token will tap into humor or pop culture effectively and spark virality. Those with long-term sustainability will move beyond the hype, trends, and shilling. They’ll boast active development, innovative features, or clear utility within a decentralized application (dApp) or ecosystem. These are the projects that soar above the sea of mostly shitcoins riding FOMO and FUD.

Keep reading for some additional tea on winning strategies in crypto’s Wild West.

Standing Out Is More Difficult Than Ever

Project founders and CEOs must be aware of the increased saturation. With one million new tokens flooding the market, it's safe to say that competition has never been more intense. Every project wants more attention and investors. Standing out in this crowded market will require exceptional innovation, marketing, and community-building strategies.

Now, get this.

The influx of tokens, particularly meme coins, suggests a shift in user expectations. Many users are now seeking entertainment, community, and quick gains alongside traditional investment opportunities. Projects that can cater to these diverse needs may find greater success.

Strategies for Success

More Attention = More Investors = More Money

If you’re a project founder, dev, or CEO you need to be prepared to handle intense competition for attention, funding, and user adoption. For me, this demands exceptional innovation, marketing, and community-building strategies.

Remember high levels of competition in the space also signals a thriving and dynamic market packed with opportunities. To strike success in this crowded field requires identifying niche markets, catering to specific user needs, and offering unique value propositions can lead to success even in a crowded field.

The Gold Rush was a period of intense competition, where thousands flocked to California in hopes of striking it rich. Like the crypto space, it was a crowded field, with everyone seeking the same precious resource. But, not everyone found gold by digging in the same spot. Some prospectors found success by venturing into less explored areas, using different techniques, or focusing on providing services to other miners (like selling tools or supplies).

One pro tip is to focus on differentiation. Whether it's through unique features, innovative technology, or a compelling value proposition, finding ways to stand out is crucial in a crowded market.

Building a Strong Community

An effective strategy for project founders to differentiate themselves and achieve long-term success is to build a strong community. This includes tactics for engaging with investors, fostering trust, and creating a loyal following. This community-driven approach not only strengthens a project's position but also fosters a sense of shared ownership and purpose among its members.

I’ve seen the spillover buzz from retail investors make a project more appealing to institutional investors. It’s a powerful force that can propel any project to new heights.

The Bored Ape Yacht Club (BAYC), a collection of 10,000 unique Bored Ape NFTs is an example of successfully building a strong community. This project executed several strategies including exclusive benefits, celebrity endorsement, and an active social media presence. They continue to share updates and build a sense of togetherness among members.

Creative and Effective Marketing Strategies

Fostering community-driven initiatives aligns with another essential tool in the arsenal of project founders. Creative and effective marketing strategies are crucial for projects to stand out from the crowd. Leveraging the power of social media trends, forming strategic partnerships with influencers, and publicity campaigns on crypto news sites help founders stay afloat and emerge stronger than ever.

By harnessing these tactics, projects can gain much-needed visibility and traction in an increasingly saturated market.

Shiba Inu (SHIB) is a project that started as a meme coin and managed to create a massive following and achieve significant market success. I’ve followed some of their effective marketing approaches. Right out of the gate, SHIB leveraged Reddit, Twitter, and Telegram to engage directly with their audience. They focused on community engagement, viral marketing, strategic partnerships, and transparency.

Navigating Regulatory Challenges

Project founders and CEOs must stay informed about the latest regulations and compliance measures to ensure their token offerings are above board and legally sound. Regulatory challenges are becoming increasingly complex and can land you in jail. Get expert legal counsel, and implement strong compliance protocols.

These moves are essential steps for projects to thrive in the constantly changing regulatory environment. A proactive approach reduces legal risks and increases trust and credibility with investors and users.

Ripple (XRP) is a prime example of a crypto project that effectively navigates regulatory challenges. Despite facing significant hurdles, their comprehensive approach to regulation is a model of resilience and adaptability. They continue to apply a combination of proactive legal defense, strategic partnerships, and industry advocacy. This is why they’re positioned as a leader in the blockchain and crypto space.

Collaborating and Networking

Strategic partnerships and collaborations can be a game-changer for project founders and CEOs. Teaming up with other industry players, networking with investors, and connecting with experts are necessary tools to strengthen your position in the market.

This interconnected approach stirs innovation. It also creates a supportive ecosystem. Founders are able to build authority and generate organic traffic to their projects. This is a great way to overcome challenges and discover new opportunities in the face of a million new tokens flooding the market.

A prime example of a crypto project successfully collaborating and networking in the current environment is Polygon (MATIC). This layer-2 (L2) scaling solution focuses on enhancing scalability and user experience for Ethereum and other blockchain ecosystems. It also collaborates heavily with DeFi, NFT, and gaming projects.


One million new cryptocurrencies have been created since the start of April

With this recent explosion of tokens, the crypto world is more chaotic (and potentially profitable) than ever. Founders, developers, and CEOs must adapt. Stay ready to pivot your strategies and tactics to gain a competitive advantage. How can you embrace new technologies like AI or ML to stay ahead of the curve?

The crypto market is evolving with this token tsunami as investors fall into two camps. Will FOMO (fear of missing out) cause your audience to dive headfirst into the memecoin madness? Or does FUD (fear, uncertainty, and doubt) make your prospects hodl Bitcoin and laugh at the memecoin chaos from the sidelines? Do your research and experiment.

It’s simple. The future of your project is in your hands. Make it count. Those who can navigate this dynamic, memecoin-filled landscape with innovation, integrity, and adaptability are poised to thrive. The world of crypto is continuously changing. Stay afloat, stay innovative, and stay connected.