Solana’s Token Explosion: 1.2M New SPL Tokens Minted in April as Memecoin Frenzy Hits Overdrive

Solana’s blockchain just became the wild west of crypto creation—1.2 million new SPL tokens spawned in April alone, with memecoins hogging the spotlight. Move over, utility—doge knockoffs and frog-themed tokens are the new ’disruptors.’

The network’s low fees and high speed turned it into a meme factory, proving once again that where Wall Street sees risk, crypto sees... well, mostly jokes with market caps. At least the transaction volume is real—even if the ’fundamentals’ aren’t.

This spike was driven primarily by memecoins, many of which were launched through Pump.fun.

Pump.fun is a platform that allows users to mint and trade meme-themed tokens through a simplified and user-friendly interface. Its design eliminates the need for technical skills and incorporates safeguards to minimize common security risks.

As a result, the protocol has become a dominant force in the crypto industry, allowing memecoins to play a central role in Solana’s on-chain activity.

A report from asset management firm VanEck shows that memecoins accounted for 44% of decentralized exchange (DEX) volume on Solana in January 2025 and 35% in April.

When excluding stablecoins, SOL, and liquid staking tokens, which typically sit on the other side of these trades, memecoins represented 99% of trading volume in January and 95% in April.

Due to memecoins’ popularity, Solana and Pump.fun have generated record fees this year.

According to Token Terminal data, Pump.fun has generated $296 million in transaction fees year-to-date, while Solana has drawn $414 million over the same period.