Coinbase's Conor Grogan disclosed that nearly 1 million new cryptocurrency tokens were created last month, primarily on Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL) blockchains.

The surge in token creation, particularly in meme coins, highlights the volatile nature of the crypto market and raises concerns about potential scams.

Despite the growth in meme coins, criticism mounts over their high-risk nature and regulatory leniency, prompting warnings for investors to diversify portfolios.

Crypto Koryo emphasises the ease of creating new coins, urging caution and diversification to mitigate risks.

Additionally, on Solana blockchain, several meme coin projects were abandoned, resulting in substantial losses for investors.