The Solana (SOL) cryptocurrency blockchain is currently being flooded with a wave of new tokens. Inspired by the success of Bonk (BONK) and the recovery of the broader ecosystem, traders are looking for the next big hit.
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A symbolic record for Solana
According to data from SolScan At least 72,202 new tokens have appeared on the Solana network in the past two weeks. This notable increase represents more than 71 times the number of tokens created during a similar period in October. The daily stats for new token generation on Solana are currently about four times higher than ever before.
Despite the impressive progress in the Solana ecosystem, the sudden increase in token creation raises questions about the organic growth of the network. The rise of Solana (SOL), Solana NFTs, Solana memecoins, and others may have overshadowed this phenomenon.
Slorg, a pseudonymous blockchain researcher and project lead for the Solana NFT tool Sol Incinerator, highlights the mystery surrounding this surge via Share X: “Maybe you can expect a doubling or tripling (of new SPL token creation) due to increased overall activity. But how do you explain the other 6,000 tokens per day?”
Classic pump and dumps
This phenomenon came to light when a fake code for Sol Incinerator appeared on Solana. By tracking on-chain transactions, Slorg discovered that the scammer had created, pumped and dumped dozens of new SOL coins in minutes. Slorg points out that many of the tokens launched daily appear to be designed according to the “30 per day” principle.
“These tokens are intended to attract people monitoring the ‘Latest’ tab on Birdeye,” he said, referring to the popular cryptocurrency data platform. “Wallet trails found that one person launched 300 tokens per week,” Slorg said last week.
“A lot of people say to me, ‘That's the whole point of cryptocurrencies,'” said an exasperated Slorg, “and that's kind of frustrating, because I think we can be so much more than that.”
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