According to Decrypt, Solana has experienced a record-breaking number of new fungible tokens minted on its network this month. In the past two weeks, 72,202 new tokens have been created using the SPL token standard, as per data from Solscan. This is over 71 times the number of coins created during a similar period in October. Daily statistics for new token creation on Solana are now consistently about four times higher than they have ever been since the network's launch in 2020.
However, the dramatic spike in token creation may not be entirely due to organic increases in network activity. A pseudonymous blockchain investigator, Slorg, suggests that while some of the increase can be attributed to a general uptick in activity, the remaining tokens are likely the result of individuals creating and dumping multiple tokens within a short period. Slorg discovered this phenomenon after a fake token for Sol Incinerator appeared on Solana. The investigator found that the imposter had created dozens of new SOL coins that same day, pumping and dumping each of them within minutes before moving on to the next.
Despite the influx of potentially fraudulent tokens, some Solana meme coins have managed to maintain their value and stick to their roadmaps. However, the success of these tokens, combined with Solana's overall resurgence, seems to have attracted deployers who are willing to flood the ecosystem with sham coins in hopes of making a quick profit.
Cheng Yuan
