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Solana Faces Unusual Slowdown In Token Growth, Is SOL Price At Risk?
The post Solana Faces Unusual Slowdown In Token Growth, Is SOL Price At Risk? appeared on BitcoinEthereumNews.com. These past weeks have seen Solana (SOL) price was crawling to keep up with little growth in its native token count. According to Dune Analytics, the blockchain recorded a massive 88% slump in the growth of unique native tokens created in its network. Solana Native Token Outlook Only 330,000 tokens were created in February, representing approximately a 0.84% bump month-on-month. The latest data suggest a steep drop compared to January when Solana recorded the creation of over 2.3 million tokens. Even in December, the ecosystem accommodated the creation of more than 2.1 million unique tokens. Crypto enthusiast and prominent analyst Conor Grogan took to X to describe the development as the “lowest rate in history” from the data he could find. Source: X Meanwhile, Conor claimed that most of the tokens created are from bots or scams. Therefore, he thinks that the decline in Solana may be because the retail audience has realized this and no longer falls for as many scams. Similarly, crypto analyst Miles Deutscher acknowledged a 53% slump in the number of new Solana addresses compared to earlier this month. This outlook compelled Deutscher to predict that Solana could soon possibly start reaching a bottom in on-chain metrics. Pump.Fun and Bot Token Creation Scam Solana-based memecoin launchpad Pump.Fun has been faced with a lot of challenges. Recognized as the powerhouse behind token creation on Solana, the platform now faces backslashes from the crypto community. Almost a year ago, the launchpad’s ex-employee made way with over $1.9 million through a bonding curve attack. Pump.Fun immediately contained the incident, which shook SOL token holders. Three months ago, some troubling content linked with the launchpad surfaced online. It included viral clips showcasing violent threats and offensive material from token creators looking to gain online visibility. To address the issue, the platform suspended live streams indefinitely. Interestingly, the…
The post Solana Faces Unusual Slowdown In Token Growth, Is SOL Price At Risk? appeared on BitcoinEthereumNews.com.
These past weeks have seen Solana (SOL) price was crawling to keep up with little growth in its native token count. According to Dune Analytics, the blockchain recorded a massive 88% slump in the growth of unique native tokens created in its network. Solana Native Token Outlook Only 330,000 tokens were created in February, representing approximately a 0.84% bump month-on-month. The latest data suggest a steep drop compared to January when Solana recorded the creation of over 2.3 million tokens. Even in December, the ecosystem accommodated the creation of more than 2.1 million unique tokens. Crypto enthusiast and prominent analyst Conor Grogan took to X to describe the development as the “lowest rate in history” from the data he could find. Source: X Meanwhile, Conor claimed that most of the tokens created are from bots or scams. Therefore, he thinks that the decline in Solana may be because the retail audience has realized this and no longer falls for as many scams. Similarly, crypto analyst Miles Deutscher acknowledged a 53% slump in the number of new Solana addresses compared to earlier this month. This outlook compelled Deutscher to predict that Solana could soon possibly start reaching a bottom in on-chain metrics. Pump.Fun and Bot Token Creation Scam Solana-based memecoin launchpad Pump.Fun has been faced with a lot of challenges. Recognized as the powerhouse behind token creation on Solana, the platform now faces backslashes from the crypto community. Almost a year ago, the launchpad’s ex-employee made way with over $1.9 million through a bonding curve attack. Pump.Fun immediately contained the incident, which shook SOL token holders. Three months ago, some troubling content linked with the launchpad surfaced online. It included viral clips showcasing violent threats and offensive material from token creators looking to gain online visibility. To address the issue, the platform suspended live streams indefinitely. Interestingly, the…
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