{"id":2876,"date":"2023-12-31T18:22:05","date_gmt":"2023-12-31T18:22:05","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/12\/31\/frenzy-for-1000x-gains-drives-surge-in-new-tokens-on-solana\/"},"modified":"2023-12-31T18:22:05","modified_gmt":"2023-12-31T18:22:05","slug":"frenzy-for-1000x-gains-drives-surge-in-new-tokens-on-solana","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/12\/31\/frenzy-for-1000x-gains-drives-surge-in-new-tokens-on-solana\/","title":{"rendered":"Frenzy for 1,000x Gains Drives Surge in New Tokens on Solana"},"content":{"rendered":"<div>\n<figure id=\"attachment_146354\" aria-describedby=\"caption-attachment-146354\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-146354\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"900\" height=\"506\" data-lazy-srcset=\"https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05.jpeg 900w, https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05-300x169.jpeg 300w, https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05-768x432.jpeg 768w, https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05-150x84.jpeg 150w\" data-lazy-sizes=\"(max-width: 900px) 100vw, 900px\" data-lazy-src=\"https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05.jpeg\"\/><noscript><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-146354\" src=\"https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05.jpeg\" alt=\"\" width=\"900\" height=\"506\" srcset=\"https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05.jpeg 900w, https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05-300x169.jpeg 300w, https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05-768x432.jpeg 768w, https:\/\/cryptonews.com\/wp-content\/uploads\/2023\/12\/1704035175-1702102987-1701614583-f584725c05-150x84.jpeg 150w\" sizes=\"(max-width: 900px) 100vw, 900px\"\/><\/noscript><figcaption id=\"caption-attachment-146354\" class=\"wp-caption-text\">Source: AdobeStock \/ Aleksandra Sova<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The Solana blockchain network has experienced an unprecedented influx of new tokens this month, surpassing any previous records by a significant margin.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to data from\u00a0<\/span><a target=\"_blank\" class=\"editor-rtfLink\" href=\"https:\/\/analytics.solscan.io\/overview\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Solscan<\/span><\/a><span data-preserver-spaces=\"true\">, over the last two weeks alone, a staggering 72,202 new tokens have been minted on Solana using the SPL token standard.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This number is more than 71 times the amount of tokens created during a comparable period in October.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The daily statistics for new token creation on Solana are now consistently four times higher than ever before since the network\u2019s launch in 2020.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the Solana ecosystem has witnessed a remarkable revival in the past two months, driving up the value of SOL, Solana NFTs, Solana meme coins, and even demand for the Solana smartphone, the sudden surge in token creation cannot be solely attributed to organic growth in network activity.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Blockchain investigator and Sol Incinerator project lead, known as Slorg, raised concerns about the exponential rise in token creation.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Slorg discovered a fake token for Sol Incinerator on Solana and tracked its on-chain transactions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The imposter had created dozens of new SOL coins on the same day, rapidly pumping and dumping each of them within minutes before moving on to the next token, including PUZZ, RUN, BABY DINO, and DEGEN BOT.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Slorg revealed that many of the approximately 7,000 tokens launched daily on Solana are churn-style tokens created to attract attention and exploit users monitoring the \u201crecent\u201d tab on platforms like Birdeye, a popular crypto trading data aggregator.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Slorg even uncovered wallet trails where an individual had launched 300 tokens themselves in just one week.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Not All Solana-Based Meme Coins Are Rug Pulls<\/span><\/h2>\n<p><span class=\"replacer\"\/><br \/><span data-preserver-spaces=\"true\">It is important to note that not every hyped Solana meme coin is a short-lived rug pull.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some tokens, like BONK, have adhered to their roadmap and gained traction with the launch of features such as the BonkBot automated trading bot.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">BONK was developed by a team of prominent Solana builders and enjoys robust support within the ecosystem.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Similarly, Dogwifhat has maintained a steady market cap since its launch.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the success of a few tokens within the broader resurgence of Solana seems to have enticed numerous token deployers to flood the ecosystem with sham coins.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Motivated by the prospect of making quick profits, these individuals launch tokens with the hope of achieving astronomical gains, disregarding the potential negative consequences.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cA lot of people tell me, \u2018This is the entire point of crypto,\u2019\u201d Slorg said. \u201cAnd it\u2019s kind of demoralizing, because I think we can be so much more.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As\u00a0<\/span><a target=\"_blank\" class=\"editor-rtfLink\" href=\"https:\/\/cryptonews.com\/news\/solana-nfts-eclipse-ethereum-in-trading-volume-amid-surge.htm\" rel=\"noopener\"><span data-preserver-spaces=\"true\">reported<\/span><\/a><span data-preserver-spaces=\"true\">, Solana\u2019s NFTs have also witnessed considerably higher trading volume, surpassing even that of Ethereum.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Projects like Mad Lads and Tensorians have seen significant price increases, multiplying several times over in recent weeks.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Moreover, the collective trading volume of Solana NFTs has now surpassed that of Ethereum, which traditionally leads in trading volume and hosts the most valuable projects.<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em>Enter your email for our Free Daily Newsletter<\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"\/><\/p>\n<div class=\"recaptcha-text\">\n        This site is protected by reCAPTCHA and the Google<br \/>\n        <a target=\"_blank\" href=\"https:\/\/policies.google.com\/privacy\" rel=\"noopener\">Privacy Policy<\/a> and<br \/>\n        <a target=\"_blank\" href=\"https:\/\/policies.google.com\/terms\" rel=\"noopener\">Terms of Service<\/a> apply.\n    <\/div>\n<\/div><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Aleksandra Sova The Solana blockchain network has experienced an unprecedented influx of new tokens this month, surpassing any previous records by a significant margin.\u00a0 According to data from\u00a0Solscan, over the last two weeks alone, a staggering 72,202 new tokens have been minted on Solana using the SPL token standard.\u00a0 This number is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/2876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=2876"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/2876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/2877"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=2876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=2876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=2876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}