- 20,000 new tokens are being created on Solana on daily basis.
- Sentiment round Solana remained constructive regardless of spike in variety of rugpulls.
Solana’s [SOL] community has outperformed most different protocols by way of exercise over the previous few months. One of many causes for that is the accessibility of the community and low cost charges.
Furthermore, the current memecoin frenzy has additionally contributed to the expansion of the community.
Token creation on the rise
Because of the mixture of those two elements, market members are creating a number of tokens on the Solana community in order that they’ll profit from person curiosity.
Based mostly on new data, over 20,000 new tokens are being generated on Solana every day. Although that is an indicator of a vibrant ecosystem, the creation of those many tokens on the community can have some pitfalls.
One main disadvantage of the deployment of such a lot of illiquid tokens can be the potential of rug pulls occurring to addresses holding these tokens.
Although this conduct is anticipated from memecoin launches, it might nonetheless impression the general sentiment across the Solana ecosystem.
To fight these issues SolanaFM has launched blue checkmarks which have been added to the tokens in order that they are often verified. The Decentralized Trade (DEX) Jupiter has additionally taken actions to assist customers verify for reliable tokens.
Sentiment stays constructive
Regardless of the uptick within the variety of rug pulls on the Solana community, the sentiment across the community remained excessive.
AMBCrytpo’s evaluation of Santiment’s knowledge indicated that the weighted sentiment round Solana had grown considerably over the previous few weeks. This implied that the variety of constructive feedback round Solana had outnumbered the unfavorable ones on the time of writing.
Coupled with that, the social quantity across the Solana community has additionally grown considerably.
Nonetheless, the constructive sentiment round Solana was not mirrored within the current worth motion round SOL. Within the final 24 hours, the value of SOL had fallen by 6.21% and it was buying and selling at $179.75 on the time of writing.
How a lot are 1,10,100 SOLs value in the present day?
This correction in SOL’s worth could also be a response to SOL crossing previous the $200 threshold. If SOL manages to re-test this stage it might rally even additional.
Nonetheless, the Chaikin Cash Movement (CMF) of SOL decreased throughout this era. This may increasingly point out a possible lower in shopping for stress for SOL which might impression SOL’s capacity to see inexperienced going ahead.