Solana Network received nearly 500,000 new tokens in May: Report – DiarioBitcoin

As detailed in the report, most of these new tokens were memecoins, which seek to make room within this saturated space to have the success of initiatives such as BONK either WIF.

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• In May, almost 500,000 new cryptocurrencies were issued on the network Solarium
• This figure exceeds 177,000 assets launched in Base, and the 39,000 in BNB Chain
• Most of these new tokens were memecoins, assets that are very easy to create today
• Months ago, a report claimed that at least 50% of pre-sales launched in Solarium They were scams

Recently published data indicates that the ecosystem of Solarium received almost half a million new tokens created and launched on its network during the last month, establishing itself as one of the Blockchain with greater activity.

Proliferation of new tokens in Solarium

According to data shared by the media The Blocknetwork Solarium received some 455,000 new tokens created in May this year, a figure that far exceeds the 177,000 assets launched in Base, and the 39,000 he received BNBChain.

In this regard, the head of strategy of the Solana FoundationAustin Federa emphasized that the network has characteristics that position it as an excellent option for this purpose, such as its fast processing of operations and low costs:

“The increase in mass token creation on Solana is a consequence of these features, bringing the cost of experimentation and creating new ideas to almost zero. Tokens on Solana should be as easy to create as content on the Internet”Federa indicated.

The rise of memecoin

In relation to the high flow of new tokens, the research details that the majority of these assets are mainly memecoins, coins based on memes whose value depends on speculative factors. The researchers indicate that those behind these projects are possibly trying to replicate the success that initiatives such as Dogwifhat (WIF) or Bonk (BONK)which at the time derived significant profits for their users.

On the proliferation of memecoins, the investigation of The Block points to the site Pump.fun, platform that allows people to create tokens in very few steps, making the process easy, simple and intuitive. Several tokens have come out of there that have enjoyed some success in recent days.

High number of scams

The publication of this data comes a couple of months after a report from the firm Blockaid It is alleged that at least 50% of the pre-sales of new tokens on the Solarium They are basically fraudulent offers.

The CEO of Blockaid, Ben Natan, those responsible for pre-sales make use of social engineering techniques mainly in marketing channels. Telegram, Discord and communities of x, This with the intention of taking people to the pre-sale websites:

[Las campañas y preventas] They focus on both memecoins and existing projects; For example, in the next few days we have seen some of the most popular projects being targeted by some of these groups.

The launch of a new token, whether on the mainnet or in the pre-sale phase, does not necessarily imply that the project or the team behind it is fraudulent, but given the proliferation of scams that take advantage of this modality to deceive potential investors, it is important that people Be aware of the associated risks.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.