<\/p>\n
This month, more new fungible tokens have been minted on Solana<\/a> than at any point in the network\u2019s history\u2014by a staggering degree.<\/span><\/p>\n In the last two weeks alone, 72,202 new tokens have popped up on Solana using the SPL token standard, according to data from <\/span>Solscan<\/span><\/a>. That\u2019s over 71 times the amount of coins created on the network during a comparable period in October.\u00a0<\/span><\/p>\n Daily stats for new token creation on Solana are now consistently about four times higher than they\u2019ve ever been since Solana launched in 2020.\u00a0<\/span><\/p>\n While the Solana ecosystem has enjoyed a resounding comeback in the last two months\u2014one that\u2019s boosted <\/span>SOL<\/span><\/a>, Solana <\/span>NFTs<\/span><\/a>, Solana <\/span>meme coins<\/span><\/a>, and even demand for the Solana <\/span>smartphone<\/span><\/a>\u2014such a dramatic spike in token creation likely cannot be explained by organic increases in network activity.\u00a0<\/span><\/p>\n \u201cMaybe you can assume a doubling or tripling of [new SPL token creation] because of an uptick in general activity,\u201d <\/span>Slorg<\/span><\/a>, a pseudonymous blockchain investigator and the project lead of Solana NFT tool <\/span>Sol Incinerator<\/span><\/a>, told <\/span>Decrypt<\/span><\/i>. \u201cBut how do you account for the other 6,000 tokens a day?\u201d<\/span><\/p>\n Slorg got sucked into the conundrum when a fake token for Sol Incinerator recently popped up on Solana. By tracking on-chain transactions, Slorg and their team discovered that the imposter had created dozens of new SOL coins that same day, pumping and dumping each of them within a matter of minutes, before moving on to the next: PUZZ, RUN, BABY DINO, and DEGEN BOT, just to name a few.\u00a0<\/span><\/p>\n Today our team discovered that someone had launched a fake Incinerator token on Birdeye.<\/p>\n As we started to dive into the wallet responsible, things became much more interesting.<\/p>\n 16 hours ago he sent himself SOL from Binance, which was the first transaction of the chain of\u2026 pic.twitter.com\/LToXpQPEYC<\/a><\/p>\n \u2014 Slorg (@SlorgoftheSlugs) November 13, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n \u201cOf these 7,000 tokens being launched daily, a lot of them are these 30-a-day style churn type tokens to farm people watching the \u2018recent\u2019 tab on Birdeye,\u201d Slorg said, referencing the popular crypto trading <\/span>data aggregator<\/span><\/a>. Slorg tweeted this week that they “found wallet trails where one guy launched 300 [tokens] himself in a week.”<\/span><\/p>\n To be clear, not every hyped Solana meme coin is more than an hour-long rugpull<\/a>. BONK<\/a> has stuck to its elaborate <\/span>roadmap<\/span><\/a> (including launching its BonkBot automated trading bot, which is gaining traction<\/a>); the token was launched by a team including prominent Solana builders and enjoys broad ecosystem support. And <\/span>Dogwifhat<\/span><\/a> has remained steadily capitalized since its launch last month.<\/span><\/p>\n But the success of some of those tokens, in the context of Solana\u2019s broader resurgence, appears to have attracted enough deployers who\u2014enticed by the prospects of making even a few dollars each gambit\u2014are willing to flood the ecosystem with sham coins.<\/span><\/p>\n\n