"There are so many tokens printed on SOL, I'm afraid to just pump and dump."
Unbeknownst to us, more new tokens this month were minted on Solana (SOL) than ever before as over 72,202 tokens appeared on the network in the last two weeks using SPL* tokens.
*Means the Solana Program Library, which is a collection of programs designed to support the creation and management of tokens on SOL.
By observation, the creation of new tokens on SOL is now consistently seeing four times higher than it has ever been since the digital asset launched in 2020 as traders chase 1,000-fold gains.
Likely to be informed that the doubling of the creation of new SPL tokens may be due to an increase in general activity, said Slorg who is a blockchain investigator and project leader of a SOL NFT tool called Sol Incinerator.
However, Slorg also said his team found fraudsters had created dozens of new SOL tokens on the same day and then pumped and dumped each token within minutes before moving on to the next such as PUZZ, RUN, BABY DINO, and DEGEN BOT.
There is no denying that there is a guy launching 300 tokens himself in a week, but not every hyped SOL memecoin is a rugpull following BONK having done his roadmap in detail.
BONK has launched the BonkBot automated trading bot which is gaining traction where it is developed by a leading SOL team and builder while Dogwifhat (WIFI) has remained capitalized since its launch last month.
As of this writing, SOL price is up 7.35% at $111.24 in the last 24 hours with a market cap of $47 billion but still recorded a 5.86% decline over the last week.
