106,000 New Altcoins Sprout on Solana Blockchain

Solana blockchain has ascended the ranks to become a choice platform for new projects looking to launch. Data shows a significant bump in tokens sprouting from the network this week.

It appears that developers are flocking to the Solana network to deploy their new tokens, enticed by several offerings that are unique to the blockchain.

106,000 New Solana-Based Altcoins

According to data from portfolio platform StepFinance, more than 106,000 new tokens have emerged from the Solana blockchain this week. Some of these altcoins, including MW, were a rug pull while others remain available for swap transactions. It is worth noting that this count excludes non-fungible tokens (NFTs) built on Solana. 

Solana’s high-speed and low-cost transactions make it an attractive platform for developers looking to launch new tokens quickly and efficiently. The network’s capacity to process thousands of transactions per second offers an ideal environment for token creation and trading.

“Solana is the people’s chain. Understand that and you will be just fine,” noted Jakey, a creator at CUBE.

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024

Along with the surge in new tokens on Solana, the network’s Total Value Locked (TVL) is up by $166 million in the past 24 hours. An increase in TVL often suggests that many users are entering the DeFi space, which could increase demand for its services. 

This is despite speculation that Solana is under investigation. The rumor, touted by influencer Crypto Bitlord, stirred more engagement, with analysts shooting down Solana.

“We are witnessing the death of Solana. The Solana Foundation, under pressure from the Feds, are unable to deploy the algorithmic trading strategies to defend this diagonal level. We are witnessing history,” said crypto analyst Evanss6.