In June, there has been a surge in activity on the Solana blockchain, becoming a new hub for cryptocurrency enthusiasts.
This month, the ecosystem has introduced 30 celebrity-themed tokens, covering social media influencers, singers, and reality TV stars.
Despite the excitement, these new tokens quickly lost their value. Data shows that meme coins backed by celebrities dropped by 94% in the first month, with about half of them losing 99% of their peak value. This decline highlights the risky nature of meme cryptocurrencies, especially those heavily reliant on celebrity hype.
However, the Solana ecosystem continues to pique people’s interest. Community-driven projects like Sealana have been popular, quickly raising nearly $150,000 due to their engaging concept and active community participation.
Despite a brief dip in June, the token issuance on Solana remains stable. In May, over 500,000 new tokens were created online, reflecting the simplicity of token creation and the growing appeal of Solana meme coins. The low transaction fees and fast data processing time on the blockchain network make it an attractive choice for merchants.
An analysis by Bubblemaps shows that a significant portion of these tokens are controlled by internal wallets, holding 90% to 95% of the tokens issued in the past 20 months. These insiders (which may include team members or celebrities) benefit the most, potentially selling at a high price shortly after the token’s launch.
