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Solana (SOL) network’s creation of new SPL, or Solana Program Library tokens, reached a historic peak last week with an average of over 7,800 tokens created per day. This trend in SPL token creation supports the network’s native asset SOL, keeping it on an upward trajectory.
Record Broken on March 11 with 9,690 Tokens
According to on-chain data, a record was set on March 11 with the creation of 9,690 new SPL tokens, indicating a significant increase in token creation activity on the Solana Blockchain. For those unaware, SPL serves as a token creation standard on the Solana Blockchain, similar to Ethereum‘s ERC-20, and facilitates seamless integration with various Solana-based applications and platforms.
Experts point out that the surge in SPL token creation has a significant impact on the Solana ecosystem, signaling an increase in interest and activity within the network. This increase supports the ecosystem’s growth trajectory, encouraging more innovation and development. The correlation between Solana’s recent market performance and new SPL token creation highlights the network’s growing importance in the cryptocurrency world.
SOL Continues to Show Strength
With the increase in SPL token creation, SOL’s market performance continues to remain strong. The native asset of the Solana network, SOL, peaked at $192.11 on March 16, indicating a strong upward momentum. On-chain data shows that the recent rally of a Solana-based memecoin, Dogwifhat (WIF), positively influenced demand for SOL, further increasing interest and investment. Despite a minor retracement of 5% from its peak, SOL’s price has stabilized around the $175 support level, continuing to show strength amidst high market volatility.
The on-chain connection of SOL with memecoins like WIF and BONK suggests the potential for the price rise to continue, with the possibility of reaching the $200 level in the short term.
Analysts are closely monitoring current market trends and on-chain data to speculate on Solana’s future price trajectory. Notably, during the same period of strong growth in SPL token creation, Solana’s daily decentralized exchange (DEX) volume surpassed $3.5 billion. This milestone serves as confirmation of the increasing interest and activity in the ecosystem.
