In June, activities on the Solana blockchain surged, becoming the new center for cryptocurrency enthusiasts.
This month, the ecosystem launched 30 celebrity-themed tokens, covering social media influencers, singers, and reality show stars.
Despite the excitement, these new tokens quickly lost their value. Data shows that meme coins supported by celebrities dropped by 94% in the first month, with about half of the coins 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 draw interest. Community-driven projects like Sealana are popular, quickly raising nearly $1.5 million due to their fun concept and active community participation.
Even with a brief dip in June, Solana’s token issuance remained stable. In May, over half a million new tokens were created online, reflecting the simplicity of token creation and the increasing appeal of Solana meme coins. The low transaction fees and fast data processing times 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 (potentially including team members or celebrities) stand to benefit the most, possibly selling at a high price shortly after the token launch.
