Solana Token Issuance Hits Record High Amid Stagnant Price and Slowing ETF Demand

Solana's on-chain activity reached new heights this week, with over 263,000 new tokens minted in a single day. This record-breaking pace is several multiples above the 40,000-50,000 daily token issuance seen during December 2024's memecoin peak.

The bulk of the identifiable activity was driven by memecoin launchpad Pump.fun, which accounted for approximately 34,184 of the 40,360 tokens issued through launchpads. This surge in activity generated around US$1.4 million (AU$1.95 million) in revenue over 24 hours.

Despite this impressive on-chain activity, Solana's price barely moved, and no corresponding trading volume was reported alongside the token-minting surge.