These past weeks have seen Solana (SOL) price was crawling to keep up with little growth in its native token count.

According to Dune Analytics, the blockchain recorded a massive 88% slump in the growth of unique native tokens created in its network.

Solana (SOL) has seen little growth in its native token count, which is keeping pace with the lackluster performance of the altcoin in recent weeks.

Solana Network Unique Token Growth Drops 88%

According to Dune Analytics, the blockchain recorded a massive 88% slump in the growth of unique native tokens created in its network.

Only 330,000 tokens were created in February, representing approximately a 0.84% bump month-on-month.

The latest data suggest a steep drop compared to January when Solana recorded the creation of over 2.3 million tokens. Even in December, the ecosystem accommodated the creation of more than 2.1 million unique tokens.

Crypto enthusiast and prominent analyst Conor Grogan took to X to describe the development as the “lowest rate in history” from the data he could find.

Meanwhile, Conor claimed that most of the tokens created are from bots or scams. Therefore, he thinks that the decline in Solana may be because the retail audience has realized this and no longer falls for as many scams.

Similarly, crypto analyst Miles Deutscher acknowledged a 53% slump in the number of new Solana addresses compared to earlier this month.

This outlook compelled Deutscher to predict that Solana could soon possibly start reaching a bottom in on-chain metrics.

Pump.Fun And Bot Token Creation Scam

Solana-based memecoin launchpad Pump.Fun has been faced with a lot of challenges. Recognized as the powerhouse behind token creation on Solana, the platform now faces backslashes from the crypto community.

Almost a year ago, the launchpad’s ex-employee made way with over $1.9 million through a bonding curve attack. Pump.Fun immediately contained the incident, which shook SOL token holders.

Three months ago, some troubling content linked with the launchpad surfaced online. It included viral clips showcasing violent threats and offensive material from token creators looking to gain online visibility.

To address the issue, the platform suspended live streams indefinitely. Interestingly, the launcher’s revenue soared during these talks about harmful content.

However, daily revenue dropped dramatically in February to just above $1 million. Many experts consider this situation with Pump.Fun to be the reason behind the Solana token growth decline.

Solana (SOL) Price Outlook

SOL price was trading at $145.21, up by 1.18% within the past 24 hours.

Sadly, it has lost more than 31% in the past 30 days, which is evident in the sharp decline in traders’ engagement with the coin.

At the time of this writing, Solana’s trading volume had plunged by 38.98%. This outlook reflects a reduced interaction between traders and SOL in general.

SOL’s low price level is a shortfall from its previous achievements in attaining a $294 All-Time High (ATH). It was recently discovered that SOL whale activity has significantly reduced, with a noticeable drop in their holdings.

This outlook also likely contributed to the altcoin’s present-day predicament.

US President Donald Trump recently announced SOL and XRP as part of the potential multi-crypto strategic reserve. Despite this update, the market volatility kept Solana below the $250 resistance level.

Technical indicators already show mixed signals, with the Bollinger Bands suggesting heightened volatility.

On the one hand, the moving averages suggest downward pressure, but bullish momentum could return if Solana recovers above $155.