代幣循環的重大增長繼續與市場績效保持權衡

該報告涵蓋了Taiko，Pyth，Morpho，Nyan和Spec的五個加密項目，表明較高的浮子並未轉化為更強勁的需求。

A 30-day supply analysis by Tokenomist (formerly TokenUnlocks) has shown that major increases in token circulation continue to weigh on market performance. The report, which covers five crypto projects: TAIKO, PYTH, MORPHO, NYAN, and SPEC had an interesting observation. It was found that higher float did not translate into stronger demand. All tokens listed recorded negative price returns, even in cases where market capitalization rose. The data confirms persistent underperformance linked to token emissions.

代幣主義者（以前是Tokenunlocks）進行的30天供應分析表明，令牌循環的重大增加繼續影響市場績效。該報告涵蓋了五個加密項目：Taiko，Pyth，Morpho，Nyan和Spec有一個有趣的觀察。發現較高的浮點並未轉化為更強勁的需求。即使在市值上升的情況下，所有代幣都列出了負價回報。數據證實與令牌排放有關的持續性不佳。

Over the past 30 days, several tokens saw significant increases in circulating supply.

在過去的30天中，幾個令牌的循環供應量顯著增加。

Several tokens saw significant increases in circulating supply over the past 30 days. 30D supply growth saw an inverse correlation with price performance, while the highest supply increases were linked to the deepest token price falls. All tokens with the highest 30D supply growth posted negative returns, confirming continued underperformance post-emissions. Circulating supply growth ranged from +25% for SPEC to +71.9% for TAIKO. Among the five tokens, NYAN had the weakest performance with a 59.5% price decline despite a 29.6% rise in circulating supply over 30 days.

在過去30天內，幾個令牌的循環供應量顯著增加。 30D供應增長與價格績效相關，而供應最高的增加與最深的代幣價格下跌有關。所有具有最高30D供應增長的代幣都均可獲得負收益，這證實了排放後的表現不佳。循環供應增長范圍從taiko的規格 +25％到 +71.9％。在五個令牌中，Nyan的性能最弱，價格下降了59.5％，儘管供應量增長了30天，但循環供應量增長了29.6％。

The analysis also observed that the greatest relative stability was displayed by MORPHO which saw a 33.3% increase in supply but also recorded a 26.2% rise in market cap. Its token price went down by 5.3%.

該分析還觀察到，Morpho表現出最大的相對穩定性，供應量增加了33.3％，但市值增長了26.2％。它的代幣價格下跌了5.3％。

The data suggests that market demand for MORPHO more closely matches its emission levels, limiting the impact on token price. However, for NYAN, both valuation and supply absorption dropped indicating low confidence or diminishing utility tied to the asset.

數據表明，市場對Morpho的需求更加與其排放水平相匹配，從而限制了對令牌價格的影響。但是，對於Nyan而言，估值和供應吸收都下降了，表明置信度較低或與資產相關的效用降低。

Such conditions were also evident in SPEC. The token’s supply went up by 25.7 percent while the market cap went down by 26.6 percent leading to a price reduction of 41.6 percent. Similar to NYAN, the figures of SPEC show that investors were not keen to take up the new float which led to devaluation.

這種情況在規格中也很明顯。令牌的供應量增長了25.7％，而市值下降了26.6％，導致價格降低41.6％。與Nyan類似，規格的數據表明，投資者並不渴望承擔導致貶值的新浮動。

There was a great increase in supply in the projects with the greatest level of price performance being negative. This finding ties in with an observation made repeatedly in tokenomics: when supply grows rapidly, market prices may be easily overwhelmed unless demand or utility also rises quickly. The token that did not suffer such massive losses was MORPHO which was resilient in terms of its resilience despite its emission rate.

這些項目的供應量大大增加，價格績效最大的水平為負。這一發現與在令牌學中反復進行的觀察聯繫在一起：當供應迅速增長時，除非需求或公用事業也很快上升，否則市場價格很容易被淹沒。未遭受如此巨大損失的代幣是morpho，儘管其排放率，但在其彈性方面仍然具有彈性。