新的分析强调了Altcoin市场日益严重的问题；在几个加密项目中，令牌供应的急剧增加，给价格施加了巨大的下降压力

该分析强调了山寨币市场日益严重的关注。在几个加密项目中看到，令牌供应的急剧增加，给价格施加了巨大的下降压力。

A new analysis by Tokenomist has highlighted a growing concern in the altcoin market; that of several crypto projects seeing dramatic increases in token supply putting severe downward pressure on prices.

代币主义者的一项新分析强调了Altcoin市场日益严重的问题。在几个加密项目中看到，令牌供应的急剧增加，给价格施加了巨大的下降压力。

In most cases, markets have struggled to absorb the new supply, with price and market cap often declining in tandem. This trend underscores a concerning mismatch between token emissions and investor demand, which is placing pressure on valuations across multiple ecosystems.

在大多数情况下，市场一直在努力吸收新的供应，价格和市值经常下降。这种趋势强调了令牌排放和投资者需求之间的不匹配，这给多个生态系统的估值带来了压力。

According to data from Tokenomist, several projects have seen their circulating supply surge over the past month, but this increase has, in most cases, failed to be absorbed by the market, leading to significant price declines.

根据Tokenomist的数据，几个项目在过去一个月中看到了它们的循环供应趋势，但是在大多数情况下，这种增长未被市场吸收，导致价格大幅下降。

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

在过去的30天中，几个令牌的循环供应量显着增加。

Key Observations:• All tokens with the highest 30D supply growth posted negative returns, confirming continued underperformance post-emissions.• Circulating supply growth ranged from +25% for Nyan Heroes to a whopping +71.9% for Taiko.• Among the top five, only Morpho registered a gain in market cap, while the remaining tokens experienced declines.

主要观察结果：•所有具有最高30D供应增长的令牌均出现负回报，确认了持续的表现不佳后发射后。•循环供应增长范围从Nyan Heroes的 +25％到Taiko的高达 +71.9％。

The analysis focused on five projects: Nyan Heroes, Spectral, Morpho, Pyth Network, and Taiko. Among these projects, Nyan Heroes saw the smallest increase in circulating supply, with a 25% rise in the past 30 days.

分析重点是五个项目：Nyan Heroes，Spectral，Morpho，Pyth Network和Taiko。在这些项目中，Nyan Heroes的循环供应量最小，在过去30天内增长了25％。

However, despite this modest change in supply, Nyan Heroes suffered the most significant loss in market cap, with a 47.5% decrease and a 59.5% drop in price. This downturn left Nyan Heroes trading at $0.004565.

但是，尽管供应量的变化适度，Nyan Heroes遭受了最大的市值损失，下降了47.5％，价格下降了59.5％。这一低迷的尼安英雄的交易价格为0.004565美元。

Conversely, while Taiko saw the largest increase in circulating supply—a massive 71.9% over the period—it managed to post the smallest loss in market cap, at 14.5%.

相反，尽管Taiko的循环供应量最大（在此期间占71.9％）的增加，但它的市场上限损失最小，为14.5％。

This flooding of the market with new tokens is a significant factor contributing to the broader crypto market downturn. As a result, several tokens saw triple-digit percentage drops in the past 30 days.

新的代币市场泛滥是导致更广泛的加密货币市场下滑的重要因素。结果，在过去30天中，几个令牌的三位数下降了三位数。

The analysis offers a snapshot of the extreme volatility and fluidity in the altcoin market, where even small changes in token supply can have outsized impacts on price and market cap, ultimately highlighting the fragility of the market in the face of macroeconomic uncertainty and shifting investor sentiment.

该分析提供了Altcoin市场中极端波动性和流动性的快照，即使令牌供应的微小变化也可能对价格和市值产生巨大影响，最终突出了面对宏观经济不确定性和转移投资者情绪的市场脆弱性。