代币循环的重大增长继续与市场绩效保持权衡

该报告涵盖了Taiko，Pyth，Morpho，Nyan和Spec的五个加密项目，表明较高的浮子并未转化为更强劲的需求。

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.

代币主义者（以前是Tokenunlocks）进行的30天供应分析表明，令牌循环的重大增加继续影响市场绩效。该报告涵盖了五个加密项目：Taiko，Pyth，Morpho，Nyan和Spec有一个有趣的观察。发现较高的浮点并未转化为更强劲的需求。即使在市值上升的情况下，所有代币都列出了负价回报。数据证实与令牌排放有关的持续性不佳。

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。

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.

在过去30天内，几个令牌的循环供应量显着增加。 30D供应增长与价格绩效相关，而供应最高的增加与最深的代币价格下跌有关。所有具有最高30D供应增长的代币都均可获得负收益，这证实了排放后的表现不佳。循环供应增长范围从taiko的规格 +25％到 +71.9％。在五个令牌中，Nyan的性能最弱，价格下降了59.5％，尽管供应量增长了30天，但循环供应量增长了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%.

该分析还观察到，Morpho表现出最大的相对稳定性，供应量增加了33.3％，但市值增长了26.2％。它的代币价格下跌了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.

数据表明，市场对Morpho的需求更加与其排放水平相匹配，从而限制了对令牌价格的影响。但是，对于Nyan而言，估值和供应吸收都下降了，表明置信度较低或与资产相关的效用降低。

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.

这种情况在规格中也很明显。令牌的供应量增长了25.7％，而市值下降了26.6％，导致价格降低41.6％。与Nyan类似，规格的数据表明，投资者并不渴望承担导致贬值的新浮动。

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.

这些项目的供应量大大增加，价格绩效最大的水平为负。这一发现与在令牌学中反复进行的观察联系在一起：当供应迅速增长时，除非需求或公用事业也很快上升，否则市场价格很容易被淹没。未遭受如此巨大损失的代币是morpho，尽管其排放率，但在其弹性方面仍然具有弹性。