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More than half a million altcoins have already been created between January and early April this year, according to crypto data aggregator CoinGecko.
Using data from its decentralized exchange (DEX) tracker GeckoTerminal, CoinGecko examined the number of cryptocurrencies from December 31st, 2021 to April 11th, 2024.
The result shows that 2.52 million cryptocurrencies have been launched to date, including transient memecoins and dead projects. The current number of crypto assets is also 5.7 times more than the 440,000 that existed at the end of 2021.
The period between January 1 and April 11th this year saw the rollout of 540,000 new tokens, equivalent to an average of 5,300 new tokens being launched every day in 2024. In comparison, 2022 recorded 720,000 new tokens and 2023, 830,000.
“Given that this is already more than half of the 0.83 million new tokens launched last year, 2024 is on track to surpass 2023 in the number of new tokens on-chain.”
CoinGecko says the memecoin season, which returned in late February this year, led to a record high of 195,735 new tokens launched in March 2024.
“This highlights the frenzy of memecoin activity as opportunistic participants launch derivatives of memecoins or themes that are already popular.
January and February 2024 also saw a large number of new tokens launched in each month, at 134,647 and 195,735 respectively. This perhaps suggests that on-chain speculative activity is on the rise regardless of broader rotations into memecoins.”
CoinGecko says future memecoin seasons may see a greater spike in new crypto assets because of the new tools that make token creation easier and the decreasing cost of on-chain trading.
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Featured Image: Shutterstock/eliahinsomnia/WindAwake
