According to cryptocurrency data collection company CoinGecko, more than 500,000 altcoins have already been created between January and early April this year.
CoinGecko examined the number of cryptocurrencies from December 31, 2021 to April 11, 2024, using data from decentralized exchange (DEX) tracker GeckoTerminal.
result show 2.52 million cryptocurrencies have been released to date, including ephemeral memecoins and dead projects. The current number of cryptocurrency assets is more than 5.7 times greater than the 440,000 that existed at the end of 2021.
In the period from January 1 to April 11 this year, 540,000 new tokens were launched, which equates to an average of 5,300 new tokens launched each day in 2024. In comparison, 720,000 new tokens were launched in 2022 and 830,000 new tokens in 2023.
“Given that this already represents more than half of the 830,000 new tokens launched last year, 2024 is on track to surpass 2023 in the number of new tokens on-chain.”
CoinGecko reports that memecoin season, which returned in late February this year, hit an all-time high of 195,735 new tokens launched in March 2024.
“This highlights the frenzy of memecoin activity as opportunistic participants launch derivatives of already popular memecoins or themes.
In January and February 2024, 134,647 and 195,735 new tokens were released each month, respectively. “This perhaps suggests that on-chain speculative activity is increasing despite widespread rotation into memecoins.”
CoinGecko says new tools that make token creation easier and lower on-chain transaction costs could lead to more surges in new cryptocurrency assets in the coming memecoin season.
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