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Home»ALTCOIN NEWS»Crypto Token Tsunami: 1 Million New Projects Added in April
ALTCOIN NEWS

Crypto Token Tsunami: 1 Million New Projects Added in April

By Crypto FlexsMay 16, 20243 Mins Read
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Crypto Token Tsunami: 1 Million New Projects Added in April
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  • eggmaximum 1 million new cryptocurrency token It was created last month.
  • this ratio ~ Of growth far exceed nothing seen before industry.
  • there is doubt About Usefulness and quality new project.

As a niche product, cryptocurrencies have long suffered from an image of breeding fraud, illicit financing, and excessive speculation. But despite these challenges, the industry has defied skepticism and grown into a trillion-dollar market in just 15 years. With traditional finance cautiously embracing digital assets, the path to mainstream adoption and further growth appears clear.

Demonstrating the industry’s remarkable growth trajectory, the number of new cryptocurrency tokens launched in April exceeded nearly 1 million, demonstrating the spirit of innovation and entrepreneurial drive driving the industry forward.

New Crypto Tokens Explode in April

The number of newly created cryptocurrency tokens surpassed nearly 1 million in April, signaling unprecedented growth in the digital asset industry. Coinbase executive Conor Grogan highlighted the scale of this growth, saying last month that the number of new cryptocurrency tokens created was double the number launched on the Ethereum blockchain between 2015 and 2023.

Last month, nearly 1 million new cryptocurrency tokens were created. This is double the total number created on Ethereum from 2015 to 2023. pic.twitter.com/Dg7On7Muny

— Connor (@jconorgrogan) May 14, 2024

Grogan attached the following chart: sand analysis Shows the growing scale of new token offerings. This focused only on Ethereum and its portion of Layer 2, with Base contributing the largest share of new token additions by a significant margin.

Learn more

The growth of the cryptocurrency market can be attributed to increasing investor interest from both retail and institutional players and increasing acceptance of cryptocurrencies as alternative assets.

According to CoinMarketCap, there are currently over 2.4 million cryptocurrency projects in existence, which is a remarkable achievement considering the relatively short lifespan of the industry. However, despite the sheer volume of cryptocurrency projects on the market, there is overwhelming doubt about the quality and usefulness of most of these tokens.

Quality over quantity

Commenting on the issue, X influencer DonAlt expressed doubts about the quality of the 99.99% token. destined to fail. Reflecting these sentiments, merchants Dead Cat Bounce was selected. The numerous “sh*tcoins” based on Solana are criticized as existing primarily to defraud investors and enrich the founders of these projects.

Two years ago, when the number of cryptocurrencies in circulation reached about 19,000, Ripple CEO Brad Garlinghouse pointed out the excesses of the situation, pointing out that there were only 180 fiat currencies worldwide.

There are currently over 2.4 million cryptocurrency tokens, which is over 120 times the number from two years ago, and it is no exaggeration to say that many of these tokens are simply cluttering cyberspace.

On the flip side

  • ready-made solution make cryptocurrency token exists, barrier to entry Contribute Tokens proliferation.
  • As follows industry Mature, Token project strong basic actual use example will go up to top for a long time Terms.

Why This Matters

The influx of one million new cryptocurrency tokens last month is a double-edged sword for the industry. On the one hand, this signals enormous interest and potential for innovation in the digital asset space. However, this also raises questions about the quality and usefulness of these tokens, the risk of market manipulation, and regulatory gaps.

Improving Ethereum fundamentals are fueling price optimism.
Ethereum network growth is going strong again.

New Vanguard CEO raises hopes that anti-Bitcoin policy will be reversed.
Will Vanguard’s Pro-Crypto CEO Break His “No Bitcoin” Hold?

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