The cryptocurrency market has seen a significant surge in the number of altcoins created, with more than half a million new tokens launching between January and early April this year. According to data from CoinGecko, a decentralized exchange tracker called GeckoTerminal analyzed the number of cryptocurrencies from December 31st, 2021 to April 11th, 2024.
The findings revealed that a total of 2.52 million cryptocurrencies have been launched to date, including transient memecoins and defunct projects. This figure is 5.7 times higher than the 440,000 crypto assets that existed at the end of 2021. The period between January and April 2024 saw the introduction of 540,000 new tokens, averaging around 5,300 new tokens launched per day this year. This surpasses the numbers from 2022 and 2023, which recorded 720,000 and 830,000 new tokens, respectively.
CoinGecko predicts that 2024 is on track to surpass 2023 in terms of the number of new tokens being introduced. The resurgence of the memecoin season in late February led to a record high of 195,735 new tokens launched in March 2024. This trend highlights the increased activity in memecoin derivatives and themes that are already popular.
The early months of 2024 also saw a high number of new tokens launched, with 134,647 in January and 195,735 in February. This suggests a growing trend of speculative activity on-chain, regardless of broader shifts into memecoins. CoinGecko believes that future memecoin seasons may witness an even greater influx of new crypto assets due to the availability of tools that facilitate token creation and the decreasing cost of on-chain trading.
