Greater than half one million altcoins have already been created between January and early April this yr, based on crypto knowledge aggregator CoinGecko.
Utilizing knowledge from its decentralized change (DEX) tracker GeckoTerminal, CoinGecko examined the variety of cryptocurrencies from December thirty first, 2021 to April eleventh, 2024.
The outcome reveals that 2.52 million cryptocurrencies have been launched so far, together with transient memecoins and useless initiatives. The present variety of crypto belongings can also be 5.7 instances greater than the 440,000 that existed on the finish of 2021.
The interval between January 1 and April eleventh this yr noticed the rollout of 540,000 new tokens, equal to a mean of 5,300 new tokens being launched each day in 2024. As compared, 2022 recorded 720,000 new tokens and 2023, 830,000.
“Provided that that is already greater than half of the 0.83 million new tokens launched final yr, 2024 is on observe to surpass 2023 within the variety of new tokens on-chain.”
CoinGecko says the memecoin season, which returned in late February this yr, led to a report excessive of 195,735 new tokens launched in March 2024.
“This highlights the frenzy of memecoin exercise as opportunistic contributors launch derivatives of memecoins or themes which can be already widespread.
January and February 2024 additionally noticed a lot of new tokens launched in every month, at 134,647 and 195,735 respectively. This maybe means that on-chain speculative exercise is on the rise no matter broader rotations into memecoins.”
CoinGecko says future memecoin seasons might even see a higher spike in new crypto belongings due to the brand new instruments that make token creation simpler and the lowering value of on-chain buying and selling.
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