According to CoinGecko, a crypto data aggregator, over 500,000 altcoins have been created between January and April of this year. CoinGecko analyzed data from its decentralized exchange (DEX) tracker, GeckoTerminal, covering the period from December 31, 2021, to April 11, 2024. The findings reveal that a total of 2.52 million cryptocurrencies have been launched to date, including both transient memecoins and failed projects. This current number of crypto assets is 5.7 times higher than the 440,000 that existed at the end of 2021.

In the first three and a half months of 2024, there were 540,000 new tokens introduced, averaging about 5,300 per day. Comparatively, 2022 saw 720,000 new tokens, while 2023 had 830,000. CoinGecko predicts that 2024 is on track to surpass 2023 in terms of the number of new tokens on-chain, as it has already launched more than half of the 830,000 new tokens introduced last year.

CoinGecko attributes the surge in new token launches in March 2024 to the return of the memecoin season, with a record high of 195,735 new tokens introduced. This trend indicates the frenzied activity surrounding memecoins, as opportunistic participants create derivatives or themes based on already popular memecoins. Additionally, January and February 2024 also witnessed a significant number of new token launches, with 134,647 and 195,735 respectively. This suggests that speculative activity on the blockchain is increasing, regardless of broader shifts towards memecoins.

CoinGecko anticipates that future memecoin seasons may lead to an even greater spike in new crypto assets. This is due to the availability of new tools that simplify token creation and the decreasing cost of on-chain trading.

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