The crypto industry continues to experience exponential growth, with over 540,000 tokens created as of early April and an average of 5,300 new tokens being introduced daily in 2024, as reported by CoinGecko. This rapid pace has already surpassed half of the 830,000 new tokens from the previous year, indicating that 2024 could potentially set a record for token launches. The total number of cryptos, now exceeding 2.5 million, has seen a significant increase from the 440,000 at the close of 2021, marking a 5.7-fold growth.
Reaching the milestone of one million cryptos in September 2022, the industry ended the year with 1.15 million tokens, showing a remarkable 159% year-on-year growth. This trend continued with a 72.3% increase to 1.98 million tokens by the end of 2023. It’s worth noting that the total count includes ephemeral meme coins and defunct coins, reflecting a broader move towards tokenization across various sectors.
The latest report emphasizes the impact of “meme coin seasons” on token creation spikes, with a remarkable 195,735 new tokens introduced in March 2024 following a resurgence in meme coin trends. Platforms like Pump.fun are facilitating token launches, indicating that future meme coin seasons could potentially trigger even larger surges in token creation.
Additionally, the consistent high numbers of new tokens in January and February 2024 suggest a rise in on-chain speculative activity beyond just meme coin trends. This trend indicates the growing interest and participation in tokenized assets within the crypto space.
