CoinGecko just released a comprehensive report about the state of cryptocurrency so far. In the report, CoinGecko acknowledges the increasing number of new cryptocurrency tokens being launched each day on the market.
A strong trend emerges from this study, suggesting a significant growth of new crypto tokens this year, potentially breaking 2023’s record. The report suggests that 2024 is set to overtake 2023 in number of new tokens launched.
Data Courtesy of CoinGecko Research
Let’s dissect the figures in this beautiful chart shared by CoinGecko for better insights. Comparing 2023 and 2024 so far, it is possible to assume the total number of new tokens will surpass the recorded number in 2023. So far, 2024 has recorded close to 0.54 million new tokens, which is admittedly more than half the total number of new cryptocurrencies created in 2023. Since we are not even halfway through the year, it is plausible to project over 1 million new tokens this year.
Memecoin tokens are especially the reason behind the sudden surge of new tokens in the market. According to CoinGecko, the memecoin season back in May 2023 led to a sudden rise in crypto tokens, reaching a monthly record high of 104,118 tokens at the time.
Using the GeckoTerminal as the DEX tracker, the study focused mainly on cryptocurrency tokens in existence from December 31st, 2021, to April 11th, 2024. As of this writing, the month of April is not yet over, meaning the April data is incomplete.
How Many Cryptocurrencies Do We Have?
Based on CoinGecko’s data, we have over 2.52 million cryptocurrencies in the market. The total number first hit a record 1 million in September 2022. The information shows the number of existing crypto coins grew by a whopping 500% from 0.4 million at the end of 2021 to 2.5M today.
This year alone has seen another surge in new crypto token production. Nearly 200,000 new crypto tokens were created last month, breaking the record for the number of new tokens created in a single month.
Data Courtesy of CoinGecko Research
The cryptocurrency industry is growing significantly, and we continue to expect a lot more. In this age of AI and Web3 gaming, more and more crypto coins are expected to rise. The growing trend strongly suggests we could surpass 3M cryptocurrency tokens this year.
The report was Originally Shared by CoinGecko
