Since the start of the year, the crypto world has witnessed an explosion of new digital assets, with over 540,000 cryptocurrencies created in just four months.
Rapid Growth
According to data from CoinGecko, the total number of crypto assets has now reached 2.52 million. This is a staggering increase from the 440,000 coins that existed at the end of 2021.
The surge in new tokens has been particularly noticeable in 2024, with an average of 5,300 new coins being launched every day. This pace is outpacing the number of new coins created in both 2022 and 2023.
Memecoin Frenzy
One of the driving forces behind the surge in new crypto assets has been the return of the “memecoin season.” In March 2024, a record-breaking 195,735 new tokens were launched, largely driven by the popularity of memecoins.
On-Chain Speculation
CoinGecko also notes that the increase in new tokens suggests a rise in on-chain speculative activity. The ease of creating new tokens and the decreasing cost of trading on the blockchain have made it easier for individuals to launch their own digital assets.
Future Outlook
CoinGecko predicts that future memecoin seasons could lead to an even greater spike in new crypto assets. The development of new tools and the continued decrease in on-chain trading costs are expected to make it even easier for individuals to create and trade their own digital currencies.
