According to data from CoinGecko, more than 500,000 altcoins have been created between January and early April this year. CoinGecko analyzed the number of cryptocurrencies using its decentralized exchange tracker, GeckoTerminal, from December 31, 2021, to April 11, 2024.
The findings reveal that a total of 2.52 million cryptocurrencies have been launched so far, including 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.
From January 1 to April 11, 2024, around 540,000 new tokens were introduced, averaging about 5,300 new tokens per day. In comparison, 2022 recorded 720,000 new tokens, and 2023 saw 830,000.
CoinGecko predicts that 2024 is likely to surpass 2023 in terms of the number of new tokens on-chain, as the current figure already accounts for more than half of the 830,000 new tokens launched last year.
The surge in memecoin activity, which started in late February this year, resulted in a record high of 195,735 new tokens launched in March 2024. This surge reflects the frenzy around memecoins, with opportunistic participants creating derivatives or themes based on popular memecoins.
January and February 2024 also saw a significant number of new token launches, with 134,647 and 195,735 respectively. This suggests that on-chain speculative activity is increasing, regardless of broader rotations into memecoins.
CoinGecko believes that future memecoin seasons may witness an even greater spike in new crypto assets due to the availability of new tools that simplify token creation and the decreasing cost of on-chain trading.
