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The cryptocurrency market is very busy in 2024. Proof of this is the significant number of new tokens that are being launched on the market every day.

According to a CoinGecko survey, so far in 2024, the market has gained 5,300 new tokens per day on average.

Therefore, there are now more than 2.52 million cryptocurrencies in 2024 on the market. This is 5.7 times more than the 440,000 cryptocurrencies in existence at the end of 2021.

As CoinGecko highlighted, the number of cryptocurrencies reached the million range for the first time in September 2022. It then reached 1.15 million at the end of the year, representing an increase of 159.2% compared to the previous year. The number of cryptocurrencies increased by 72.3% year-on-year to 1.98 million at the end of 2023.

“While this may reflect a trend toward greater tokenization, it is important to note that the total amount includes relatively transient memecoins as well as ‘dead coins,’” ​​CoinGecko highlighted.

How many new tokens were created in 2024

According to the survey, more than 540,000 new tokens were created in 2024 at the beginning of April alone, which is equivalent to an average of 5,300 new tokens launched every day so far this year.

“Given that this already represents more than half of the 830,000 new tokens launched last year, 2024 is on track to surpass 2023 in the number of new tokens,” the report said.

In comparison, 2022 saw a relatively smaller number of 710,000 new tokens launched in the entire year. Notably, the amount of tokens launched appeared to reflect weakening market conditions in 2021, with the number of new tokens decreasing quarterly.

Token creation activity continued to be subdued in the first quarter of 2023, before returning to pre-Terra/Luna collapse levels.

According to the report, the memecoin season in May 2023 led to a jump in the launch of new tokens, reaching a monthly record of 104,118 at the time.

Now, with the return of the memecoin season, the number of new tokens launched in March 2024 has increased to 195,735 and set a new record. This highlights the frenzy of memecoin activity as participants launch derivatives of memecoins or themes that are already popular.

Likewise, January and February 2024 also saw a large number of new tokens launched in each month, 134,647 and 195,735 respectively.

“This perhaps suggests that on-chain speculative activity is increasing, regardless of broader rotations in memecoins,” concluded CoinGecko.

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