How Many Cryptocurrencies Are There?
There are over 2.52 million cryptocurrencies in 2024 to date. This is 5.7 times more than the 0.44 million cryptocurrencies around at the end of 2021.
The number of cryptocurrencies first broke into the millions range in September 2022 and reached 1.15 million by the end of the year, representing a 159.2% increase year-on-year (YoY). The number of cryptocurrencies then increased by 72.3% YoY to 1.98 million by end 2023.
While this may reflect a trend towards more tokenization, it is worth noting that the total quantity includes relatively transient memecoins as well as dead coins.
How Many New Tokens Have Been Created?
Over 0.54 million new crypto tokens have been created in 2024 as of early April, which is equivalent to an average of 5,300 new tokens launched every day so far this year. Given that this is already more than half of the 0.83 million new tokens launched last year, 2024 is on track to surpass 2023 in the number of new tokens onchain.
In comparison, 2022 recorded a relatively smaller number of 0.71 million new tokens launched. Notably, the amount of tokens launched seemed to reflect weakening crypto market conditions in 2022, with the number of new tokens decreasing quarterly. Token creation activity continued to be subdued in Q1 2023, before returning to levels prior to the Terra/Luna collapse.
It remains to be seen if the absolute number of new tokens launched will continue to increase gradually or exponentially YoY, especially as the crypto industry seeks to bring more real-world assets onchain.
Spike in New Tokens During Memecoin Seasons
The memecoin season in May 2023 led to a jump in new tokens launched, reaching a 104,118 monthly record high at the time. Memecoin season returned again in late February this year, such that the number of new tokens launched in March 2024 spiked to 195,735 and set a new record high. This highlights the frenzy of memecoin activity as opportunistic participants launch derivatives of memecoins or themes that are already popular.
As launching a token becomes increasingly easy with the help of platforms such as Pump.fun, and onchain trading becomes more affordable, future memecoin seasons may lead to even greater spikes in new tokens.
That said, January and February 2024 also saw a large number of new tokens launched in each month, at 134,647 and 195,735 respectively. This perhaps suggests that onchain speculative activity is on the rise regardless of broader rotations into memecoins.
Number of Cryptocurrencies Yearly
The total number of crypto tokens that exist by the end of each year, except for 2024 which is up until April 11:
| Year | Total No. Crypto Tokens |
|---|---|
| 2021 | 443,513 |
| 2022 | 1,149,763 |
| 2023 | 1,981,579 |
| 2024* | 2,522,209 |
*Note that the data for 2024 is incomplete as the year is not over yet.
The number of new crypto tokens launched each month, from January 1, 2023 to April 11, 2024:
| Month | No. New Tokens Created |
|---|---|
| Jan 2023 | 37,970 |
| Feb 2023 | 41,631 |
| Mar 2023 | 49,829 |
| Apr 2023 | 53,686 |
| May 2023 | 104,118 |
| Jun 2023 | 75,786 |
| Jul 2023 | 86,376 |
| Aug 2023 | 88,963 |
| Sep 2023 | 75,947 |
| Oct 2023 | 63,863 |
| Nov 2023 | 66,154 |
| Dec 2023 | 87,493 |
| Jan 2024 | 134,647 |
| Feb 2024 | 118,264 |
| Mar 2024 | 195,735 |
| Apr 2024* | 91,984 |
*Note that the data for April 2024 is incomplete as the month is not over yet.
Methodology
The study examined the number of cryptocurrencies in existence from December 31, 2021 to April 11, 2024, based on DEX tracker GeckoTerminal. For the purposes of this study, the terms ‘launched’ and ‘created’ were used interchangeably, as were the terms ‘cryptocurrencies’, ‘tokens’ and ‘coins’.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on the different types of crypto.
Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt
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