Between January and early April of this year, over half a million altcoins have been created, according to crypto data aggregator CoinGecko. CoinGecko analyzed data from its decentralized exchange tracker GeckoTerminal, covering the period 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 number is also 5.7 times higher than the 440,000 crypto assets that existed at the end of 2021. In the first few months of 2024, 540,000 new tokens were introduced, which translates to an average of 5,300 new tokens per day. By comparison, 2022 saw the launch of 720,000 new tokens, while 2023 witnessed 830,000. CoinGecko predicts that 2024 is on track to surpass 2023 in terms of the number of new tokens on-chain, as it has already reached more than half of last year’s total. The memecoin season, which returned in late February, played a significant role in the surge of new token launches. In March 2024 alone, there were a record-breaking 195,735 new tokens introduced. CoinGecko suggests that this frenzy of memecoin activity is due to opportunistic participants launching derivatives of popular memecoins or themes. The months of January and February 2024 also saw a high number of new token launches, with 134,647 and 195,735 respectively. This indicates that on-chain speculative activity is increasing, regardless of broader rotations into memecoins. CoinGecko believes that future memecoin seasons could see an even greater spike in new crypto assets due to the availability of tools that make token creation easier and the decreasing cost of on-chain trading.