By The Numbers: Over 1 Million New Crypto Tokens Launched Since April
- Over 1 million tokens were created in the past month, with Ethereum and Solana leading. Solana saw 643,227 new tokens, with 464,563 being memecoins. Ethereum had 372,642 new tokens. Concerns were raised about the surge in token creation, with some calling it spam and warning against investing in projects created after February 2024. The market has seen a significant increase in altcoin supply, injecting $8.6 billion into the market. DeFi researcher Thor Hartvigsen predicts $70.5 billion in unlocked crypto projects, with many tokens from 2023 unlocking this year. He expects the market to be flooded with new supplies and tokens, listing categories that will see the most new tokens. Low-float tokens launched recently have seen an average decrease of 63.6%, with specific tokens experiencing significant decreases from their all-time high prices.
