CoinGecko Co-Founder: The Minting Volume of New Tokens in the Crypto Market Reached 600,000 in January
According to a report by Crypto.news, CoinGecko co-founder Bobby Ong stated that there was a surge in the creation of new tokens in the crypto market in January, with 600,000 new tokens minted, an increase of 12 times compared to the 50,000 tokens minted monthly from 2022 to 2023. The acceleration in token creation began in the fourth quarter of 2024; the monthly minting volume reached 400,000 and then jumped to a record level in January. The number of blockchain networks and DEXs is also rapidly increasing. Data shows that approximately 5 to 10 new chains go live each month, peaking at 17 new chains in May 2024. Additionally, 89 new DEXs were tracked in just March 2024.
Market analysts warn that this surge could lead to fragmented liquidity. In response to concerns about the market impact, Ong acknowledged the potential downsides: "There are too many tokens, and each token diverts the limited attention and liquidity of traders. This is why we haven’t seen significant increases like in previous cycles."