- More than 10.99 million tokens are now listed on CoinMarketCap, nearing 11 million.
- Memecoins on SOL have driven a dramatic surge in new creations during 2024 and early 2025.
- Coinbase CEO Brian Armstrong has called for streamlined listing processes due to the quick pace of creation.
According to data from CoinMarketCap, the total number of distinct cryptocurrency tokens and coins has passed 10.99 million on their way to reaching 11 million. The Solana network witnessed the historical creation of numerous unique tokens during 2024 and the early period of 2025 because of the memecoins phenomenon. New digital asset creation at a high pace has caused major transformations across the cryptocurrency market.
Memecoins Drive Token Explosion
The dramatic surge in token creation is largely attributed to memecoins launched on the Solana blockchain. These tokens have gained immense popularity, contributing to the exponential growth in the total number of digital assets. However, this flood of new tokens has raised concerns among traders and analysts regarding the impact on market dynamics.
Industry observers have noted that memecoins have redirected attention away from technology-focused altcoins. This shift has reportedly diminished the speculative premium previously enjoyed by these altcoins, further saturating an already crowded market.
Market analyst Ali Martinez recently provided estimates indicating the existence of over 36 million altcoins, a stark contrast to fewer than 3,000 during the 2018 cycle. In the earlier years of digital assets, such as 2013-2014, the total number of altcoins remained below 500. Martinez noted that the sheer supply of tokens has fundamentally changed the market space, making it challenging for altcoins to experience maintained rallies.
Coinbase CEO Addresses Over-Tokenization
Coinbase CEO Brian Armstrong acknowledged the challenges posed by over-tokenization. He revealed that the exchange is reevaluating its token listing process due to the creation of approximately one million tokens weekly. Armstrong called for regulators to allow a more streamlined approach to evaluating and listing tokens on major platforms.
Dan Novaes, co-founder of EARN’M, predicted that 2025 could mark a year of consolidation for the cryptocurrency industry. He cited over tokenization as a key issue plaguing the sector. Novaes expects mergers and token consolidation to occur as development teams combine resources to foster growth, signaling maturation within the industry.
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