More than half a million altcoins have already been created between January and early April this year, according to crypto data aggregator CoinGecko. 

Using data from its decentralized exchange (DEX) tracker GeckoTerminal, CoinGecko examined the number of cryptocurrencies from December 31st, 2021 to April 11th, 2024. 

The result shows that 2.52 million cryptocurrencies have been launched to date, including transient memecoins and dead projects. The current number of crypto assets is also 5.7 times more than the 440,000 that existed at the end of 2021.

The period between January 1 and April 11th this year saw the rollout of 540,000 new tokens, equivalent to an average of 5,300 new tokens being launched every day in 2024. In comparison, 2022 recorded 720,000 new tokens and 2023, 830,000.

“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 on-chain.”

CoinGecko says the memecoin season, which returned in late February this year, led to a record high of 195,735 new tokens launched in March 2024. 

“This highlights the frenzy of memecoin activity as opportunistic participants launch derivatives of memecoins or themes that are already popular.

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 on-chain speculative activity is on the rise regardless of broader rotations into memecoins.”

CoinGecko says future memecoin seasons may see a greater spike in new crypto assets because of the new tools that make token creation easier and the decreasing cost of on-chain trading.

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Featured Image: Shutterstock/eliahinsomnia/WindAwake

A dormant Bitcoin (BTC) wallet holding over 1,037 Bitcoin — worth $31 million at current prices — has suddenly awoken after an 11-year slumber, transferring out its entire stash. 

The 1037 BTC was transferred amid a Bitcoin price of $29,956 and took effect at block height 799701 — approximately 10:51 am UTC on July 22, according to BitInfoCharts.

The long-dormant address obtained the 1,037 BTC on April 11, 2012, when BTC’s price was only $4.92, on-chain analytics platform Lookonchain stated on July 22. This means at the time, the stash was only worth around $5,108.

A BTC whale that has been dormant for 11 years transferred all 1,037.42 $BTC($37.8M) to a new address”bc1qtl” an hour ago.

The whale received 1,037.42 $BTC($5,107 at that time) on Apr 11, 2012, when the price was $4.92.https://t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8

— Lookonchain (@lookonchain) July 22, 2023

Data from blockchain aggregator Blockchair shows that wallet address “bc1qt180…” — which appears to be a fresh wallet — was the recipient of the $31 million. 

The balance of the original Bitcoin wallet peaked at $71.6 million when BTC reached its all-time high price of $69,044 on November 10, according to cryptocurrency price platform CoinGecko.

The United States government has been one of the biggest BTC movers of late, having transferred out nearly 10,000 BTC — worth $299 million — out in a series of transactions on July 12 in relation to the Silk Road seizure.

It isn’t clear whether the transactions were sent to cryptocurrency exchanges or if it remains in the custody of the Justice Department.

More mysterious wallet movements

On June 11, another mysterious Bitcoin whale moved 1,400 BTC — worth $36 million at the time — to a Pay-to-Taproot (P2TR) address. CryptoQuant CEO Ki Young Ju believes the motive behind this transaction may have been to enhance privacy.

Earlier in April, another Bitcoin address transferred 2,071 BTC — worth $60 million — nearly 10 years after catching BTC at $663, according to Lookonchain.

Three months earlier, a massive $250 million transfer of 26,056 BTC was made by another Bitcoin address. At BTC’s all-time high, the wallet was worth more than $1 billion.

Related: Bitcoin’s dull price action ignites buying interest in LINK, FIL, SNX and THETA

Despite a few high-value transfers, over 55% of BTC hasn’t moved in over two years, according to a chart by on-chain analytics firm Glassnode, which was shared by cryptocurrency researcher Will Clemente:

Dormant Bitcoin is the best #Bitcoin
By @WClementeIII
https://t.co/RwcCWOdIod

— Miklos Denkler (@MiklosDenkler) July 23, 2023

BTC is currently priced at 30,082. While Bitcoin’s price has increased 81.8% in 2023, it is still down 56.4% from its all-time high in November 2021, according to CoinGecko.

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M