Number Of Existing Cryptocurrencies Hit 36.4m ETHDONUTSOLTRXGRTTX 3mon ago by r/ethtrader

Number Of Existing Cryptocurrencies Hit 36.4m Latest insight from Dune Analytics reveals that there are now no fewer than 36.4m cryptocurrencies in existence. The insight shared on X by rovercrc features a graph showing different chains and their contributions to the metric. https://preview.redd.it/k2yo27letafe1.jpg?width=1200&format=pjpg&auto=webp&s=f689e776a26c31794d14f7ee4d2dae6fe0f965e5 What you should know As we can see from the graph above, Solana chain accounts for about 70% of token population, largely no thanks to pump.fun and other platforms that poop shitcoins a lot faster. In sharp contrast, Ethereum and her ecosystem account for a far less fraction, while other chains like Tron and BSC also made modest contribution. This metric is very important as it rationalizes why this current cycle is by far the hardest to read with gains diminishing. It indicates that market has become over-saturated especially when we recall that we had sub 10k tokens in 2017 and less than 100k in 2021 but now we have millions! To simply put, with 36M+ tokens today, supply far outstrips demand. Consequently, broad-based alt-seasons that we saw in the past are becoming increasingly unlikely to repeat in the future. What we will be likely experiencing from here on are short burst alt pumps, not sustained runs. It even gets more scary when we realize that the current trend won't reverse but get worse with influential people like the T-guy launching their own tokens. It is now more than ever that making calculated investments matter. Would sticking to Ethereum and her ecosystem be one of the safest ways to navigate this mess? I won't explicitly say yes or no but what chain has a proven track record and real use cases? You certainly know the answer. submitted by /u/BigRon1977 [link] [comments]