Here’s How Many New Cryptos Were Launched in 2022

Vinod Dsouza
crypto coins
Source: Pexels

The cryptocurrency market has been declining for six months straight and top coins are down more than 50% from their all-time highs. However, this isn’t stopping newer cryptocurrencies from entering the market as new tokens have spread their wings despite the dip. Thousands of new cryptos have emerged like mushrooms lately and are born at a time of carnage.

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How Many Cryptos Were Launched in 2022?

crypto bitcoin
Source: Pixabay

The crypto market is growing at a rapid pace with thousands of new coins already available for trading in 2022.

A total of 3,555 new cryptocurrencies were launched up until the first week of June 2022, reported Finbold. Therefore, on average, approximately 22 new cryptocurrencies were added each day in 2022 up until today.

Nonetheless, the new cryptos are not adding value to the market. The novice cryptos are not helping the market turn ‘red’ to ‘green’ and are mostly trading blindly in the indices.

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The majority of the newer cryptos have no use-cases whatsoever and are mostly not solving any existing problems in the market. Also, since the crypto market is largely deregulated, scammers have made a foray into the industry. It is advised to remain cautious before going all-in on the newer cryptos that are launched this year.

Also, in 2021, nearly 8,000 new cryptocurrencies were launched in the market and a large portion of them were meme-tokens. The hype of the meme-tokens has now been subsidized and the category is barely showing any strength in the charts.

It is expected that the number of new cryptos launched in 2022 could outpace the number of tokens released in 2021. Currently, around 20,000 cryptocurrencies are available for trading and the numbers could shoot up by the end of the year.

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It is advised to invest your money in trusted cryptocurrencies that have a history of delivering good results. The newer and obscure cryptos are at risk of being a rug pull as the founders know they can disappear with the liquidity without a trace.