My daily routine currently looks like this: wake up, brush my teeth, eat breakfast, read about a new metaverse or new NFT project, get confused, question my life choices, sleep, repeat.
With all the talk of Web3 projects trending everywhere you look – from metaverses to NFT marketplaces – it got me thinking: how many cryptocurrencies exist today?
You may already know that in addition to OG Bitcoin and Ether, several other currencies exist. There’s no definitive number, but here are some numbers to consider:
- Coinbaseone of the largest exchanges, currently tracks 9,494 currencies.
- CoinMarketCap (CMC), a cryptocurrency price tracking website, additionally shows that there are 17,543 cryptocurrencies, but lists 9,358 on its index.
- CoinGeckoanother price tracker, lists 12,563 cryptocurrencies.
- TokenSniffera coin hacking website, has historically detected 1,210,508 tokens (it scans different blockchains to “sniff out” any new tokens) – including over 82,000 scams.
How do these trackers even monitor cryptocurrencies?
The folks at CoinGecko told me there are over 500,000 crypto tokens. But most of them are out of circulation, or just spam. They therefore do not need to list them.
CoinGecko’s product, called Gecko Terminal, analyzes different blockchains and exchanges to ensure that all coins and their prices are up to date. Also, all ads are checked manually, so there are no fraudulent coins listed on the site.
CoinMarketCap has a slightly different methodology. It provides a form for community members or project managers to Submit a request to have their token or currency added to the list.
The company checks several parameters such as trading volume, community engagement, team, and project longevity. You can consult the complete registration criteria here.
So, are all these coins legit?
Not really. CoinMarketCap said it was easy to create a token and list it on centralized exchanges such as SushiSwap or UniSwap without much effort. If you really want to know how many tokens are added each day, TokenFomo lists everything deployed in the last 24 hours on major blockchains.
For more context, looking at a site like ListingSpy, the developers added more than 50 tokens in the last 15 days alone. It’s hard to be sure that all of these projects and tokens are the real deal.
Many of them have an overall trade volume of only a few hundred dollars – this means that there is hardly any activity, and you may want to stay away from this project.
Given the rapid pace of new projects being added on different blockchains every second, it is difficult to keep track of the number of cryptocurrencies in the wild.
It is therefore important to research projects and review resources on trusted exchanges before investing. You wouldn’t want your flight to the moon to end in an unpleasant accident.