PANews reported on February 16 that according to Crypto.news, Bobby Ong, co-founder of Coingecko, said that the crypto market saw a surge in the creation of new tokens in January, minting 600,000 new tokens, a 12-fold increase from the 50,000 tokens minted per month from 2022 to 2023. The acceleration of token creation began in the fourth quarter of 2024; the monthly minting reached 400,000, and then jumped to a record level in January. Blockchain networks and DEXs are also increasing rapidly. Data shows that about 5 to 10 new chains are launched each month, and the number of new chains peaked at 17 in May 2024. In addition, 89 new DEXs were tracked in March 2024 alone.

Market analysts warn that the surge could lead to a fragmentation of liquidity. Responding to concerns about the market impact, Ong acknowledged the potential drawbacks: "There are too many tokens, and each one will distract traders from their limited attention and liquidity. This is why we haven't seen the massive surges of previous cycles."