The number of crypto coins increased sharply in January.
In January 2022, the number of cryptocurrencies existing in the market increased by 1 thousand. This implies that each new project of cryptocurrency coin appeared every 45 minutes.
According to CoinMarketCar, the total number of digital currencies exceeded 17,240 by the end of the first month of the year. By December 31, there were approximately 16,238.
The number of crypto coins on the market shows 99% increase just in a one year
As of January 1, 2021, the number of crypto coins stood at 8,153. Thus, for the year, their growth was 99%.
Despite the overall decline of the crypto market, 2022 was marked by more active development of the cryptocurrency industry. While 21 new virtual currencies appeared daily during 2021, in January 2022 the figure reached 32.
By February 3, the market capitalization of the crypto market reached $1.708 trillion, which is 3.3% less than the day before.
It is worth noting that the emergence of many new crypto-assets did not lead to an increase in the sector’s capitalization. The figure was significantly lower than the $2.26 trillion reached on December 31.
Grimacecoin — one of the new coins appeared after McDonald’s Twitter posted a meme
One of the new coins was Grimacecoin. It appeared after a joking post on the official Twitter of the fast-food restaurant chain McDonald’s. Managers at the fast-food chain promised billionaire Elon Musk to start accepting payment in the cryptocurrency Dogecoin if his Tesla car company would accept the then-defunct Grimacecoin.
It was also reported that the little-known cryptocurrency Doge King skyrocketed in price due to a comedian’s joke on the Chinese New Year. The rate of the coin soared by 2300%, and then collapsed just as quickly.
Doge King is a MEME & Self Solvent Token based on the #DOGE Coin. It is entirely based on a decentralized smart contract that incentivizes DOGEK holders. One of its main products is the NFT marketplace.