According to CoinGecko co-founder Bobby Ong, the crypto market saw a surge in new token creation in January, with 600,000 new tokens minted, a 12-fold increase over the 50,000 tokens minted per month from 2022 to 2023. The acceleration in token creation began in the fourth quarter of 2024; the number minted per month reached 400,000, then jumped to a record level in January. Blockchain networks and DEXs are also increasing rapidly. Data shows that around 5 to 10 new chains go live each month, with the number of new chains peaking at 17 in May 2024. Additionally, 89 new DEXs were tracked in March 2024 alone. Market analysts have warned that such a surge could lead to liquidity fragmentation. Responding to concerns about the impact on the market, Ong acknowledged the potential drawbacks: "There are too many tokens, each of which can distract traders from their limited attention and liquidity. That's why we haven't seen a big rally in previous cycles."