Crypto▼ Bearish
Crypto Token Concentration Rises as $1B Club Shrinks
CryptoRank data shows the number of tokens above $1B has fallen for 12 months straight. GameFi and NFTs have zero representatives. Stablecoins now make up 19% of the group.
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The crypto market holds more tokens than ever, yet fewer of them cross the $1 billion market capitalization mark. The number of tokens above that threshold has fallen for 12 consecutive months, according to data from crypto analytics firm CryptoRank.
The peak came in November 2021, when 107 assets sat in the billion-dollar club. October 2021 saw 105. March 2024 hit 103. After the FTX collapse, the count dropped to 37 in December 2022. Even as markets recovered, the number never returned to those highs.
CryptoRank attributes the decline to a rising number of token launches. More projects compete for capital, spreading liquidity thinner. Fewer individual tokens accumulate enough scale to join the billion-dollar group.
Two sectors that once drove the count have dropped out entirely. GameFi and NFT tokens each had billion-dollar representatives during the 2021 boom. CryptoRank's data now shows neither category has a single token above that level.