The recent data being circulated is quite outrageous: in just 12 days, 620,000 new cryptocurrencies have been created, bringing the total crypto ecosystem close to 30 million coins. The situation where there are more coins than people is truly becoming a reality this time.

Just in the past month alone, 1.57 million tokens have emerged, with a surge of 357,000 last week—this growth rate is almost unbelievable. Why is it so crazy? Essentially, the barrier to entry is almost nonexistent. No need to understand coding, no complex operations required—just set up a wallet, pay some fees, and you can issue your own coin. Many people are either testing out a certain idea or just trying to ride the hype to attract attention.

But behind the excitement is a lot of chaos. The fate of most new coins boils down to two outcomes: either they crash immediately after launch, or their liquidity dries up to a terrifying degree, or no one pays attention at all. The hype lasts only three days, and the narratives vary widely—some seem to envision a lofty future, while others are just lowbrow jokes. It feels like everyone is printing money, but most of what’s printed is just worthless paper.

Thinking about it this way, when issuing coins becomes easier than posting a social media update, where is digital currency headed? The bubble is growing larger, but substance is diminishing. Are we witnessing some kind of innovation, or are we being swept into a meaningless storm of noise? What this game will leave behind in the end is anyone’s guess.

What do you think about this? Share your thoughts.