Although new coins were introduced faster than any other year in history, the popularity and success of meme coins and shitcoins fueled the growth of the crypto industry over the past year.

The cryptocurrency industry will grow significantly in 2021

The year 2021 marks increased interest in the crypto industry, drawing millions of users. In particular, the number of blockchain wallet users increased by more than 85% to around 80 million from January 2020 to November 2021 – up from 44.4 million at the end of 2019.

Triple-A – a crypto payment service that provides vital statistics to help companies better understand the crypto market – has shown that there are at least 300 million crypto users in the market. The report also estimates that crypto holdings are currently at 3.9%, which is expected to increase significantly in the near future.

Likewise, the number of crypto assets has increased dramatically, with hundreds of new tokens appearing every month. According to Statista, the total number of crypto assets available worldwide has reached almost 8,000, with 2021 being the year with the most additional assets to date.

While there were only 2,817 crypto assets worldwide in November 2019, that number grew rapidly to over 4,000 and 8,000 by the end of 2020 and 2021, representing a growth rate of 100% in 2018 over the past two years.

It should also be noted that crypto market cap hit an all-time high of $ 3 trillion this November. However, it currently stands at around $ 2.27 trillion.

Meme coins and shitcoins will fuel the growth of the cryptocurrency industry in 2021

The role of the meme coin in the growing number of cryptocurrencies on the market should not be underestimated.

Coins like these have proven that a digital asset doesn’t have to have a proven use case to be successful in the marketplace. Just by continuing the hype, these cryptocurrencies were successful enough to bring their market capitalization into the billions and create a few millionaires there.

This has encouraged many to essentially create “shitcoins”, cryptocurrencies with no use cases or long-term plans, in hopes of being the next SHIB or DOGE, with some just being a hoax island and pulling their investors away.

However, despite a larger majority, new coins still control a small portion of the total crypto market capitalization. It is estimated that the top 3 coins by market capitalization, or 0.02%, control about 70% of the crypto market capitalization. With the expansion into the top 10, this market dominance increased dramatically.

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