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30 million new tokens were created in 2023 - 2025 10x the number vs. 2018 - 2022 50% came from PumpFun and had zero pretense of utility In that period, total market cap of crypto sans-Bitcoin + stablecoins never exceeded last cycle high. It’s basically been one giant closed system for “Web 3” since 2023. ✅Subscribe to@cryp