Crypto Unicorn Tokens Plummet as Stablecoins Rise

The crypto market has undergone significant changes over the past few years, with the number of tokens with a market cap above $1 billion fluctuating throughout different market cycles. In October 2021, there were 105 such assets, but this number peaked at 107 in November of the same year.

However, by December 2022, the number had dropped to just 37, following the FTX crash. This was a third of the cycle's peak and marked one of the lowest points for unicorn tokens since 2021.

Interestingly, the composition of these unicorn tokens has remained relatively stable throughout various market cycles. Blockchain coins have consistently made up the largest share at every peak and low point.

The stablecoin market has experienced significant growth, with their share increasing steadily to 19% of all billion-dollar assets today. In contrast, GameFi and NFT tokens have largely fallen out of favor, dropping entirely from the $1 billion club by July 2026.