From a humble eight colors in 1903's original Crayola box, an explosion of diversity has arisen in the Crayola ecosystem. Designer Stephen Von Worley has analyzed Wikipedia's list of Crayola crayon colors and created an infographic (shown in miniature above) demonstrating the Crayola Explosion of the past 107 years. Von Worley even coined "Crayola's Law," stating: "The number of colors doubles every 28 years!"
There are currently 133 "standard" colors in the Crayola lexicon (although some have been fired), and a variety of bizarre "specialty" crayons with glitter, scents, stripes, and so on. With all this diversity, I'm not sure what my favorite color is. Oh, who am I kidding, it's obviously Bittersweet Shimmer, one of many colors in the Metallic FX collection that sound like, let's be frank, stage names for exotic dancers.
Further reading: 5 Times CrayolaÂ® Fired Their Crayons, Retro Video: How Crayons Are Made, and the Wikipedia page on the term Crayon: "a stick of colored wax, charcoal, chalk, or other materials used for writing, coloring, and drawing."