diff --git a/ui/app/hooks/useEqualityCheck.js b/ui/app/hooks/useEqualityCheck.js
new file mode 100644
index 000000000..ee4ca1e0a
--- /dev/null
+++ b/ui/app/hooks/useEqualityCheck.js
@@ -0,0 +1,27 @@
+import { useState, useLayoutEffect } from 'react'
+
+import { isEqual } from 'lodash'
+
+/**
+ * Given a value and a function to determine equality, return a
+ * referentially equal value if the equality function returns true.
+ * This hook is helpful in avoiding re-renders and effects running
+ * based on an object or value that always changes references but
+ * infrequently changes it's value. By default, uses isEqual from
+ * lodash. This is typically only useful with objects and arrays.
+ *
+ * @param {T}                 value      - any value to check equality of
+ * @param {(T, T) => boolean} equalityFn - A function to determine equality
+ * @returns {T}
+ */
+export function useEqualityCheck (value, equalityFn = isEqual) {
+  const [computedValue, setComputedValue] = useState(value)
+
+  useLayoutEffect(() => {
+    if (!equalityFn(value, computedValue)) {
+      setComputedValue(value)
+    }
+  }, [value, equalityFn, computedValue])
+
+  return computedValue
+}
diff --git a/ui/app/hooks/useTokenTracker.js b/ui/app/hooks/useTokenTracker.js
index 55a92273b..65671cd00 100644
--- a/ui/app/hooks/useTokenTracker.js
+++ b/ui/app/hooks/useTokenTracker.js
@@ -2,6 +2,7 @@ import { useState, useEffect, useRef, useCallback } from 'react'
 import TokenTracker from '@metamask/eth-token-tracker'
 import { useSelector } from 'react-redux'
 import { getCurrentNetwork, getSelectedAddress } from '../selectors'
+import { useEqualityCheck } from './useEqualityCheck'
 
 export function useTokenTracker (tokens) {
   const network = useSelector(getCurrentNetwork)
@@ -11,6 +12,7 @@ export function useTokenTracker (tokens) {
   const [tokensWithBalances, setTokensWithBalances] = useState([])
   const [error, setError] = useState(null)
   const tokenTracker = useRef(null)
+  const memoizedTokens = useEqualityCheck(tokens)
 
   const updateBalances = useCallback((tokenWithBalances) => {
     setTokensWithBalances(tokenWithBalances)
@@ -74,13 +76,13 @@ export function useTokenTracker (tokens) {
       return
     }
 
-    if (tokens.length === 0) {
+    if (memoizedTokens.length === 0) {
       // sets loading state to false and token list to empty
       updateBalances([])
     }
 
-    buildTracker(userAddress, tokens)
-  }, [userAddress, teardownTracker, network, tokens, updateBalances, buildTracker])
+    buildTracker(userAddress, memoizedTokens)
+  }, [userAddress, teardownTracker, network, memoizedTokens, updateBalances, buildTracker])
 
   return { loading, tokensWithBalances, error }
 }