The latest report from crypto data platform CoinGecko reveals some shocking facts. Cryptocurrencies, or digital assets running on decentralized networks, have boomed in the last decade. However, many of them later disappeared from the market, that is, died. The report shows that the majority of dead cryptocurrencies were launched during the 2020-2021 bull run. According to the report, at least 50% of cryptocurrencies can be considered dead in the current situation.
Striking facts from CoinGecko’s cryptocurrency report!
cryptokoin.comAs you follow from , the crypto market has seen rapid growth in recent years. Especially during the 2021 bull market, many tokens jumped into the market. CoinGecko, a crypto data platform, has published a new report on market developments. Accordingly, more than 24,000 cryptocurrencies have entered the CoinGecko list since 2014. The total number of cryptos that have ever existed is probably much higher than this number. However, not all of them have been able to survive or thrive in the volatile and competitive crypto market. According to CoinGecko’s report, more than 50% of the cryptocurrencies it has listed in the last decade can be considered dead.
The report defines “dead” or “failed” coins as cryptocurrencies that were once listed on CoinGecko but are now disabled due to various conditions, such as not reflecting any trading activity in the past 30 days. This category also includes projects found to be fraud or ‘rug pull’. Some projects may request deactivation, for example, when the team disbands, rebrands or closes the project, or when old tokens become illiquid or die. These also fall into the category of dead coins.
Most of the dead cryptocurrencies entered the market during the 2021 bull run
According to CoinGecko, 50%, or about 14,039, of the more than 24,000 cryptocurrencies listed on the platform since 2014 have died. The majority of dead cryptocurrencies entered the market during the 2020-2021 bull run. Of these, 7,530 died. This accounts for 53.6% of all dead cryptocurrencies on CoinGecko. According to the report, there were over 11,000 cryptocurrencies on CoinGecko’s list during the period in question. However, 70% of them have closed their doors since then.
In comparison, 1,450 projects launched during the 2017-2018 bull run later disappeared. During this period, CoinGecko had three thousand cryptocurrencies on its list. Therefore, a similar 70% failure rate is notable. According to experts, the high number of dead coins in the 2020-2021 period can be attributed to the increase in the popularity of meme-coins, as well as the ease of use of tokens. Because many meme-coin projects start without a product. Hence, the vast majority of them fail after a short period of time.
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