According to Nomics data quoted by Bloomberg, there are currently more than 12,000 “zombies” with no trading activity. altcoin exists
During the previous bull market, a large number of new tokens were issued to capitalize on the enthusiasm. Now that the crypto enthusiasm has faded, this cryptocurrencies technically still functional, but abandoned.
There Is A Huge Increase In The Number Of Zombie Altcoins That Have No Trades In The Cryptocurrency Market
The number of zombie-like cryptocurrencies shows how big the cryptocurrency market is. For comparison, there were only 136 altcoins that could fall into this category in the past years.
Nomics co-founder Nick Gauthier says the vast majority of abandoned projects are multiple meme tokens and personal projects.
According to data provided by CoinMarketCap, there are currently 21,190 cryptocurrencies in the market. Four years ago, that number was around 2,000.
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Most cryptocurrencies fail to even get listed on CoinMarketCap. Nomics tracks a total of 64,400 coins. A significant portion of these were not traded at all last week. Among these coins, which have recorded some trading volume, there are also many tokens that are about to become zombies as they show little sign of life.
The total cryptocurrency market cap currently stands at $937 billion, after reaching nearly $3 trillion last November. Bitcoin, the world’s largest cryptocurrency, accounts for 39.7% of this figure.
*Not investment advice.