January 16, 2024

CoinGecko Report Reveals Over 50% of Cryptocurrencies Listed Since 2014 Now Dead

More than half of the coins and tokens listed on CoinGecko since 2014 are now classified as "dead", signifying either discontinued operations or complete loss of value.

According to a comprehensive analysis by CoinGecko, the data aggregator for cryptocurrencies, over 50% of the coins and tokens ever listed on their platform since 2014 have either ceased operations or become entirely worthless. This equates to a staggering 14,039 "dead coins" out of the more than 24,000 that have been featured on the platform.

The study, conducted by CoinGecko, scrutinizes the cumulative count of coins and tokens collectively known as 'cryptocurrencies' once listed on their platform, categorizing them as either 'dead' or 'failed'. The time frame of the analysis extends from 2014 to 2023.

Cryptocurrencies launched in 2021 exhibit the highest rate of dead coins, with over 70% (5,724 projects) failing within a mere three years. Following closely is 2022, witnessing a failure rate of approximately 60% (3,520). However, a glimmer of optimism emerges in 2023, with less than 10% (289) of listed projects facing failure so far.

The report delves deeper into the data, revealing a particularly concerning scenario for projects launched during the 2020-2021 bull run. A substantial 53% of all dead cryptocurrencies, totaling 7,530 projects, belong to this period. This figure represents around 70% of the 11,000 crypto projects listed during the bull cycle.

In comparison, the 2017-2018 bull run saw a similar failure rate of around 70%, although with a smaller number of project launches, approximately 3,000.

CoinGecko's analysis attributes this trend to factors such as the ease of deploying tokens and the proliferation of memecoins, often abandoned shortly after launch due to the absence of a tangible product or utility.

The report also outlines specific reasons for project failure, including a lack of trading activity for 30 days, confirmed scams or "rug pulls", projects voluntarily deactivating due to closure or token overhauls, and adherence to specific liquidity and activity thresholds.

This data underscores the importance of prioritizing bitcoin, given its proven resilience and longevity in comparison to the high failure rates observed among a significant number of altcoins and tokens.

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