CoinGecko: 59% of cryptocurrency projects have been closed since 2014
In total, more than 24 000 coins were launched during this period
15.01.2024 - 15:17
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What’s new? Analysts at crypto market data aggregator CoinGecko have released a report according to which 14 039 of the more than 24 000 cryptocurrencies added to the platform since 2014 have now ceased to exist. More than half of the currently “dead” projects were launched during the 2020-2021 bull market: there are 7530 such coins. In total, over 11 000 crypto projects appeared in that period, 70% of which are now closed.
What else is known? CoinGecko experts explain the surge in activity during the previous bull market by the fact that by that time there were simple ways to launch new coins, as well as the growing popularity of meme tokens. At the same time, most meme projects do not have any product at their core and therefore close down in a fairly short time.
So far, 2021 keeps the leading position in terms of the number of closed projects: 5724, followed by 2022 with a figure of 3520. In 2023, only 289 coins ceased to exist, while more than 4000 were launched.
CoinGecko specifies that it removes information about coins from its platform if there has been no trading activity for the last 30 days, or if the developers’ fraud has been uncovered, or at the request of the team itself if the project is closed or rebranded.
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