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Home Crypto Exchanges

Shady meme cash blamed for spike in lifeless crypto initiatives in 2021

by ILCA Crypto News
December 1, 2022
in Crypto Exchanges
Reading Time: 3 mins read
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CoinGecko compiled lifeless token knowledge on its platform since 2014, displaying that 2021 was the most important yr for deactivated cash, coming in with 3,322 initiatives folding.

Unusually, deep inside crypto winter, the variety of lifeless tokens for the present yr is considerably fewer than the prior yr, at 951.

Dead crypto tokens on CoinGecko
Supply: CoinGecko.com

947 lifeless crypto initiatives anticipated per yr

Because the bull market was choosing up tempo in 2021, greater than 8,000 initiatives in whole have been listed on CoinGecko. Nonetheless, at the moment, “almost 40% have been deactivated and delisted” since then.

“That is 2.5 occasions larger than the quantity of cryptocurrencies listed in 2020 that failed, and three.5 occasions larger than 2022 YTD.”

Explaining the numerous rise in lifeless cash in 2021, the platform apportioned blame on “‘meme coin season” which was prevalent through the mania of final yr.

Presently, many initiatives sprung up with nameless dev groups providing buyers “little to no worth.” These initiatives usually failed resulting from being fly-by-night money grabs with low dedication from the devs.

At the moment, there are 13,130 cash listed on CoinGecko, considerably greater than the 8,000 in 2021. But 2022 confirmed considerably fewer initiatives folding. This implies the launching of meme cash shouldn’t be as pervasive this yr in comparison with the final.

Nonetheless, it’s value noting that CoinMarketCap at the moment lists a complete of 21,903 tokens. As such, CoinGecko knowledge doesn’t give an entire overview of the market.

CoinGecko labeled 2021 an “anomaly yr.” Excluding 2021 knowledge, i.e. for the information set 2018, 2019, 2020, and 2022, a mean of 947 crypto initiatives die per yr.

The methodology used

To find out whether or not a crypto token was lifeless or deactivated, CoinGecko checked out whether or not the token:

  • had zero buying and selling exercise throughout the final 2 months.
  • was revealed as a rip-off or rug pull by way of information or direct studies from verifiable sources.
  • or the mission had requested deactivation.

The latter occurs when the crew disbands, rebrands, shutters the mission, or undergoes main token adjustments to the purpose the previous token turns into illiquid or lifeless.

Posted In: Bear Market, Tokens

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