The crypto industry has officially buried almost 2,400 cryptocurrency as of January 2022. According to the Traders of Crypto report, almost 1,000 of cryptocurrencies died in the last two years alone. This 71% spike in the number of dead coins may be linked, at least in part, to the competitive environment of 2020’s DeFi summer, which saw the demise of hundreds of projects.
According to the report, 1,596 coins were declared dead as a result of abandonment or a lack of volume. This indicates that their trading volume was less than $1,000 for three months in a row, or that their websites were shut down or abandoned by developers.
The crypto industry’s fast growth speed has no sympathy for initiatives that fail to keep up, therefore the enormous number of tokens that died as a result comes as no surprise. The survey found 528 fake cryptocurrencies, ranging from multibillion-dollar complex Ponzi schemes to low-volume pump and dumps. This category also includes coins that died as a result of hacks and thefts, though the number is substantially lower than the number of coins that died as a result of founder-led scams.
