Over 50% of cryptocurrencies listed on CoinGecko since 2014 have died, with 2021 projects experiencing the highest failure rate, research indicates.
Recent data compiled by CoinGecko showed that more than half of the cryptocurrencies ever listed on the platform since 2014 have died. According to the report, out of the 24,000 cryptocurrencies, a staggering 14,039 are now defunct.
The majority of these deceased digital assets emerged during the 2020-2021 bull run, CoinGecko says, adding that a substantial 53.6% of the dead cryptocurrencies, totaling 7,530 projects, originated at the time. The preceding bull run in 2017-2018 saw over 11,000 projects listed, with approximately 70% of them now shuttered.
The number of cryptocurrencies technically died since 2014 | Source: CoinGecko
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A closer look at the numbers reveals that 1,450 projects launched during the 2017-2018 bull run have ceased operations, echoing a comparable failure rate of about 70%. Analysts at CoinGecko suggest that the surge in dead coins during the 2020-2021 period can be attributed to the simplicity of coin deployment and the proliferation of meme coins. As a result, many meme coin projects, suffering from a lack of a tangible product, faced abandonment shortly after launch, CoinGecko’s Research Associate Shaun Paul Lee said.
The most noticeable setbacks appear to be among cryptocurrencies launched in 2021, with a staggering 5,724 failing as of January 2024. This marks a grim milestone, as over 70% of 2021-listed cryptocurrencies have died.
Following closely, cryptocurrencies listed in 2022 have suffered a 60% failure rate, with 3,520 projects shutting down. In contrast, only 289 out of over 4,000 cryptocurrencies listed in 2023 have met a similar fate, representing a failure rate of less than 10% and signaling a significant decline in comparison to previous years, according to the data.
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