- CoinGecko released a report on the number of “dead coins” from 2014 to 2022.
- 3,322 coins introduced during the “meme season” of 2021 are now defunct.
- Excluding 2021, an average of 947 cryptocurrencies flopped from 2018-2022.
Jameson Lopp, Co Founder of Casa shared CoinGecko’s Head of Growth, Julia Ng’s report on the cryptocurrencies that collapsed after being listed on CoinGecko.
As per Julia’s report, 3,322 cryptocurrencies listed on CoinGecko in 2021 have collapsed, and these have been classified as “dead coins.” Moreover, in the report, Julia provides information on how several cryptocurrencies, although having great potential, ended up dying.
This study analyzes the total number of cryptocurrencies previously listed on CoinGecko that have since been delisted from 2014 to 2022.
Notably, coins can be deactivated based on having no trading activity in 2 months, being verified as scams by official news sources, or when a project requests to be delisted.
In 2021, more than 8000 cryptocurrencies were launched. This marked a significant increase over the previous bull market run, which began in November 2020. Approximately 40% have been delisted and removed from CoinGecko as of today.
With regard to the delisted cryptocurrencies, Julia stated:
This is 2.5 times higher than the amount of cryptocurrencies listed in 2020 that failed, and 3.5 times higher than 2022 YTD (year to date)
The industry-sweeping bull market in November 2020 is likely responsible for the large amount of “dead coins” or defunct cryptocurrencies from 2021.
Several developers released multiple cryptocurrency projects, tokens, and currencies with little to no value during this time, leading to a high percentage of failure.
From 2018 through 2022, we have seen an average of 947 cryptocurrencies flop, except for the anomalous year of 2021.