How many cryptocurrencies have failed?
Dec 16, 2022
There are many failed cryptocurrencies on the market today. What exactly is that situation? Let’s find out with Hypernest in today’s article!
It is difficult to say exactly how many cryptocurrencies have failed, as the term “failed” can be subjective, and there are many different cryptocurrencies in existence. Some cryptocurrencies may be considered “failed” if they are no longer actively traded or used, while others may continue to be traded but have lost significant value. Additionally, many new cryptocurrencies are created every day, and it is likely that not all of them will be successful. It is important to carefully research and evaluate any cryptocurrency before investing in it.
Cryptocurrency failed, according to coingecko
According to a study by CoinGecko, 3,322 cryptocurrencies listed on the platform in 2021 have failed. This is 2.5 times higher than the number of failed cryptocurrencies in 2020 and 3.5 times higher than the number of failed cryptocurrencies in 2022 YTD. The study attributes this high failure rate to the “meme coin season” that saw many cryptocurrency projects, tokens, and coins with little to no value launched by anonymous developers. On average, 947 cryptocurrencies listed each year end up failing, according to the study.
Top 5 Cryptos That “Failed”
When it comes to cryptocurrencies, the focus is often on their success and profitability. However, there are also many cryptocurrencies that have failed in the volatile market, often due to issues with bad publicity, security, unethical behaviour, or unclear progression paths. Some of the top cryptocurrency failures of all time include GetGems, SpaceBIT, PayCoin, Luna, Iron etc. These cryptocurrencies failed for various reasons, such as lack of momentum, rushed marketing and compromised security, short-lived success, and hacking. It is important to research and thoroughly understand a cryptocurrency before investing in it to avoid buying ones that are likely to fail.
If you are interested in exploring a list of failed coins, this tool is for you
To avoid cryptocurrencies from failing, startups need to update their knowledge constantly. Hypernest is now hosting an Accelerator Program that aims to provide ambitious founders with a structured program that covers all aspects of the Web3 space. Check it out!
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