Nearly 1,000 cryptocurrencies “died” in 2022

Tram Ho

The creation of new cryptocurrencies attracted early-stage investors, but the risk to them accordingly increased.

When identifying “dead” coins, the researchers will consider whether these coins have been removed from the site due to lack of trading activity within 2 months or the token has been disabled due to deprecation. is a scam or has a cancellation request.

According to valuation website CoinGecko throughout 2022, approximately 951 cryptocurrencies have been declared “dead coins” or “failed coins”. Data from Livecoins also shows that, as of October 2022, at least 12,000 cryptocurrencies have stopped working.

The study indicates: “Since the cryptocurrency surge in November 2020, there have been about 8,000 cryptocurrencies listed on exchanges by 2021. But so far, nearly 40% of these have been de-activated. active or delisted”.

Even so, the number of “dead” coins in 2022 is still significantly lower than the number of 3,322 in 2021.

According to the research, the high number of “dead” coins in 2021 may be related to the influx of meme money into the market. Aside from the success of memes like Dogecoin (DOGE) and Shiba Inu (SHIB), most other coin memes suffer from a drop in value due to anonymous developers or the lack of sustainability of the project.

Gần 1.000 loại tiền điện tử "khai tử" trong năm 2022 - Ảnh 1.

The number of cryptocurrencies that were “deathed” on CoinGecko from 2014 to 2022. Photo: CoinGecko

According to CoinGecko, an average of 950 cryptocurrencies are listed as “dead” each year. Data is collected from coins available on CoinGecko except 2014 – 2022.

Despite the 2022 bear market, a previous report by Finbold pointed to many emerging cryptocurrencies reaching the 22,000 mark on CoinMarketCap. In general, crypto advocates assert that as the sector matures, the number of “dead” coins will increase, assets with minimal utility being wiped out.

Reference: The Nation View

Share the news now

Source : Genk