1.8M CRYPTO TOKENS DEAD IN 2025 — THE BUBBLE JUST POPPED?

- 1.8 million crypto tokens failed in the first quarter of 2025 alone, according to a new CoinGecko report.

- That’s nearly one in four of all tokens launched since 2021 — and the highest number of failures ever recorded in a single year.

- Since 2021, nearly 7 million tokens have been listed on GeckoTerminal. Of these, 3.7 million have stopped trading and are considered defunct.

- Nearly half of all failures happened in just the first three months of 2025.

What triggered this wave of failures?

Two key factors:

- Market downturn after Bitcoin hit its post-inauguration peak in January 2025, followed by a steep correction.

- Token creation tools like Pumpfun making it too easy to launch low-effort tokens.

Pumpfun Mania:

- Pumpfun, launched in early 2024, allowed anyone to spin up a token in minutes. The result? A flood of memecoins and speculative assets with little value or long-term vision.

- Almost 98% of tokens created on Pumpfun never make it beyond the platform.

- In 2024, over 3 million tokens were launched — the most in any year — but 1.4 million of them failed, accounting for 38% of total project closures over the past five years.

- By contrast, from 2021 to 2023, token failures remained in the low six-figure range. Projects that failed during those years make up just 12.6% of all crypto collapses.

Image: CoinGecko