The cryptocurrency world is undergoing an unprecedented crisis as more than half of digital tokens have ceased all activities. According to data from GeckoTerminal, of nearly 7 million cryptocurrencies listed since 2021, about 3.7 million have gone bankrupt, corresponding to an alarming failure rate of 52.7%.

Summary

  • More than 3.7 million cryptocurrencies have ceased trading since 2021.

  • The first quarter of 2025 accounted for nearly 50% of the total number of recorded failures.

  • The launch of the Pump.fun platform contributed to the explosion in the number of cryptocurrency projects.

  • Only 1% of memecoins created on Pump.fun still exist.

3.7 million projects have disappeared in four years

How many cryptocurrencies have truly died in recent years? According to data from GeckoTerminal, of nearly 7 million cryptocurrencies listed since 2021, about 3.7 million have ceased trading and are considered bankrupt, corresponding to a failure rate of 52.7%.

This trend accelerated significantly during the period from 2024 to early 2025, particularly focusing on the first quarter of 2025. This critical period coincided with Donald Trump's inauguration in January, followed by a significant slowdown in the cryptocurrency market.

The explosion in the number of projects reflects a radical shift in the ecosystem. In 2021, only 428,383 projects were listed on GeckoTerminal. By 2025, this number reached nearly 7 million, a sixteen-fold increase in four years.

This exponential growth is largely explained by the emergence of platforms like Pump.fun, which democratize the creation of tokens.

These tools allow anyone to launch their own cryptocurrency without deep expertise, flooding the market with memecoins and projects with low fundamental value.

2025, a dark year for cryptocurrency

The first quarter of 2025 set a catastrophic record with 1.8 million cryptocurrency projects ceasing all activities. This number accounts for nearly half (49.7%) of the total failures recorded during the period of 2021-2025.

The year 2024 showed alarming signs with 1.4 million failed projects (accounting for 37.7% of total failed projects). Paradoxically, that same year saw the emergence of over 3 million new cryptocurrencies, illustrating the extreme volatility of the industry.

The situation was quite different before. From 2021 to 2023, the number of failed projects remained limited to under 250,000 projects each year.

This recent explosion is largely explained by the emergence of platforms that significantly simplify token creation. Pump.fun is a perfect example: this platform has generated a wave of memecoins and projects with no real fundamental value.

Even at the peak in November 2024, the survival rate of tokens on Pump.fun was only 1.67%. This rate has since dropped below 1% for four consecutive weeks, reflecting the increasing disinterest of investors in these speculative assets.

This major cryptocurrency collapse highlights the importance of thorough analysis before investing in this volatile sector. While thousands of projects disappear each month, investors seem to gradually favor established digital assets over high-risk ephemeral tokens.