According to a report from Mars Finance on May 6, CoinGecko's latest research shows that among nearly 7 million cryptocurrency projects registered since 2021, 3.6 million projects have stopped trading, with a failure rate as high as 52.7%. The first quarter of 2025 was the worst, with 1.8 million projects failing in a single quarter, accounting for 49.7% of the total historical failures. The analysis points out that the token creation platform pump.fun, launched in 2024, lowered the threshold for token issuance, leading to a surge of low-quality projects entering the market. Especially after Trump takes office in January 2025, the cryptocurrency market has experienced increased volatility, further accelerating the elimination of projects. In contrast, the total number of project failures during the period from 2021 to 2023 accounted for only 12.6% of the failures in the past five years.