More than half of the cryptocurrencies launched since 2021 are no longer active. As we approach 2025, the number of idle projects referred to as 'ghost tokens' is rapidly increasing, and their impact on the market is growing.
These tokens generally lose their functionality due to reasons such as lack of utility, insufficient liquidity, and low community participation. Abandonment of projects and weak tokenomics structures also accelerate this process. Especially, music and video-themed crypto projects face a high rate of failure. In addition to technical barriers, being unable to compete with large Web2 platforms further complicates these types of projects.
The Rise of Ghost Tokens
According to the latest data from CoinGecko, out of approximately 7 million cryptocurrencies listed since 2021, 3.7 million are now non-functional. These projects are defined as 'dead' with criteria such as nearly zero trading volume, more than 99% price drop, and active user loss.
Alsie Liu from Dune Analytics states that these types of tokens fall into a 'ghost' position when there is no utility or community interaction left. In just the first quarter of 2025, 1.82 million tokens stopped trading — indicating that the market is undergoing a serious cleaning process.
Why Do Crypto Projects Fail?
There are many reasons why crypto projects fail at such a high rate:
Failure to achieve product-market fit
Focusing on short-term speculation and failing to present a long-term roadmap
Teams abandoning projects and cases of fraud such as 'rug pull'
Macroeconomic uncertainties and regulatory pressures
also establishes a direct relationship between economic instability and meme coin explosion. Such projects are more affected by market volatilities.
2024-2025: High Supply, High Collapse
In 2024, platforms like Pump.fun based on Solana released millions of tokens at low cost. Just last year, 3 million new tokens were created. However, the collapses that occurred during the same period highlighted the gap between supply and success rate. This situation makes the stability issue in the crypto ecosystem more visible.
Music and Video Tokens Face Tough Times
According to the BitKE report, especially music and video token projects are among the riskiest categories with a 75% failure rate. User adoption, technical infrastructure issues, and regulatory barriers make these projects unsustainable. According to Binance, it is currently unrealistic for decentralized platforms to compete with traditional media giants.
Lessons to be Learned from Token Collapses
The historical collapses like BitConnect and OneCoin remind us how vital transparency and sustainability are in crypto projects. Projects based solely on 'hype' continue to harm investors.
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