超過100萬個加密代幣在第1季度2025年消失了，因為炒作超過物質

加密貨幣景觀繼續以驚人的速度增長，但在表面下方是一個驚人的趨勢：絕大多數新令牌的消失幾乎消失了，幾乎消失了。

In the dynamic realm of cryptocurrencies, change is a constant companion. However, even amidst rapid evolution, certain trends emerge with striking clarity. One such phenomenon is the rapid creation and subsequent disappearance of crypto tokens.

在加密貨幣的動態領域中，變化是一個恆定的伴侶。但是，即使在快速發展的過程中，某些趨勢也以驚人的清晰度出現。一種這種現像是加密代幣的快速產生和隨後的消失。

While the crypto landscape has grown at breakneck speed in recent times, a deeper analysis reveals that a vast majority of new tokens are vanishing almost as quickly as they appear.

雖然最近的加密景觀近期已經以驚人的速度發展，但更深入的分析表明，絕大多數新令牌的消失幾乎與出現一樣快。

In the first quarter of 2025 alone, 1.8 million tokens were effectively abandoned, according to new research from CoinGecko. That figure represents nearly one-quarter of all tokens ever launched since 2021, also marking an all-time high in project failures within a single quarter.

根據Coingecko的新研究，僅在2025年的第一季度，就有180萬個令牌就被放棄了。這個數字代表了自2021年以來一直推出的所有代幣中近四分之一，這也標誌著一個季度內的項目失敗的歷史最高。

Since 2021, CoinGecko’s token analytics platform, GeckoTerminal, has been tracking around 7 million cryptocurrencies. More than half of them—roughly 3.7 million—have already ceased to exist, leaving them as statistical ghosts in blockchain history. The data underscores the volatility and short lifespan of most crypto ventures, particularly in the altcoin sector, where hype often outpaces substance.

自2021年以來，Coingecko的令牌分析平台Geckoterminal一直在追踪約700萬個加密貨幣。其中有一半以上的人已經不復存在，使它們成為區塊鏈歷史上的統計鬼魂。數據強調了大多數加密貨幣的波動性和壽命短，尤其是在Altcoin行業中，炒作經常超過物質。

CoinGecko analyst Shaun Paul Lee attributes much of the recent surge in token failures to the emergence of platforms like Pump.fun. A simplified tool that allows users to create tokens with just a few clicks, Pump.fun was launched in early 2024 and quickly fueled an unprecedented wave of memecoin and low-effort token creation.

Coingecko分析師Shaun Paul Lee將令牌失敗的大部分激增歸因於Pump.Fun等平台的出現。一種簡化的工具，允許用戶只需單擊幾下創建令牌，即pump.fun於2024年初推出，並迅速助長了前所未有的Memecoin和低飲食令牌創建的浪潮。

Launched by a group of Web3 developers based in Southeast Asia, Pump.fun democratized access to tokenization but also lowered the bar to the point where sustainability and long-term value were frequently overlooked.

泵由一群位於東南亞的Web3開發人員發起，泵將其民主化獲得令牌化，但也將槓鈴降低到經常忽略可持續性和長期價值的地步。

The results were dramatic: over 3 million new tokens were created in 2024 alone, making it the most active year for token launches on record. But volume doesn’t equal viability. Lee notes that Pump.fun has a failure rate nearing 98%, suggesting the overwhelming majority of tokens created on the platform were either scams, abandoned experiments, or forgotten marketing stunts.

結果是戲劇性的：僅2024年就創建了超過300萬個新令牌，這使得它是記錄記錄的令牌發布最活躍的一年。但是音量並不等於生存能力。 Lee指出，Pump.Fun的失敗率接近98％，這表明在平台上創建的絕大多數令牌是騙局，放棄的實驗或被遺忘的營銷特技。

The trend highlights a growing divide in the crypto ecosystem. On one side are serious projects building infrastructure, utility, or financial tools; on the other are quick-launch tokens often seen as derivatives of popular memecoins, many of which never survive beyond a few days or weeks.

這種趨勢強調了加密生態系統中越來越多的鴻溝。一方面是建立基礎設施，公用事業或財務工具的嚴肅項目；另一方面是快速發出的令牌，通常被視為流行的模因的衍生物，其中許多人從未在幾天或幾週內生存。

As the market matures and regulation looms in key regions, the pressure is building for developers and platforms alike to prioritize quality over quantity.

隨著關鍵區域的市場成熟和監管的臨近，為開發人員和平台建立了壓力，以優先考慮質量而不是數量。

While the token explosion illustrates how accessible blockchain development has become, it also raises serious questions about investor protection, project transparency, and the long-term credibility of crypto markets.

儘管令牌爆炸說明了可訪問的區塊鏈開發的發展，但它還引發了有關投資者保護，項目透明度和加密市場的長期信譽的嚴重問題。

With over a million projects gone in just three months, many are beginning to ask whether the industry’s open-door innovation model needs a rethink as the lines between legitimate projects and short-lived scams continue to blur.

隨著超過三個月的一百萬個項目的消失，許多人開始詢問該行業的開放式創新模式是否需要重新考慮，因為合法項目和短暫的騙局之間的界限繼續變得模糊。