The crypto market is known for its rapid expansion, but not all tokens manage to survive. According to a report by CoinGecko, over 1.8 million cryptocurrencies failed in the first quarter of 2025, marking the highest number of token collapses ever recorded in a single quarter.
Since 2021, the CoinGecko team has been tracking around 7 million token listings via its GeckoTerminal platform. As confirmed by analyst Shaun Paul Lee, more than 3.7 million of those tokens have disappeared from the market, showcasing a staggering failure rate of over 50%.
"More than 1 in 4 tokens listed since 2021 disappeared in Q1 2025 alone. That’s 1.8 million failures in just 3 months," Lee highlighted in a recent post.
The analyst went on to explain that a large portion of the token failures can be attributed to the launch of Pump.fun, a tool that allows for easy creation of tokens.
The introduction of Pump.fun in early 2024 sparked a massive influx of low-effort and meme-driven coin launches, leading to an explosion in the number of tokens being listed. In 2024 alone, over 3 million new tokens hit the market, a record-breaking year for token launches.
"The new Pump.fun has a 98% failure rate. It democratised token creation but also brought about an unmaintainable rate of token projects being listed and hyped in a short period of time," Lee added.
The data underscores the harsh reality of the altcoin market, where most tokens meet an early demise despite the enduring interest in cryptocurrencies like Bitcoin. With market volatility persisting and token quality varying widely, investors are advised to remain vigilant and perform thorough due diligence before investing.
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