自2021年以來發起的所有加密貨幣中，超過50％現在已倒閉

一個更令人震驚的趨勢是在2025年出現，今年啟動的失敗令牌的百分比已達到同一水平

Over 50% of all cryptocurrencies ever launched since 2021 have now gone defunct. In an even more alarming trend, the percentage of failed tokens launched this year has reached the same level in just the first five months.

自2021年以來推出的所有加密貨幣中，超過50％現在已經倒閉了。在一個更令人震驚的趨勢中，今年啟動的失敗代幣的比例在最初的五個月中達到了同一水平。

These failures are just another reminder of the need to launch viable projects, backed by solid tokenomics and a robust community.

這些失敗只是提醒您需要發起可行的項目的又一提醒，並以堅實的令牌學和強大的社區支持。

Ghost Tokens Skyrocket

幽靈令牌飛漲

A recent CoinGecko report highlighted that out of the roughly 7 million cryptocurrencies listed on GeckoTerminal since 2021, 3.7 million have reached their end.

最近的一份Coingecko報告強調，自2021年以來，在Geckoterminal上列出的大約700萬個加密貨幣中，有370萬次結束了。

Several factors are considered when evaluating whether a coin has reached its end.

在評估硬幣是否達到其結束時，考慮了幾個因素。

“A coin is classified as ‘dead’ when it loses all utility, liquidity, and community engagement. Key indicators include near-zero trading volume, abandoned development (no GitHub commits for 6+ months), and a price drop of 99%+ from its all-time high. Teams often vanish without warning—social media accounts go dormant, domains expire,” Alsie Liu, Content Manager at Dune Analytics, told BeInCrypto.

“A coin is classified as 'dead' when it loses all utility, liquidity, and community engagement. Key indicators include near-zero trading volume, abandoned development (no GitHub commits for 6+ months), and a price drop of 99%+ from its all-time high. Teams often vanish without warning—social media accounts go dormant, domains expire,” Alsie Liu, Content Manager at Dune Analytics, told BeInCrypto.

A significant 53% of listed cryptocurrencies have failed, with most collapses concentrated in 2024 and 2025. Notably, the over 1.82 million tokens already stopped trading in 2025 significantly outpaced the approximately 1.38 million failures recorded throughout 2024.

大量53％的加密貨幣失敗了，大多數倒塌集中在2024年和2025年。值得注意的是，超過182萬個令牌已經停止了2025年的交易，大約超過了2024年記錄的約138萬場失敗。

With seven months out of the year ahead, this trend of increasing failures in the current year will continue to grow.

隨著未來一年中的七個月，本年度失敗增加的趨勢將繼續增長。

Why do so many crypto projects fail?

為什麼這麼多加密項目失敗？

Experts attribute the high failure rate of cryptocurrency projects, often termed “ghost coins,” to various factors, including broader macroeconomic conditions affecting the crypto market.

專家將加密貨幣項目（通常稱為“鬼硬幣”）的高失敗率歸因於各種因素，包括影響加密市場的更廣泛的宏觀經濟狀況。

CoinGecko specifically suggested a potential link between economic concerns like tariffs and recession fears, noting a surge in meme coin launches after a certain election, which was later affected by market volatility.

Coingecko專門提出，關稅和衰退恐懼等經濟問題之間存在潛在的聯繫，並指出一定選舉後的Meme Coin發起的激增，後來受到市場波動的影響。

However, not all responsibility can be placed on a greater economic downturn. Other aspects can contribute to these project failures.

但是，並非所有責任都可以承受更大的經濟低迷。其他方面可能會導致這些項目失敗。

“Common factors include inability to find product market fit leading to negligible interest from users or investors, or project teams that focus too much on short-term speculation with no long-term roadmap, and sometimes abandonment by developers (rug pulls). Broader issues like fraudulent intentions, weak user traction, novelty-driven hype, financial shortfalls, poor execution, strong competition, or security failures also contribute to project failure,” a Binance spokesperson told BeInCrypto.

“常見因素包括無法找到產品市場擬合，導致用戶或投資者的興趣可忽略不計，或者專注於短期投機而沒有長期路線圖，有時被開發人員放棄（Rug Pulls）放棄。更廣泛的問題。欺詐性意圖，較弱的用戶牽引力，新穎的炒作，新穎的炒作，不良的競爭，強大的競爭，一定的競爭，一定的競爭，一定的競爭，一定的競爭，一定的競爭，一定的競爭，一定的競爭，” Beincrypto。

The rapid rise in ghost tokens also came with the exponential launch of projects en masse, particularly since the start of 2024.

幽靈代幣的迅速上升也隨著項目的指數級發起，特別是自2024年初以來。

Analyzing the Life-Death Ratio

分析生命比率

Last year was novel in its own right following the proliferation of meme coins. This new narrative emerged particularly after the launch of Pump.fun, a Solana platform that allows anyone to launch a token at a minimal cost.

在模因硬幣的擴散之後，去年是新穎的。這種新的敘述尤其是在推出Pump.Fun之後出現的，這是一個Solana平台，允許任何人以最低的成本推出令牌。

According to CoinGecko data, 3 million new tokens were listed on CoinGecko in 2024 alone. Half of these projects died, but the other half survived. However, the situation in 2025 appears less stable.

根據Coingecko數據，僅2024年，Coingecko就列出了300萬個新令牌。這些項目中有一半死了，但另一半倖存下來。但是，2025年的情況似乎不那麼穩定。

While the number of new token launches remains high, the number of failures is nearly equivalent, with launches only marginally exceeding deaths by about a thousand.

儘管新的令牌發射的數量仍然很高，但失敗的數量幾乎相當於，其發射僅略高於死亡人數約一千人。

“Ecosystems with low barriers to token creation see the highest number of ghost coins. In general, platforms that make it very easy and cheap to launch new tokens see the most abandoned coins. During this cycle, Solana’s meme coin surge (e.g., via token launchpads like Pump.fun) drove a flood of new tokens, many of which lost user traction and daily activity once initial hype faded,” Binance’s spokesperson explained.

“Ecosystems with low barriers to token creation see the highest number of ghost coins. In general, platforms that make it very easy and cheap to launch new tokens see the most abandoned coins. During this cycle, Solana's meme coin surge (eg, via token launchpads like Pump.fun) drove a flood of new tokens, many of which lost user traction and daily activity once initial hype faded,” Binance's spokesperson解釋了。

The greater meme market has also taken a particular blow to its popularity.

更大的模因市場也對其受歡迎程度受到了特殊的打擊。

As of March 5, the meme coin market capitalization had sharply decreased to $54 billion, marking a 56.8% drop from its peak of $125 billion on December 5, 2024. This downturn was accompanied by a significant decrease in trading activity, with volumes falling by 26.2% in the preceding month alone.

截至3月5日，模因硬幣市值已大幅下降至540億美元，比2024年12月5日的峰值下降了56.8％。這一下滑伴隨著交易活動的顯著下降，僅在上一個月中，量下降了26.2％。

Certain token categories have been hit harder than others.

某些令牌類別的打擊比其他類別更為嚴重。

Music and Video Tokens Among the Hardest-Hit Categories

音樂和視頻令牌是最激烈的類別之一

A 2024 BitKE report highlighted that video and music were prominent categories with many failed cryptocurrency projects, reaching a 75% failure rate. This outsized percentage suggests that niche-focused crypto ventures often face challenges in achieving long-term viability.

2024年的BITKE報告強調，視頻和音樂是突出的類別，有許多失敗的加密貨幣項目，達到了75％的失敗率。這一超額百分比表明，以利基市場為重點的加密貨幣經常在實現長期生存能力方面面臨挑戰。

“These niches face adoption and utility gaps. Music tokens struggle to compete with Spotify/YouTube, and ‘listen-to-earn’ models often lack demand. As more mainstream celebrities get into the space without knowing much about blockchain technology, tokens have become the new cash-grab business,” Liu explained.

“這些利基市場面臨採用和公用事業差距。音樂代幣努力與Spotify/YouTube競爭，'聽力到歐文'模型通常缺乏需求。隨著更多主流名人進入空間而又不了解區塊鏈技術的空間，代幣已成為新的現金 - 搶奪業務，” Liu解釋說。

Binance’s spokesperson noted that legal and technical hurdles, such as music licensing and the significant resources needed for video delivery, complicated the scaling of decentralized alternatives.

Binance的發言人指出，法律和技術障礙，例如音樂許可以及視頻交付所需的大量資源，使分散替代方案的規模變得複雜。

They further

他們進一步