Coingecko報導說

加密貨幣行業面臨著前所未有的令牌失敗的浪潮，自2021年以來啟動了超過370萬個令牌

The cryptocurrency industry is facing an unprecedented wave of token failures, with over 3.7 million tokens launched since 2021 now considered defunct, according to a new report by crypto data aggregator CoinGecko. The research highlights a striking attrition rate and a growing disconnect between token creation and long-term viability.

根據Crypto Data Congregator Coingecko的一份新報告，加密貨幣行業面臨著前所未有的代幣失敗浪潮，自2021年以來啟動了超過370萬個令牌。該研究突出了令牌創造和長期生存能力之間的驚人損耗率和越來越多的斷開連接。

The first quarter of 2025 alone saw 1.8 million tokens fail, marking the highest number of token collapses recorded in a single quarter. This staggering figure accounts for nearly a quarter of all tokens launched since 2021, and roughly half of all token failures to date.

僅2025年的第一季度，就有180萬個令牌失敗了，這標誌著一個季度記錄的令牌倒塌數量最高。這個驚人的數字佔自2021年以來所有令牌的四分之一，而迄今為止，所有令牌失敗的大約一半。

CoinGecko has been tracking nearly 7 million tokens since 2021 through its GeckoTerminal platform. According to the April 30 report by CoinGecko analyst Shaun Paul Lee, the recent spike in token failures can be attributed to broader market volatility and the increasing ease of token creation, particularly through platforms like Pump.fun, which streamlines the process of deploying new tokens.

自2021年以來，Coingecko通過其壁虎平台一直在跟踪近700萬個令牌。根據Coingecko分析師Shaun Paul Lee的4月30日報告，最近在代幣失敗中的飆升可以歸因於更廣泛的市場波動性和越來越輕鬆的代幣創建，尤其是通過Pump.Fun等平台，該平台簡化了部署新代幣的過程。

“Alarmingly, the first quarter of 2025 alone saw the collapse of 1.8 million tokens — the highest number of failures recorded in a single year,” Lee said.

李說：“令人震驚的是，僅2025年的第一季度就會崩潰180萬個令牌，這是一年中記錄的最多的失敗數量。”

This current wave of token deaths follows a brief surge in the market earlier this year, when Bitcoin (BTC) reached an all-time high of over $104,000 shortly after President Donald Trump’s second inauguration in January. However, that rally was short-lived as macroeconomic uncertainty and regulatory tensions sparked a broader downturn in both crypto and traditional markets by March.

當前的象徵死亡浪潮是在今年早些時候在市場上短暫激增的，當時比特幣（BTC）在1月份唐納德·特朗普（Donald Trump）總統第二次就職典禮後不久就達到了104,000美元以上的歷史最高點。然而，由於宏觀經濟的不確定性和監管緊張局勢，該集會是短暫的，到3月，加密貨幣和傳統市場的下滑。

The Pump.fun platform, which launched in January 2024, has made it simpler than ever for individuals to create and list their own tokens, leading to a significant increase in the number of tokens being launched. While this provides greater accessibility, it has also resulted in a flood of low-effort projects, particularly in the memecoin category.

2024年1月推出的泵。 Fun平台使個人創建和列出自己的令牌比以往任何時候都更加簡單，從而大大增加了啟動的令牌數量。儘管這提供了更大的可訪問性，但它也導致了大量低飲食項目，尤其是在Memecoin類別中。

According to CoinGecko’s data, nearly 3 million tokens were launched in 2024 alone, a substantial increase from the 835,000 tokens created in 2023. This surge in token creation was largely driven by Pump.fun activity.

根據Coingecko的數據，僅2024年就發布了近300萬個令牌，與2023年創建的835,000個令牌相比，這一數字的增長大幅增加。代幣創建的激增主要是由泵活動驅動的。

Despite the vast number of tokens being launched, the success rate remains abysmally low, with about 98% of tokens failing to gain meaningful traction or volume. The platform’s best-performing week occurred in November 2024, when only 1.67% of tokens “graduated” to external trading platforms.

儘管啟動了大量令牌，但成功率仍然較低，大約98％的令牌未能獲得有意義的牽引力或體積。該平台表現最好的一周發生在2024年11月，當時只有1.67％的令牌“畢業”到外部交易平台。

CoinGecko’s data from the past five years shows that cryptocurrency failure rates were significantly lower prior to 2024. From 2021 to 2023, token failures accounted for just 12.6% of all cryptocurrency collapses.

Coingecko過去五年的數據表明，在2024年之前的加密貨幣失敗率顯著較低。從2021年到2023年，令牌失敗僅佔所有加密貨幣崩潰的12.6％。

In contrast, 2024 and early 2025 alone now represent nearly 87% of all token failures during that same period — a stark indicator of how the token landscape has changed.

相比之下，僅2024年和2025年初，現在占同一時期所有令牌失敗的近87％，這是代幣景觀如何改變的鮮明指標。

“Before the rise of platforms like Pump.fun, crypto failures were largely in the six-digit range,” Lee said.

李說：“在泵。

CoinGecko co-founder Bobby Ong noted in a March 6 report that investor enthusiasm for memecoins has waned, particularly after high-profile failures such as the Libra (LIBRA) token. This cooling trend follows a volatile start to 2025, which saw a brief spike in activity after the launch of Trump’s memecoin on January 18, but was quickly undercut by geopolitical and economic uncertainty, including Trump’s tariff threats in March.

Coingecko聯合創始人Bobby Ong在3月6日的報告中指出，投資者對Memecoins的熱情逐漸減弱，尤其是在諸如天秤座（天秤座）等備受矚目的失敗之後。這一冷卻趨勢是在2025年開始的動蕩之後，在1月18日特朗普的成員推出後，活動的短暫激增，但很快被地緣政治和經濟不確定性削弱了，包括三月份的特朗普的關稅威脅。