加密代币失败在2025年第1季度达到了创纪录的高度，其中180万个项目关闭

该报告显示，自2021年以来，四分之一的代币在今年1月至3月之间失败了。

Crypto token failures reached a record high in Q1 2025, with 1.8 million projects shutting down, according to CoinGecko. The report showed that one in four tokens launched since 2021 failed between January and March this year.

据Coingecko称，加密代币失败在2025年第1季度达到了创纪录的高度，其中180万个项目关闭了。该报告显示，自2021年以来，四分之一的代币在今年1月至3月之间失败了。

Research analyst at CoinGecko Shaun Paul Lee said nearly 7 million crypto tokens have been listed since 2021. Out of those, over 3.7 million tokens have already stopped trading.

Coingecko Shaun Paul Lee的研究分析师说，自2021年以来，已列出了将近700万个加密代币。在这些分析师中，超过370万个令牌已经停止了交易。

“The first quarter of 2025 alone saw the collapse of 1.8 million tokens,” Lee said in the April 30 report.

李在4月30日的报告中说：“仅2025年的第一季度就看到了180万个令牌。”

That number is the highest ever recorded in a single quarter and makes up nearly half of all token failures.

这个数字是一个季度记录的最高记录，占所有令牌失败的一半。

CoinGecko only tracked tokens that had at least one trade and included those from Pump.fun that passed the bonding curve. The data excludes completely inactive listings with no activity.

Coingecko仅跟踪至少有一项贸易的令牌，其中包括通过粘结曲线的pump.fun。数据不包括无活动的完全无活动清单。

Pump.fun Linked to Spike in Crypto Token Projects Collapsing

泵。在加密代币项目中与尖峰链接

Pump.fun launched in January as a token creation platform. Since then, it has seen a sharp rise in crypto token projects, mostly memecoins and simple contract-based tokens. CoinGecko linked this tool to the surge in crypto token failures.

pump.Fun于1月以代币创建平台推出。从那时起，加密代币项目，大多是成人和简单的基于合同的代币的急剧上升。 Coingecko将此工具与加密代币失败的激增联系起来。

In 2024 alone, over 3 million new tokens entered the market, compared to 835,000 in 2023. The report showed that about 98% of tokens created through Pump.fun failed. Only a small percentage managed to trade beyond the platform.

仅在2024年，超过300万个新令牌就进入了市场，而2023年为835,000。只有一小部分能够超越平台的交易。

Lee said, “Before the launch of Pump.fun in 2024, cryptocurrency failures numbered in the low six digits.”

李说：“在2024年推出泵之前，加密货币失败以低六位数为单位。”

He added that between 2021 and 2023, only 12.6% of all failures took place.

他补充说，在2021年至2023年之间，只有12.6％的失败发生。

Even during Pump.fun’s strongest week in November, only 1.67% of tokens transitioned to open markets. Most collapsed without gaining traction.

即使在11月的Fump.fun最强大的一周中，也只有1.67％的令牌转移到开放市场。大多数崩溃而没有获得关注。

Trump Market Impact Coincided With Token Shutdowns

特朗普市场影响与令牌关闭相吻合

CoinGecko linked the recent wave of crypto token shutdowns to broader market pressure. The inauguration of Donald Trump in January triggered Bitcoin’s rally to $94,952. However, the market declined shortly afterward.

Coingecko将最近的加密代币关闭浪潮与更大的市场压力联系起来。唐纳德·特朗普（Donald Trump）在一月份的就职典礼引发了比特币的集会至94,952美元。但是，此后不久，市场下降了。

This turbulence contributed to many crypto token failures, as investors pulled back from high-risk assets. Lee mentioned “broader market turbulence” as a key factor behind the shutdowns.

由于投资者从高风险资产中退缩，这种动荡导致了许多加密代币失败。李提到“更广泛的市场动荡”是关闭的关键因素。

Pump.fun’s activity surged during this time. Its weekly trading volume peaked after Trump’s memecoin launch on Jan. 18. But by March, both crypto and stock markets showed high volatility. Trump’s tariff threats led to further instability.

在此期间，Pump.Fun的活动激增。特朗普于1月18日发起的成员之后，其每周交易量达到顶峰。但到3月，加密货币和股市都表现出较高的波动性。特朗普的关税威胁导致进一步的不稳定。

CoinGecko co-founder Bobby Ong released a separate report on March 6. He said memecoin interest dropped following poor launches. Ong highlighted the case of the LIBRA token, which saw limited success.

Coingecko联合创始人Bobby Ong于3月6日发布了另一份报告。他说，在发射不佳之后，Memecoin兴趣下降了。 Ong强调了天秤座令牌的案例，这取得了有限的成功。

According to the CoinGecko report, tokens created before 2024 had a better chance of survival. Failures before Pump.fun stayed under six digits. But once token creation became easier, the market was flooded with short-lived projects.

根据Coingecko的报告，代币在2024年之前创建的，有更好的生存机会。泵前的故障。FUN停留在六位数以下。但是，一旦象征性的创建变得更容易，市场就会充斥着短暂的项目。