自2020年以来，仅在2025年第一季度就启动了四分之一的加密代币。

Coingecko的分析表明，所有加密货币中有50％以上失败了。在其壁虎上列出的近700万个令牌中

Nearly one in four crypto tokens launched since 2021 have failed in the first quarter of 2025 alone, as a market downturn and easier token creation fuel the surge in collapses, data from CoinGecko shows.

Coingecko的数据显示。

The analysis by the cryptocurrency market tracker reveals that more than 50% of all cryptocurrencies have failed.

加密货币市场跟踪器的分析表明，所有加密货币中有50％以上失败了。

Out of nearly 7 million tokens listed on its GeckoTerminal since 2021, 3.7 million are no longer trading and are deemed failures, the data shows.

数据显示，自2021年以来，在其壁虎上列出的近700万个令牌中，有370万个不再交易，被认为是失败的。

Most of the 52.7% of failed crypto tokens on GeckoTerminal took place in 2024 and early 2025. In the first quarter of 2025 alone, 1.8 million tokens collapsed, accounting for nearly 50% of all recorded project failures.

在壁虎上的52.7％的加密代币中，大部分是在2024年和2025年初发生的。仅在2025年的第一季度，180万代币就倒塌了，占所有记录的项目失败的近50％。

CoinGecko suggested that the sharp drop in token survivability may be linked to broader market instability. This decline coincided with the inauguration of U.S. President Donald Trump in January, which marked a downturn in the crypto market.

Coingecko建议，令牌生存能力的急剧下降可能与更广泛的市场不稳定有关。这一下降恰逢美国总统唐纳德·特朗普（Donald Trump）在一月份的就职典礼，这标志着加密货币市场的低迷。

The number of crypto projects listed on GeckoTerminal surged dramatically over the past few years. From just 428,383 listings in 2021, the total has swelled to nearly 7 million by 2025.

在过去的几年中，在壁虎上列出的加密项目数量急剧飙升。从2021年的428,383个上市开始，到2025年，总数已膨胀到近700万。

CoinGecko pointed to the launch of pump.fun as a key driver behind the surge in token creation, noting that the platform made it significantly easier to mint new coins—many of which were meme-based or lacked substantial development.

Coingecko指出，泵的推出是代币创建激增的关键驱动力，并指出该平台使薄荷新硬币变得更加容易，其中许多是基于模因或缺乏实质性开发的。

Pump.fun is a Solana-based platform that allows anyone to quickly create and launch meme coins with minimal effort. While it’s credited with driving massive token creation, it’s also sparked criticism for encouraging low-quality, speculative projects and saturating the market with short-lived coins.

Pump.Fun是一个基于索拉纳的平台，可让任何人以最少的精力快速创建和启动模因硬币。尽管它以推动大量的代币创建而闻名，但它也引发了批评，以鼓励低质量，投机项目并用短暂的硬币使市场饱和。

Image Credit: CoinGecko

图片来源：Coingecko

In 2024, a record-breaking 3 billion new crypto projects were launched, making it the busiest year for token creation. Despite the surge, nearly 1.4 billion of those projects failed—making up 37.7% of all crypto collapses recorded since 2021.

2024年，启动了创纪录的30亿个新加密项目，使其成为代币创建最繁忙的一年。尽管有激增，但这些项目中有近14亿次失败 - 自2021年以来记录的所有加密货币中占37.7％。

Additionally, CoinGecko noted that prior to the debut of pump.fun in 2024, crypto project failures remained in the low six-figure range. From 2021 to 2023, these early failures accounted for only 12.6% of all recorded collapses in the last five years.

此外，Coingecko指出，在2024年泵的首次亮相之前。从2021年到2023年，这些早期失败仅占过去五年中所有记录的崩溃的12.6％。

The sharp rise and fall of crypto tokens in recent years reflects the volatile nature of the space—and the growing need for smarter participation. As the landscape continues to evolve, investors and developers alike are being pushed to rethink what sustainability means in a world where anyone can launch a token, but not every project can stand the test of time.

近年来，加密代币的急剧上升和下降反映了该空间的动荡性，以及对更智能参与的需求日益增长的需求。随着景观的不断发展，投资者和开发商都被迫重新考虑在任何人都可以推出令牌的世界中，可持续性的含义，但并非每个项目都能经受时间的考验。