自2021年以来发起的所有加密货币中，超过50％现在已倒闭

一个更令人震惊的趋势是在2025年出现，今年启动的失败令牌的百分比已达到同一水平

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年以来推出的所有加密货币中，超过50％现在已经倒闭了。在一个更令人震惊的趋势中，今年启动的失败代币的比例在最初的五个月中达到了同一水平。

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

这些失败只是提醒您需要发起可行的项目的又一提醒，并以坚实的令牌学和强大的社区支持。

Ghost Tokens Skyrocket

幽灵令牌飞涨

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报告强调，自2021年以来，在Geckoterminal上列出的大约700万个加密货币中，有370万次结束了。

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

在评估硬币是否达到其结束时，考虑了几个因素。

“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％的加密货币失败了，大多数倒塌集中在2024年和2025年。值得注意的是，超过182万个令牌已经停止了2025年的交易，大约超过了2024年记录的约138万场失败。

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

随着未来一年中的七个月，本年度失败增加的趋势将继续增长。

Why do so many crypto projects fail?

为什么这么多加密项目失败？

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

专家将加密货币项目（通常称为“鬼硬币”）的高失败率归因于各种因素，包括影响加密市场的更广泛的宏观经济状况。

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专门提出，关税和衰退恐惧等经济问题之间存在潜在的联系，并指出一定选举后的Meme Coin发起的激增，后来受到市场波动的影响。

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

但是，并非所有责任都可以承受更大的经济低迷。其他方面可能会导致这些项目失败。

“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.

“常见因素包括无法找到产品市场拟合，导致用户或投资者的兴趣可忽略不计，或者专注于短期投机而没有长期路线图，有时被开发人员放弃（Rug Pulls）放弃。更广泛的问题。欺诈性意图，较弱的用户牵引力，新颖的炒作，新颖的炒作，不良的竞争，强大的竞争，一定的竞争，一定的竞争，一定的竞争，一定的竞争，一定的竞争，一定的竞争，一定的竞争，” Beincrypto。

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

幽灵代币的迅速上升也随着项目的指数级发起，特别是自2024年初以来。

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.

在模因硬币的扩散之后，去年是新颖的。这种新的叙述尤其是在推出Pump.Fun之后出现的，这是一个Solana平台，允许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.

根据Coingecko数据，仅2024年，Coingecko就列出了300万个新令牌。这些项目中有一半死了，但另一半幸存下来。但是，2025年的情况似乎不那么稳定。

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.

尽管新的令牌发射的数量仍然很高，但失败的数量几乎相当于，其发射仅略高于死亡人数约一千人。

“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解释了。

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

更大的模因市场也对其受欢迎程度受到了特殊的打击。

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，模因硬币市值已大幅下降至540亿美元，比2024年12月5日的峰值下降了56.8％。这一下滑伴随着交易活动的显着下降，仅在上一个月中，量下降了26.2％。

Certain token categories have been hit harder than others.

某些令牌类别的打击比其他类别更为严重。

Music and Video Tokens Among the Hardest-Hit Categories

音乐和视频令牌是最激烈的类别之一

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报告强调，视频和音乐是突出的类别，有许多失败的加密货币项目，达到了75％的失败率。这一超额百分比表明，以利基市场为重点的加密货币经常在实现长期生存能力方面面临挑战。

“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.

“这些利基市场面临采用和公用事业差距。音乐代币努力与Spotify/YouTube竞争，'听力到欧文'模型通常缺乏需求。随着更多主流名人进入空间而又不了解区块链技术的空间，代币已成为新的现金 - 抢夺业务，” Liu解释说。

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的发言人指出，法律和技术障碍，例如音乐许可以及视频交付所需的大量资源，使分散替代方案的规模变得复杂。

They further

他们进一步