Coingecko报道说

加密货币行业面临着前所未有的令牌失败的浪潮，自2021年以来启动了超过370万个令牌

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.

根据Crypto Data Congregator Coingecko的一份新报告，加密货币行业面临着前所未有的代币失败浪潮，自2021年以来启动了超过370万个令牌。该研究突出了令牌创造和长期生存能力之间的惊人损耗率和越来越多的断开连接。

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.

仅2025年的第一季度，就有180万个令牌失败了，这标志着一个季度记录的令牌倒塌数量最高。这个惊人的数字占自2021年以来所有令牌的四分之一，而迄今为止，所有令牌失败的大约一半。

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年以来，Coingecko通过其壁虎平台一直在跟踪近700万个令牌。根据Coingecko分析师Shaun Paul Lee的4月30日报告，最近在代币失败中的飙升可以归因于更广泛的市场波动性和越来越轻松的代币创建，尤其是通过Pump.Fun等平台，该平台简化了部署新代币的过程。

“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.

李说：“令人震惊的是，仅2025年的第一季度就会崩溃180万个令牌，这是一年中记录的最多的失败数量。”

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.

当前的象征死亡浪潮是在今年早些时候在市场上短暂激增的，当时比特币（BTC）在1月份唐纳德·特朗普（Donald Trump）总统第二次就职典礼后不久就达到了104,000美元以上的历史最高点。然而，由于宏观经济的不确定性和监管紧张局势，该集会是短暂的，到3月，加密货币和传统市场的下滑。

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平台使个人创建和列出自己的令牌比以往任何时候都更加简单，从而大大增加了启动的令牌数量。尽管这提供了更大的可访问性，但它也导致了大量低饮食项目，尤其是在Memecoin类别中。

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.

根据Coingecko的数据，仅2024年就发布了近300万个令牌，与2023年创建的835,000个令牌相比，这一数字的增长大幅增加。代币创建的激增主要是由泵活动驱动的。

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.

尽管启动了大量令牌，但成功率仍然较低，大约98％的令牌未能获得有意义的牵引力或体积。该平台表现最好的一周发生在2024年11月，当时只有1.67％的令牌“毕业”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过去五年的数据表明，在2024年之前的加密货币失败率显着较低。从2021年到2023年，令牌失败仅占所有加密货币崩溃的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，仅2024年和2025年初，现在占同一时期所有令牌失败的近87％，这是代币景观如何改变的鲜明指标。

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

李说：“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联合创始人Bobby Ong在3月6日的报告中指出，投资者对Memecoins的热情逐渐减弱，尤其是在诸如天秤座（天秤座）等备受瞩目的失败之后。这一冷却趋势是在2025年开始的动荡之后，在1月18日特朗普的成员推出后，活动的短暂激增，但很快被地缘政治和经济不确定性削弱了，包括三月份的特朗普的关税威胁。