According to research, more than half of the cryptocurrencies listed on CoinGecko since 2014 have failed, with 2021 projects having the highest failure rate.

Over half of the cryptocurrencies that have ever been listed on the site since 2014 have vanished, according to recent statistics that CoinGecko published. Out of the 24,000 cryptocurrencies, a startling 14,039 are reportedly no longer in operation.

According to CoinGecko, the bulk of these digital assets that have died were created during the bull market of 2020–2021, with a significant 53.6% of the dead cryptocurrencies—or 7,530 projects—having their roots in that period. Approximately 70% of the nearly 11,000 projects listed during the previous boom in 2017–2018 have since been closed.

Upon closer inspection, 1,450 of the projects that were started during the 2017–2018 bull run have come to an end, which is consistent with a failure rate of almost 70%. According to CoinGecko analysts, the rise in dead coins in 2020–2021 can be linked to meme currencies' widespread distribution and the ease of coin deployment. Because they lacked a real product, many meme currency projects suffered from abandonment shortly after introduction, according to Shaun Paul Lee, Research Associate at CoinGecko.

As of January 2024, a startling 5,724 cryptocurrencies that were introduced in 2021 had failed, making them the most conspicuous failures. Almost 70% of the cryptocurrencies listed for 2021 have already perished, making this a somber milestone.

Following closely, cryptocurrencies listed in 2022 have suffered a 60% failure rate, with 3,520 projects shutting down. In contrast, only 289 out of over 4,000 cryptocurrencies listed in 2023 have met a similar fate, representing a failure rate of less than 10% and signaling a significant decline in comparison to previous years, according to the data.