This is like saying “a majority of hookers are blown out.”
These were pump and dumps, bitch.
We don’t love no shitcoin.
Over 50% of all cryptocurrencies listed on the CoinGecko platform since 2014 have failed, according to new analysis compiled by the company this week. Many of the ones that have gone defunct emerged during market bull runs.
Of the 24,000 tokens that have ever appeared on the platform, a staggering 14,039 are no longer operating, the data shows. CoinGecko uses three metrics to consider a token dead – no trade activity in the past 30 days, projects revealed to be scams or rug pulls, and when a project requests to be deactivated.
The majority of the deceased digital assets emerged during the 2020-2021 bull run. The 7,530 now-defunct cryptocurrencies that were launched during this period account for 53.6% of the total on CoinGecko. In comparison, during the 2017-2018 bull market, just over 1,450 of the roughly 3,000 projects launched have since shut down.
“The high number of dead coins during the 2020-2021 period can be attributed to the ease of deploying tokens, and the rise in popularity of memecoins,” CoinGecko wrote. “However, many memecoin projects launch without a product, with the majority being abandoned after a short period of time,” it added.
That’s called a rug-pull.
Don’t hate the player, kid. Hate the game.
It’s what I said at the beginning, way back when: there is only Bitcoin and Monero, and maybe Ethereum (or some ETH alt like ADA, though that is now very unlikely), and then some NWO coin, which is apparently XRP.
All of these shitcoins were scams, pump and dumps and rug-pulls. The whole lot.
But at least a lot of clever people made a lot of real money. More importantly, morons lost their money by believing snake oil hoaxsters who were saying shit like “SHIB could replace BTC! It’s FASTER!”