CoinGecko tracked 7 million tokens since 2021 and found that over half had failed, with 1.8 million tokens alone dying in the first quarter of 2025.
About one in four crypto tokens launched since 2021 have failed in the first quarter of this year amid a crypto market downturn and token creation becoming easier than ever, says crypto data platform CoinGecko.
Since 2021, nearly 7 million cryptocurrencies have been listed on CoinGecko’s token tracking tool GeckoTerminal, and over half, or 3.7 million tokens, “have since stopped trading and are considered failed,” CoinGecko research analyst Shaun Paul Lee said in an April 30 report.
“Alarmingly, the first quarter of 2025 alone saw the collapse of 1.8 million tokens,” he added, which is “the highest number of failures recorded in a single year.” It also comprises just under half of all failures and represents a quarter of all tokens launched since 2021.
