The cryptocurrency landscape continues to grow at breakneck speed—but beneath the surface lies a striking trend: the vast majority of new tokens are vanishing almost as quickly as they appear.
In the first quarter of 2025 alone, 1.8 million tokens were effectively abandoned, according to new research from CoinGecko. That figure accounts for nearly one-quarter of all tokens ever launched since 2021, marking an all-time high in project failures within a single quarter.
Since 2021, CoinGecko’s token analytics platform, GeckoTerminal, has tracked around 7 million cryptocurrencies. More than half of them—roughly 3.7 million—have already ceased to exist, making them statistical ghosts in blockchain history. The data underscores the volatility and short lifespan of most crypto ventures, particularly in the altcoin sector, where hype often outweighs substance.
CoinGecko analyst Shaun Paul Lee attributes much of the recent surge in token failures to the emergence of platforms like Pump.fun, a simplified tool that allows users to create tokens with just a few clicks. Launched in early 2024, Pump.fun fueled an unprecedented wave of memecoin and low-effort token creation. While it democratized access to tokenization, it also lowered the bar to the point where sustainability and long-term value were frequently overlooked.
The results were dramatic: over 3 million new tokens were created in 2024 alone, making it the most active year for token launches on record. But volume doesn’t equal viability. Lee notes that Pump.fun has a failure rate nearing 98%, suggesting that the overwhelming majority of tokens created on the platform were either scams, abandoned experiments, or forgotten marketing stunts.
The trend highlights a growing divide in the crypto ecosystem. On one side are serious projects building infrastructure, utility, or financial tools; on the other are quick-launch tokens riding waves of internet hype, many of which never survive beyond a few days or weeks. As the market matures and regulation looms in key regions, the pressure is building for developers and platforms alike to prioritize quality over quantity.
While the token explosion illustrates how accessible blockchain development has become, it also raises serious questions about investor protection, project transparency, and the long-term credibility of crypto markets. With over a million projects gone in just three months, many are beginning to ask whether the industry’s open-door innovation model needs a rethink.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/over-a-million-crypto-tokens-vanished-in-q1-2025-as-hype-outpaces-substance/