Despite the persistent Bear market trend, 951 “dead” coins were recorded in 2022 as opposed to 3,332 in 2021
Every year, the cryptocurrency world experiences an influx of new cryptocurrencies, but some of the currencies fail to live up to expectations. Up to 951 of the cryptocurrencies listed on CoinGeko have been categorized as "dead" or "failed".
I bet the figure surprised you as much as it did me. These currencies were now deemed "dead" or "failed" for a variety of reasons, including fraudulent actions (scams), a lack of trading activity over a prolonged duration, and requests for deactivation.
According to the research;
The last bull market run that started in November 2020 saw a spike in cryptocurrencies listed, with more than 8000 cryptocurrencies listed in 2021. Currently, nearly 40% have been deactivated and delisted from CoinGecko”.
Source
One would expect that the year 2022 would turn out an increased number of dead currencies, even twice the 2021 figure as a result of the prolonged bear market trend. Surprisingly, this is not the case as the year 3,322 currencies were declared dead in 2021 despite the bull market, but 951 in 2022, bringing it to a decline of 2,371.
As asserted by the research work, the year 2021 saw a tremendous increase in the number of meme coins introduced to the cryptocurrency market. Some of these coins were extremely low valued and not very well developed, even the creators chose to stay anonymous. It is reasonable to conclude that the majority of the meme coins developers were motivated by the remarkable progress made by the DOGE and SHIB coins. Regardless, If I’m going to invest my money into a business venture, I definitely want to know who the owner is.
Please note that all of the information contained in this piece is based on this article
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