the latest research report from CoinGecko shows that out of nearly 7 million cryptocurrency projects registered since 2021, 3.7 million projects have ceased trading, with a high failure rate of 52.7%. The first quarter of 2025 performed the worst, with 1.8 million projects failing in a single quarter, accounting for 49.7% of the total historical failures.

Analysis points out that the token creation platform pump.fun launched in 2024 lowered the threshold for token issuance, leading to a large number of low-quality projects entering the market. Especially after Trump took office in January 2025, the cryptocurrency market turbulence intensified, further accelerating the elimination of projects. In contrast, the total number of project failures from 2021 to 2023 only accounted for 12.6% of the failures in the past five years.