The cryptography market has just attended one of its most brutal districts ever recorded, with 1.8 million tokens that die in the first three months of 2025 only.
According to a new overwhelming Coingecko study, these failures in the first quarter represent almost half of all the deaths in chips in the past five years.
Raise and drop instant tokens
The numbers captured in the report Are to be taken off: almost one in four tokens launched since 2021 is now considered dead. At the heart of this token extinction event is a storm triggered by a market correction after the brief post-abuturation rally Bitcoin in January 2025 and the unoccupied climb of token generators as pump.fun.
While the platform, launched at the beginning of 2024, democratized the creation of tokens, the critics argue that it also helped to dilute the integrity of the industry. It allows users to launch parts in a few minutes without the need for coding knowledge, fueling a rush to the currency that has submerged cryptographic platforms and flooded markets with short-term speculative assets.
Since mid-2021, Geckoterminal has listed nearly 7 million tokens, but according to the report, 52.7%, or more than 3.7 million cryptocurrencies, have now ceased to negotiate and have officially been classified as “failed”. While the sharp increase in failures began in 2024, the first quarter of 2025 was particularly brutal, with at least 1.8 million tokens becoming dark by March 31.
A crisis market
Historically, the pace to which crypto projects collapsed were relatively modest. According to the Coingecko survey, on more than 428,000 tokens listed in 2021, only 2,584 failed.
The number of cryptographic assets listed increased to 724,706 in 2022, failures also increased significantly to 213,075. These figures remained quite consistent in 2023, with 835,183 created and around 245,000 dying.
However, in 2024, the number of tokens launched soaring, exceeding 3 million things thanks in part to Pump.fun. This was the quantity of activity on the platform which, at some point, became the main engine behind Solana's recent domination in the decentralized trade market (DEX). However, the high number of pieces has resulted in as many deaths, striking north of 1.3 million by the end of this year.
2025 seems to have resumed where 2024 stopped. Only just over 117,000 tokens on the 1.93 million that were created in the first three months of the year survived, which means just under 94%.
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