Over 3.7 million crypto tokens have vanished since 2021, with nearly half lost during the Pump.fun meme coin surge in 2024 and early 2025. The first quarter of 2025 alone saw 1.8 million tokens disappear. The CoinGecko report highlighted an alarming increase in token failures linked to market volatility and a dramatic rise in token listings, now at 7 million compared to 428,383 in 2021. Despite the losses, some meme coins like FartCoin are performing well.
The cryptocurrency landscape has seen a staggering loss of over 3.7 million tokens since 2021. A significant portion of these losses, nearly half, correlated with the rise of Pump.fun, a meme coin platform that surged in popularity during 2024 and into early 2025.
According to a recent report by CoinGecko, the figures present a concerning picture — it found that around 52.7% of cryptos listed on GeckoTerminal have vanished from the market, and this trend has surged particularly in the last year. In fact, the first quarter of 2025 witnessed a shocking disappearance of 1.8 million tokens, which represents up to 49.7% of all reported project failures. This figure outpaces the 1.4 million tokens lost throughout 2024, which made up about 37.7% of failures during that year.
The study focused on what it defines as “dead tokens,” which are those that are no longer actively traded. It’s important to note that only those tokens which had experienced at least one trade prior to becoming inactive were counted. The research covers data spanning from July 2021 to March 2025, highlighting a timeline of notable trends in the market.
So, why are so many tokens failing? The surge in token failures over the last year could potentially be tied to heightened market volatility, a shift that notably escalated following the inauguration of U.S. President Donald Trump. Yet, the researchers caution that this could just be coincidental, rather than a direct cause.
Another significant contributor to the high failure rate may be the explosion in the number of tokens that have been introduced into the market between 2021 and 2025. In 2021, GeckoTerminal tracked about 428,383 projects, but that number skyrocketed to an astonishing 7 million by 2025. The introduction of platforms like Pump.fun, which made it easier for users to create meme coins and lesser-quality projects, has been linked with this rise in failed tokens.
Prior to the emergence of Pump.fun in 2024, the number of token failures was considerably lower. The years from 2021 to 2023 saw losses remain in the lower end of the six-figure range, accounting for just 12.6% of total token losses. It’s a stark contrast to the present state.
However, not every meme coin is meeting its demise. While a large number have indeed failed, a few are managing to hold their ground, and some are even thriving. Take FartCoin, for example; it recently experienced a remarkable 30% jump, pushing its market cap past the $1 billion mark, positioning it as the 62nd largest cryptocurrency by market cap. Amidst the challenges, it seems that high-quality projects have a fighting chance to prevail.
As a reminder, this piece is intended for informational purposes only. Coinspeaker strives for precise and transparent reporting. Always consider seeking independent advice before making financial decisions, especially since market conditions can fluctuate quickly.
Rose, a crypto content writer with expertise in finance and tech, aims to simplify the complicated world of blockchain and cryptocurrency so that readers can easily navigate through the evolving crypto landscape.
