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More than 50% of cryptocurrencies have failed. Out of over 24,000 cryptocurrencies listed on CoinGecko since 2014, 14,039 have ceased to exist. The majority of withdrawn cryptocurrencies originated from projects launched during the 2020-2021 bull run. Approximately 53.6% of all dead cryptocurrencies on CoinGecko resulted from projects introduced during that period.

During the 2020-2021 period, 7,530 cryptocurrencies disappeared, constituting around 70% of the listed projects from that time. In contrast, during the 2017-2018 bull run, 1,450 projects initiated were later closed, resulting in a similar failure rate of around 70% among the listed 3,000-plus cryptocurrencies.

The high number of dead coins in 2020-2021 may be attributed to the ease of distributing tokens and the surge in popularity of memecoins. However, many memecoin projects are launched without a product and are abandoned shortly after.

In 2021 alone, 5,724 cryptocurrencies failed, making it the worst year for project launches. Over 70% of cryptocurrencies listed on CoinGecko in 2021 have died, marking it as the most challenging year for project launches.

The trend continues in 2022, with 3,520 out of those listed already dead, representing a ~60% failure rate. In 2023, 289 out of more than 4,000 listed cryptocurrencies on CoinGecko failed, indicating a less than 10% failure rate, a sharp decline compared to previous years.