The world of cryptocurrency has rapidly grown since the emergence of Bitcoin in 2008. According to CoinMarketCap data, there are currently approximately 9,300 different cryptocurrencies in the market. However, according to research by CoinGecko, despite this large number, 7,368 cryptocurrencies have failed or been abandoned in the last 8 years.

With the development of blockchain technology and the entry of cryptocurrencies into the financial ecosystem, many alternative cryptocurrencies have emerged. However, this growth has also brought with it many abandoned and “dead” cryptocurrencies. While there are still 9,295 active cryptocurrencies listed on CoinMarketCap, CoinGecko’s research shows that there have been 7,368 cryptocurrencies abandoned and no longer active since 2014.

According to Kutluhan Akçın, the Turkey Operations and Business Development Director at Gate.io, this rapid growth has allowed for the rapid development of many new cryptocurrencies, but a significant portion of these projects has been abandoned over time. Akçın said, “The expansion of the ecosystem, the development of new technologies, and other factors have made it possible to develop a new cryptocurrency infrastructure on the blockchain. While this production rate has rapidly expanded the market, a large portion of the developed cryptocurrencies has also been abandoned over time.”

According to research conducted by CoinGecko, an average of 947 cryptocurrencies failed each year between 2014 and 2022. This analysis was based on cryptocurrencies listed on the platform that were delisted or deactivated over time. Akçın emphasized the importance of such data collecting platforms as valuable resources for understanding the market.

2021 marked a record year for dead cryptocurrencies. Akçın pointed out that this year began in the shadow of a bull market with high investor interest and risk appetite. He said, “In 2021, more than 8,000 cryptocurrencies were listed, but during the same period, 40% of these projects were discontinued. Over 3,300 cryptocurrencies were delisted. This year was recorded as a year where forgotten, non-traded, and unlisted cryptocurrencies rapidly faded into the background.”

Akçın stated that Gate.io rigorously evaluates cryptocurrencies and mentioned that developers looking to list their projects must go through a comprehensive information-sharing process. This way, they emphasize that they provide users with a reliable and robust cryptocurrency platform.