From January to December 2017, the value of BTC rose 1500% – the largest one-year increase in history. As bitcoin gained value and legitimacy, trading volumes increased and hundreds of new crypto coins were issued.
In 2018, however, 751 crypto coins became defunct – the most casualties of any year. Of those, 390 failed due to lack of trade volume and 237 due to issues with fraud.
Ranked in order by percentage the coin killers were Lack of Trade Volume (66%), Scam or Fraud (22%), ICO Fail (10%) and Joke or No Purpose (1%).
Oh my, it’s a graveyard. And I think this dead crypto count is conservative (low). There are dead review sites, services and job sites. Part of the problem is many of these companies had no business case — just hoped for a cash grab and “wen moon”.
We’ll see a similar death rate for web3, DeFi, NFT and blockchain projects in the next couple of years. It’s business not personal.
Click the image below to see the full infographic from our friends at CoinKickoff.