Goodbye Cryptocurrencies: Number of 'Dead' Coins Increased by 35% Over Last Year

 

Coinopsy.com, an online firm that tracks dead cryptocurrencies has published a data report regarding the number of dead cryptocurrencies or crypto coins. Interestingly, there is a huge surge in the number of dead cryptocurrencies or crypto coins that had minimal to zero profits for everyone. 

According to the data report from Coinopsy.com, the number increased by 35% over last year to 1,949. Around February last year, the total number of dead coins exceeded 1,440. The term dead coins are associated with a cipher that no longer exists for multiple reasons. For example, they are used as a scam, their internet site remains down, there’s a problem with a node or wallet, it’s illiquid or it’s just abandoned, or it’s been stopped by a developer. 

However, if there’s a lack of information on the reasons why a coin died, it falls into the default deserted category. The growth within the quantity of such dead coins had gained momentum again in 2017 when a lot of entrepreneurs or firms went for preliminary coin choices (ICO) and had raised $4.9 billion through the year, as per the reports of Crunchbase. ICOs are meant to develop new blockchain-based cryptos or related apps or companies.

According to CoinMarketCap, ICOs had increased the number of existing coins from 29 to more than 850 projects in 2017. In December last year, the whole cryptos had reached close to 8,000. As of March 3, 2021, there were 9,108 ciphers led by Bitcoin and Ethereum were in circulation. However, many of these coins are no longer present because they never have been scammed, joked, or evolved.

Joke projects and coins have no real or concrete idea, but they are still looking for an investment. For example, according to CoinMarketCap, the Useless Ethereum Token (UET) was one such joke coin that held an ICO and raised over $300,000. The total market capitalization of over 9,000 cryptocurrencies is $1.96 trillion, of which Bitcoin commands a 60 percent share ($1.1 trillion) and Ethereum has an 11% share ($243 billion).