Over 1000 Coins Dead In 8 Years: Long Hash Report

crypto market

Over 1000 Coins Dead In 8 Years: Long Hash Report

A recent study has revealed how the crypto ecosystem is becoming free from a collection of coins affiliated with projects with little or no business proposition, market traction, and ready products, more commonly known as “shitcoins”. According to the study, more than 1000 cryptocurrencies are now dead!

There Are Top Coins, Shitcoins And Dead Coins

According to a recent report, an average of 1000 cryptocurrencies has become extinct within the crypto ecosystem in 8 years. The publication featured reports from at least 3 other coin rating websites which make use of various collections of metrics to identify the usability and market performances of more than 2600 existing cryptocurrencies and use the results of the same to categorize these coins along the lines of priorities ranging from ” Top” coins to “shitcoins” then to the extreme “dead coins”.

According to the survey,

Cointopsy currently lists 705, DeadCoins lists 1,779, and CoinMarketCap lists over 1,000 projects with less than USD $1,000 per day in trading volume, which certainly puts them in the category of “dying” if not “outright dead.”

dead crypto

The numbers of dead coins within 8 years came to be derived amid varying factors like period of project survival, daily trading volumes of coins and coin popularity. In terms of a period of survival, according to Cointopsy, many dead projects survived only about 12 months. Going by their supposed “start” and “end” date, abandoned projects, those which actually kick-off but eventually lost investor’s interest were reported to last longer. This kind of project, according to the survey lasted for about 18 months. Failed coins last 14 months while scamming coins, 12 months.

Why There Are So Many Dead Coins?

The report lists a series of factors responsible for the death of cryptocurrencies. The most important being “death by abandonment”, other factors include outright scam projects. According to findings, some popular scam projects were perpetrated repeatedly by the same set of scammers presenting a couple of projects.

coin dead
Source: Longhash

A typical example, according to the survey was to bitcointalk forum members; named “Crunck” and someone named “Daniel Mendoza” is each named as having founded three different dead alleged scam projects on the list (although again, this data is curated from crowd-sourced suggestions and may not be accurate).

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Over 1000 Coins Dead In 8 Years: Long Hash Report
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Over 1000 Coins Dead In 8 Years: Long Hash Report
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A recent study has revealed how the crypto ecosystem is becoming free from a collection of coins affiliated with projects with little or no business proposition, market traction and ready products, more commonly known as "shitcoins". According to the study, more than 1000 cryptocurrencies are now dead!
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Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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Dare Shonubi 246 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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