On May 1, according to data disclosed in Coingecko's latest report "Dead Coins: Over 50% of cryptocurrencies have failed", 3.7 million of the nearly 7 million cryptocurrencies listed on GeckoTerminal have stopped trading since 2021, which is considered a failure. Most of this happened in 2024 and early 2025. Shockingly, 1.8 million tokens crashed in the first quarter of 2025 alone, accounting for 49.7% of all recorded failed projects. The sharp decline in token viability may be linked to wider market turmoil, especially after Donald Trump took office in January 2025, which coincided with the downward trend of the crypto market.

In 2021, GeckoTerminal listed 428,000 token projects, and by 2025 this number has expanded to nearly 7 million projects. The surge can be attributed to the launch of pump.fun, which simplifies the process of creating tokens, resulting in a large number of meme tokens and low-investment projects coming to the market. Prior to the launch of pump.fun in 2024, the number of failures in cryptocurrencies per year was only below six digits. Project failures between 2021 and 2023 account for only 12.6% of the total cryptocurrency failures in the past five years.