Crypto market unpredictability took severe losses on digital asset projects in 2025, with meme coins absorbing the bulk of the damage. Over 11.6 million crypto projects didn’t get successful last year, showing the highest annual total on record and highlighting the weakness of speculative tokens at the time of market stress.
Most of the losses were recorded in the last quarter of the year. CoinGecko released a report on January 9 in which the research analyst Shaun Paul Lee estimated around 7.7 million tokens listed on GeckoTerminal put a halt on trading between October and December.
The analyst highlighted the October 10 market crash, where over $19 billion in leveraged positions were liquidated in only one day, as a decisive push that increased project failures. Lee further highlighted that the declination in token survivability may be associated with the wider market turbulence over the year, which mainly affected the meme coin sector.
The Failed Cryptocurrency
A failed cryptocurrency as a token, as per CoinGecko, is something that was actively traded a long time ago, but after some time the activity ceased. The rate of collapse shows a dramatic leap from the last years.
About 1.3 million projects weren’t successful in 2024, and only 2,584 failures were listed in 2021, outlining how swiftly risk appetite elongated over the past cycle. Memecoins, mostly influenced by social momentum and not fundamentals, are on the verge of amplifying those swings.
Sheer volume is another major factor, and GeckoTerminal data reveals the number of listed tokens surged from around 3 million at the end of 2024 to about 20 million in the same period of the next year.
The introduction of the pump.fun in early 2024 made it more effortless than ever to position new tokens, igniting an influx of projects with minimal development or staying power. Lee also mentioned that the ease of introducing tokens on launchpads has resulted in a surge in low-effort meme coins setting foot in the market.
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