Nearly 2 Million Crypto Tokens Failed in Q1 2025 – Report

In Q1 2025, the crypto market witnessed a sharp rise in token failures, as nearly 2 million digital assets collapsed.

Over 1.8 million digital tokens failed or were abandoned in the first three months of this year, a figure that constitutes nearly half (49.7%) of total crypto failures recorded since 2021, according to CoinGecko.

While dead tokens have spiked, the crypto space has seen a massive influx of new projects.

In 2021, GeckoTerminal recorded 428,383 listed crypto projects.

Now in 2025, the number has risen dramatically to close to 7 million.

As of March 31, 2025, 1.8 million crypto projects have already been pronounced dead, marking the year with the highest number of failures.

These project closures account for 49.7% of the total failures from 2021 to 2025.

Excluding 2025, which is still ongoing, 2024 saw the most failures, with 1.4 million projects collapsing, accounting for 37.7% of the failures over the last five years.

At the same time, the creation of tokens soared in 2024, with more than 3 million new tokens entering the market.

According to CoinGecko, Pump.fun played a significant role in ranking 2024 as the second-worst year for crypto project failures.

The platform triggered an onslaught of meme coins and low-effort projects entering the market.

The failure rates of tokens remained low until platforms like Pump.fun started to build momentum.

Meanwhile, between 2021 and 2023, project failures made up just 12.6% of all cryptocurrency failures in the past five years.

The increase in failures may also be attributed to the wider market instability that has been evident since Donald Trump assumed the presidency in January 2025. 

This period has coincided with a notable decline in the cryptocurrency market, even though Trump has publicly expressed his support for digital assets.