Numerous Cryptos Listed a Decade Ago No Longer Trade
A recent report suggests that many cryptocurrencies listed nearly a decade ago have ceased active trading in the market. According to CoinGecko’s report, out of over 24,000 cryptocurrencies listed since 2014, 14,039 have died. Most of these dead cryptocurrencies came from projects launched during the peak hype of the 2020-2021 bull run. The rise of failed projects was mainly due to the popularity of Memecoins, which are joke cryptocurrencies.
Crypto Memecoins Can Experience Significant Gains during Bull Runs
One of the first Memecoins ever created was Dogecoin. It started trading at $0.00037 in late 2013 and surpassed $0.001 in early 2014. However, it took more than four years for Dogecoin to surpass $0.01 in mid-2018. In May 2021, it briefly reached around $0.74 per coin, representing a more than 1000x return versus its early 2014 levels. Currently, DOGE is trading at $0.08.
In 2023, Pepe coin (PEPE) launched and saw over 1,100% gains for investors in the first two weeks of trading. The hype around Dogecoin can be attributed to Elon Musk regularly mentioning it on X (formerly Twitter) and in media appearances.
Hot Take: The Rise and Fall of Cryptocurrencies
The cryptocurrency market is highly volatile and unpredictable. While some cryptocurrencies experience significant gains during bull runs, many others fail to sustain their momentum and eventually cease trading. The recent report by CoinGecko highlights the high failure rate of cryptocurrencies launched during the peak hype of bull runs, especially Memecoins. Despite the risks associated with investing in these joke cryptocurrencies, many investors are drawn to them due to their potential for quick and substantial gains. However, it’s important to carefully evaluate and research any cryptocurrency before investing to mitigate the risks involved.
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