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Considered the largest cryptocurrency by market cap, the number of alternative cryptocurrencies has also increased since the emergence of Bitcoin in 2008. While CoinMarketCap data shows that the current number is approaching 9,300, CoinGecko research revealed that 7,368 cryptocurrencies have failed in 8 years.

TURKEY - A large portion of cryptocurrencies that entered the financial ecosystem in 2008 and whose numbers have increased with the development of blockchain technology over the years have also been abandoned by both developers and investors. While the number of active cryptocurrencies listed on CoinMarketCap appears to be 9,295, a study conducted by CoinGecko found that the total number of cryptocurrencies that have been abandoned and called “dead” since 2014 is 7,368.

gate.io Turkey Operations and Business Development Director Kutluhan Akçın, who shared his assessments on the subject, said, “Factors such as the expansion of the ecosystem and the development of the new technologies made it possible to develop a new cryptocurrency infrastructure on the blockchain. Even though this production rate has grown the market rapidly, most of the development cryptocurrencies have been abandoned over time”

Nearly a thousand cryptocurrencies fail each year 

Research conducted by crypto-focused data aggregator CoinGecko on abandoned cryptocurrencies from 2014 to 2022 revealed that an average of 947 cryptocurrencies listed each year over the 8-year period failed. The analysis was done on cryptocurrencies listed on the platform that were either delisted or deactivated in the process. Noting that platforms such as CoinGecko are important resources for understanding the market, Kutluhan Akçın said, “For example, cryptocurrencies that are not subject to any commercial transaction can be removed from the lists in a 2-month period. On the other hand, it can be understood over time that some crypto money projects are produced for purposes such as fraud and cheating, and these projects are beginning to be mentioned among the 'dead' cryptocurrencies. It is also among the criteria that the project teams continue to communicate with their communities, continue their development activities and announce innovations.”

2021: The Record year of dying cryptocurrencies

Noting that the last bull market that marked the crypto money market started in November 2020, Kutluhan Akçın said, “Bull market periods are periods when investor interest and risk appetite are high and trade volumes in the market increase. In such time periods, developers can also launch new projects quickly. For example, in 2021, it is known that more than 8,000 cryptocurrencies were listed. However, in the same period, it is seen that 40% of these projects were disabled and removed from Coin Gecko lists. 20221, when more than 3,300 cryptocurrencies were delisted, is a record year for “dead” cryptocurrencies. In this respect, it is called an anomaly year. Cryptocurrencies that cannot be accessed on websites, are not shared on social media accounts or community networks, cannot generate trade volume, and are not listed on cryptocurrency exchanges are quickly forgotten by staying in the background.” 

“We carry out rigorous listing processes”

Gate.io Turkey Operations and Business Development Director Kutluhan Akçın, who reminded that they have been operating since 2013 with the motto “The door to crypto” and that they are a platform preferred by hundreds of thousands of crypto money investors in dozens of countries, concluded his evaluations with the following statements, “According to the independent crypto money data platform as Gate.io, which is among the top 10 cryptocurrency exchanges in the world, we can trade more than 1,700 cryptocurrencies on our platform. Developers who want to open their project in Gate.io Turkey should fill out a five-step form and provide comprehensive information about the project, team and partners. After the evaluation process, Gate.io Turkey team contacts the developers. New cryptocurrencies can be listed on Gate.io Turkey after a rigorous evaluation process. We carry out the same process in our program called Startup, which makes it easier for new blockchain projects to reach more people. In this way, we offer our users trustworthy cryptocurrencies that are built on a solid foundation.