Coinopsy, a web site that maintains an lively catalog of “dead” cryptocurrencies, at the moment estimates that 264 altcoins did not survive the 2018 bear market. Of the tasks that didn’t survive to see 2019, greater than half have been launched in 2017 via an preliminary coin providing (ICO).
Also Read: Last Year’s Altcoin Army Have Become This Year’s Bitcoin Brigade
264 Altcoins Failed to Survive 2018
According to Coinopsy’s catalog of useless cash, 264 cryptocurrencies that have been lively firstly of 2018 have since failed.
The web site defines a useless coin as comprising “a token or coin that has been abandoned, scammed, website dead, no nodes, wallet issues, no social updates, low volume or developers have walked away from the project.”
Two of the tasks that died final yr did so for the second time, with each Philosopher Stones and Scorecoin having launched in 2013 and failing the next yr, earlier than apparently resurrecting as a response to the 2017 bull market.
55% of 2018’s Failed Projects Were Launched Through ICO in 2017
Coinopsy divides useless cash into 4 classes decided by whether or not a failed cryptocurrency comprised an preliminary coin providing, a joke, a rip-off, or an deserted undertaking.
Of the 264 cryptocurrencies that did not survive 2018, 144 comprised ICOs that launched in the course of the previous yr, highlighting the dangers related to investing in preliminary coin choices.
The listing predominantly includes ICOs that both outright failed or comprised scams, corresponding to Dimoncoin, a undertaking that “had a loophole in the smart contracts that allowed the creator to mint unlimited tokens.”
The second largest class of cryptocurrencies that died throughout 2018 have been tasks that have been deserted by their builders, comprising 27 p.c of the yr’s demise toll. A complete of 73 altcoins have been deserted final yr, together with Rare Pepe Party, Masternode Community Coin, and India Coin.
20 p.c of final yr’s failed cryptocurrencies are suspected of comprising scams, with 55 tasks accused of fraudulent exercise.
Do you suppose that the ICO sector will proceed to see widespread failures all through 2019? Share your ideas within the comments part below!
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