The cipher overload turns into a cemetery as a 1.8m token died in the first quarter of 2025

Crypto Market witnessed one of the most brutal quarters on record as a staggering 1.8 million tokens nearly dying in the first three months of 2025 alone.

According to a terrible new study by Coingecko, these first quarter failures account for almost half of all token deaths in the past five years.

Instant tokens rise and fall

The numbers captured in the report are calm. Nearly one is considered dead in all four tokens released after 2021. At the heart of this token extinction event is the storm caused by market corrections following the brief inauguration of Bitcoin in January 2025 and the unchecked rise of token generators like Pump.Fun.

The platform, launched in early 2024, is creating democratized tokens, but critics argue that it also contributes to diluting the integrity of the industry. This allows users to launch coins in minutes without the need for coding knowledge, overwhelming crypto platforms and fueling the meme coin gold rush that has flooded the market with short-lived speculative assets.

Since mid-2021, Geckoterminal has listed nearly 7 million tokens, but according to the report, 52.7% outweigh the cryptocurrency of over 3.7 million, and is now suspended and officially classified as “failed.” The sudden rise in disability began in 2024, but the first quarter of 2025 was particularly cruel, with at least 1.8 million tokens darkened by March 31st.

Market of Crisis

Historically, the rate at which crypto projects collapsed was relatively modest. Of the over 428,000 tokens listed in 2021, only 2,584 failed, according to the Coingecko survey.

The number of crypto assets listed increased to 724,706 in 2022, and the obstacles also increased significantly to 213,075. These figures were fairly consistent in 2023, with 835,183 being created, with around 245,000 people dead.

However, in 2024, the number of tokens released soared, and thank some of Pump.fun. The amount of activity on the platform was at one point that at the time it became the main driver of Solana’s recent dominance of Decentralized Exchange (DEX) market. Still, the bulk of coins had run out, resulting in as many deaths as 1.3 million hit the north by the end of that year.

2025 appears to have been featured in the 2024 suspension. Of the 193 million created in the first three months of the year, it means that it survived over just 117,000 tokens.