Coinopsy, an internet site that maintains an lively catalog of “useless” cryptocurrencies, presently estimates that 264 altcoins did not survive the 2018 bear market. Of the tasks that didn’t survive to see 2019, greater than half had been launched in 2017 via an preliminary coin providing (ICO).
Additionally Learn: Last Year’s Altcoin Army Have Become This Year’s Bitcoin Brigade
264 Altcoins Didn’t Survive 2018
In keeping with Coinopsy’s catalog of dead coins, 264 cryptocurrencies that had been lively at the beginning of 2018 have since failed.
The web site defines a useless coin as comprising “a token or coin that has been deserted, scammed, web site useless, no nodes, pockets points, no social updates, low quantity or builders have walked away from the undertaking.”
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 Initiatives Have been Launched Via 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 throughout 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, equivalent to Dimoncoin, a undertaking that “had a loophole within the good contracts that allowed the creator to mint limitless tokens.”
The second largest class of cryptocurrencies that died throughout 2018 had been tasks that had been deserted by their builders, comprising 27 p.c of the yr’s loss of life toll. A complete of 73 altcoins had been deserted final yr, together with Uncommon Pepe Get together, Masternode Group 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.
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