Why a record 13M crypto projects are now dead as Bitcoin critics still claim “anyone can launch a token”
Over 13 million tracked crypto tokens have failed, demonstrating that while launching a token is easy, sustaining a network is scarce.Summary
A recent CoinGecko report revealed that 53.2% of tokens tracked on GeckoTerminal since July 2021, totaling approximately 13.4 million, are now inactive, with 11.6 million dying in 2025 alone. This massive attrition, accelerated by a Q4 2025 leverage washout, underscores the argument made by figures like Bitcoin developer Jameson Lopp: critics who claim Bitcoin isn't scarce because anyone can launch a token miss the point. Scarcity in Bitcoin stems not from its code, which is easily copied, but from the difficulty of replicating its established network of users, infrastructure, and social consensus. The data shows that while launching a token is cheap, sustaining the liquidity and attention necessary for survival acts as the true filter, reinforcing the network effects and compounding moat of established assets like Bitcoin.
(Source：CryptoSlate)