CoinGecko's latest report reveals that 53.2% of all cryptocurrencies tracked on GeckoTerminal are now classified as dead, with the majority of failures occurring in 2025. The report highlights that approximately 11.6 million tokens collapsed between 2021 and 2025, accounting for 86.3% of all cryptocurrency failures during this period. The surge in project failures is attributed to market instability and excessive speculation, particularly within the meme coin segment. The fourth quarter of 2025 was notably destructive, with 7.7 million tokens failing, representing 34.9% of all recorded project collapses. This period coincided with a significant deleveraging event on October 10, when $19 billion in leveraged positions were liquidated in a single day. Despite the market volatility, the number of cryptocurrency projects continued to grow, reaching nearly 20.2 million by 2025, driven by the ease of token creation via launchpads. Yearly failure data shows a sharp increase in project collapses, with failures rising from 2,584 in 2021 to over 11.56 million in 2025. The report notes that before 2024, annual crypto project failures remained relatively low, but the introduction of platforms like Solana-based Pump.fun contributed to the surge in low-effort projects and subsequent failures.