There were 2,584 in 2021, 213,075 in 2022, 245,049 in 2023, and almost 1.4 million in 2024. Projects closed in 2025 account for 86.3% of all failures over the past five years. CoinGecko experts attribute the mass exodus of tokens to high market volatility. Most of the failed projects were memecoins created on pump.fun in minutes, without any resources or prospects.

The worst quarter of 2025 was the fourth: 7.7 million tokens collapsed in three months—34.9% of all recorded failures over the past four years. The largest declines occurred amid the crypto market crash on October 10, when $19 billion in leveraged positions were liquidated in one day.

Despite the wave of losses, the total number of crypto projects in 2025 increased sharply. While 428,383 projects were registered on GeckoTerminal in 2021, by the end of 2025, their number had reached 20.2 million. However, analysts noted that most projects did not even survive to the end of the year.

At the end of 2024, the total market capitalization of memecoins exceeded $150 billion. However, 2025 proved to be a bad year for this cryptocurrency. CoinGecko experts attributed this to the "waning political momentum" that inflated the memecoin bubble, as well as the launch of new projects and the development of the Solana network.