CoinGecko reports that a significant portion of crypto tokens listed since 2021 disappeared in the first quarter of 2025, highlighting a concerning trend in the market. Analysis by Shaun Paul Lee indicates over 3.7 million tokens have vanished from the market, representing a failure rate exceeding 50%. This translates to nearly 1 in 4 tokens launched since 2021 failing within just three months alone, totaling 1.8 million failures. The rise in token failures can be attributed largely to the launch of Pump.fun, a platform that allows users to easily create tokens with minimal effort. This has contributed to a surge in low-effort and meme-driven coin launches, many of which failed within weeks. In fact, 2024 saw over 3 million new tokens debut on the market, exceeding any previous year’s numbers.