However, some of them quickly fall victim to low trading volumes, due to limited listings on leading exchanges. Negligible Trading VolumesĮvery bona-fide project starts with high expectations and best intentions, believing fervently that they’ll find favor among cryptocurrency traders. Sadly, it is estimated that 80% of all 2017 ICOs were indeed scams. Is crypto dead, or is it a scam? Scams are crypto projects that lure investors with promises of high returns, often followed by empty promises once investors have made an investment. Be warned: for any crypto user with more than two years of investment under their belt, the sight of their vanquished moonshot coins may be too much to bear. You’ll often find dead coins by clicking the “Show All Balances” tab on your Binance wallet section, or by doing a search on your wallet’s public address. On the crypto meter, they are so-called “s***coins” that have been flushed of all value but continue to float around in the murky depths of crypto’s most depressing blockchains, devoid of all hope, abandoned for all eternity, running out of oxygen on the race to the moon. What Are Dead Coins?ĭead coins are digital assets of projects that have been abandoned, turned out to be scams, have low liquidity or have insufficient funding, among many other reasons. In fact, it’s likely that many investors may be holding on to dead crypto coins. Not all of these coins have maintained or in fact even started active circulation. During this year, a new type of scam, so-called “rugpulls,” has given rise to a new generation of dead coins. In December 2020, the total number of cryptocurrencies reached nearly 8,000. In 2018, developers launched more than 1,200 crypto projects, adding even more to the space. ICOs raised the number of available coins from 29 to over 850 projects. The proliferation of these coins gained momentum during the initial coin offering (ICO) craze that rocked the space in 2017.
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