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With more than 19,000 cryptocurrencies in existence and counting, it's no surprise how many cryptocurrencies have failed. This massive amount of supply makes it nearly impossible to keep track of all the big movers in the crypto sector outside the ecosystem of well-known coins like bitcoin, ether, and dogecoin. The surge in new crypto coins came amid a massive bull market for the sector in 2021, but a more than 50% decline in bitcoin from its November high is challenging the space, especially in smaller coins that saw extraordinary gains last year like Solana, Cardano, and Polkadot. This article explores the top 10 cryptocurrencies to strike off from your buying list.
Inspired by the popular South Korean Netflix series, the Squid Game token was launched and the tokens were to be used in a play-to-earn game that was supposed to be launched. Like a typical rug pull scam, this coin started at the price of US$0.04 on 27 October and had soared to US$35 by 31 October. At the time of writing, its current price was US$0.01049, 6.95% down from the previous close.
The second one on the list of striking-off cryptocurrencies is SpaceBIT. SpaceBIT is one that received a lot of attention in 2014 and looked like it was going to be a smashing success. There was a lot of investment into making this coin and they had even launched nano-satellites as they wanted the digital currency to be accessible to all parts of the world. There was adequate preparation for this cryptocurrency but sadly, it still failed. Nothing ever came out of this project and all news about SpaceBIT died after a while.
GetGems launched back in 2014 with a promise to invigorate the social media realm. The project went on to raise a sum of US$111,000 from supporters for its growth. The crypto, however, failed to gather any momentum and as of now, they appear to have overestimated their prospects. Even though it is still in operation as a platform that rewards its users for viewing online ads, most of its initial objectives have been dropped.
The founders, John Garza and GAW were knowledgeable miners and cryptocurrency experts and so the failure of PayCoin was quite renowned. What led to the death of this coin was that the digital currency was rushed and the security was compromised, all because they wanted to quickly build a huge user base.
Ekta is a failed cryptocurrency that launched on the bases of connecting digital worlds by tokenizing actual goods. After launching in August, Ekta reached a high of US$10.41 before plummeting to US$0.15 following a malicious attack. The coin is currently suspended.
The Decentralized Autonomous Organization crypto's failure is probably the most historic because people had such great expectations about it. The DAO came into existence in 2016 and immediately reverberated across the market. A lot of people were hoping for such a project and its launch marked the culmination of dreams. In fact, the cryptocurrency received millions in investments, to the tune of US$168 million. It did not take long for the project to fall, however. The loss of US$50m after a successful invasion of the system by an attacker signaled the beginning of the end for the cryptocurrency.
Bogged Finance, decentralized finance (DeFi) suite lost its assets by almost 100% in 2021. Like some cryptocurrencies that have failed, the failure of this coin wasn't caused by fraudulent founders but by malicious attacks. So, on that note, it can be one of the cryptocurrencies to strike off from your buying list.
Ruja Ignatova, popularly known as the 'Bitcoin Killer' is the founder of the Ponzi scheme known as Onecoin. Its poor organizational structure and previous scam attempts by the same company make this coin a Ponzi scheme and a dead cryptocurrency.
Despite creating new projects in the crypto ecosystem, Zilliqa continues to drop even further. Its selling point is that Zilliqa is designed to complete thousands of transactions in a second and solve the problem of blockchain scalability.
Bonfida is a product suite that bridges the gap between Serum, Solana, and the user. The project API is involved by market creators in the space and has seen a development of solicitations. But the price value of the currency is going down day by day. So, it can be considered as one of the top 10 cryptocurrencies to strike off from your buying list.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
