Which cryptocurrencies might disappear in 2023?
Some cryptocurrencies seem to exist forever. Others have a lifespan of two to three years only. Hundreds of promising projects have already failed. Hence, we can predict the fate of some cryptocurrencies.
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Every year, Coinmarketcap adds hundreds of new cryptocurrencies to its list of tracked tickers. As of 2022, there are nearly 9,000 of them, a significant increase since 2013. And we are only referring to those that somehow hit the market. The number of existing crypto is much higher. However, only 20 cryptocurrencies out of the total number account for almost 90% of the entire market capitalization. The remaining 10% work on projects that struggle to get noticed and provide the creators with at least some financial reward.
Why do some cryptocurrencies disappear?
Cryptocurrencies may disappear from the market for several reasons. Dead Coins, a website that keeps track of dead projects, divides the causes of crypto death into four categories:
- fraudulent projects;
- hackers' victims;
- coins abandoned by their creators;
- pointless (farcical) projects.
The vast majority of the disappeared coins fall into the first and second categories: scams and hacks.
More than 50% of the disappeared projects were fraudulent.
The website examines more than just trading activity and price changes for “more dead than alive” cryptocurrencies. It also monitors social network activity, site performance, open developer profiles, and Google query indexing.
Dead Coins has so far listed 1829 cryptocurrencies in the Book of Sorrow. These are the projects that will never see the light of day again.
Which cryptocurrencies are likely to join the “dead list” in the near future?
When evaluating projects using the Dead Coins’ algorithm, we can assume that some of the projects that currently show very little activity but are formally alive will soon disappear.
1. MoveRich (MVRC). According to the information provided on the project's official website, the MoveRich initiative was started in 2021 “to improve human health and solve serious environmental problems.” The roadmap is filled with general phrases until 2023. There is no mention of the founders' names anywhere. KakaoTalk is inactive, while Telegram has 218 subscribers. Last month's trading turnover was zero.
There was a small pump and dump of coins from November 3 to November 15. Its base price of $0.003 was pumped up to $0.16 and then dumped. We can hardly expect this “health enhancer” to show itself in a better way. RIP MVRC
2. Casper (CSPR). The official website never moved out of the “under development” stage and will hardly do so. Pump&Dump happened back in May 2021. The token was then pumped up and successfully dumped from $1.36 to $0.04 with a total volume of 10 billion CSPR. Even though there is activity on the Shitcoin trading chart and some movement can be seen, it is unlikely that this dead coin can be brought back to life. The current price of the coin is $0.0290. In other words, Casper's price is 97.86% below its all-time high. Kill it now, so it doesn't have to suffer!
3. Tosa Inu (TOS). One of the many “doggy” meme coins that are already out of style. Contrary to the first two projects, which were blatantly fraudulent, Tosa Inu is both a parody and an abandoned project. It appears that the developers had enough fun and abandoned poor Inu in the woods. The website tosatoken.io is down (it looks like the host's money went down the drain), the Medium blog page has been removed, and its Twitter feed fills up with meaningless posts once a week. The price of the token is $0.00000000011 (the zeros are not confusing, are they?). On October 29, $0.00000001189.0 was set as the highest price. The project's goals are noble: to save animals around the world. However, it is unclear how the creators intended to implement it.
Therefore, no one will be particularly upset if the TOS token vanishes, and no one will be aware if it survives.
This list could go on and on, but does it make sense? Some analysts predict that more than 50% of altcoins will die soon. Those projects that can survive the 2022 crypto winter will be considered heroes.
We conducted this small analysis to show readers the algorithm that should be used to check every project in which you intend to invest money.
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