Did you know that there are over 10,000 cryptocurrencies on the market at the moment? Some aim to work as currencies and eventually replace the dollars in your wallet. Others offer affordable loans in developing countries, and one even promises to change the internet as we know it.
Some have less lofty aims. There’s a $STOPELON coin designed to protest against the outsized influence Tesla CEO Elon Musk’s tweets have on the crypto market. How exactly they plan to do that is unclear. But, speaking of Musk, there’s a host of pet coins that aim to replicate Dogecoin’s success by simply being fun and meme-able.
With all that in mind, it’s not surprising that so many cryptocurrencies have failed. In fact, over 2,000 coins have died since Bitcoin was born in 2009. According to Coinopsy, a site that tracks dead coins, nine coins have already passed away this year. It states coins fail or are abandoned for many reasons, including:
- Frauds and scams
- Failure to make…