Since the inception of cryptocurrencies, n number of crypto tokens have been released in the larger ecosystem. Unlike fundamental Altcoins like Ethereum, not all have been able to pass the test of time. A substantial number of them lost credibility, became stagnant, and now, been forgotten by the world.
What causes a crypto demise?
Malnourished trading volume is one of the first warning signs that flash on the cards of dead or to-be-dead coins. Out of the total crypto market cap, it is a known fact that Bitcoin, Ethereum, and other top alts have a significant say. Most others suffer from liquidity crunches. That could possibly be because of a lack of utility, and deficit trader interest. If the said trends remain persistent, then the odds of coins being abandoned and becoming dead are high.
Then, the failure to acquire funding, not having enough developers to work on the project, inactive social media presence, remaining non-indexed on platforms like CoinGecko and CMC, etc. are other characteristics of the so-called dead coins.
Coins that the crypto-verse has already bid goodbye
Per data from 99 Bitcoins, there are currently approximately 1705 ‘dead coins. The list is endless and includes names starting from OXbitcoincash, 1coin, and 3d Coin, to Yincoin, Zsecoin, and Zucoin. However, in this article, we will look into the state of 3 such dead coins.
BoringCoin (ZZZ)
This coin was launched back in 2014. It had proposed no drama, no hype, and no pump and dumps. Like most other joke coins, it couldn’t tread through. It is considered to be dead because it served no purpose and was apparently too ‘boring.’
OneCoin (ONE)
Even this coin was launched in 2014. It, nonetheless, scripted history by becoming one of the earliest crypto Ponzi schemes. Its founder ‘CryptoQueen’ reportedly hosted a number of events around the world, including one in the Wembly Arena. She also attributed OneCoin as a “Bitcoin Killer.” The coin ended up killing itself after it was revealed that the whole project was a $4 billion fraud scheme.
GetGems (GEMZ)
This token was launched in 2015. GetGems was essentially a social messaging app that aided people in selling and receiving Bitcoin. Users were incentivized to earn more by asking others to sign up via referrals. It did fare well for a while, but soon stopped trading and became extinct.