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More Than Half of All Cryptos Are Defunct: Could These Coins Be Next?

Last Updated January 16, 2024 5:37 PM
Josh Adams
Last Updated January 16, 2024 5:37 PM
Key Takeaways
  • Every year, many coins permanently fall into obscurity, despite having promising starts.
  • Even big projects, with notable backers, fail to maintain momentum.
  • In this article, we take a brief look at some of the bigger projects that could fall by the wayside.

The cryptocurrency market is constantly evolving, with new projects emerging while older ones fade. Sometimes death in the crypto world is not black or white. Some projects merely become more irrelevant as time passes, slowly fading into obscurity as volume and usage declines.

Here we take a brief look at some of the projects failing to keep our attention.

Bitcoin Satoshi’s Vision (BSV)

Bitcoin SV (BSV) forked from Bitcoin Cash in 2018 with the goal of restoring Satoshi Nakamoto’s original vision for Bitcoin. However, BSV’s commitment to extreme on-chain scaling has raised concerns about centralization risks from massive blocks. 

Combined with a rigid adherence to Bitcoin’s initial design that fails to accommodate technical and regulatory advancements, BSV’s path to becoming a mainstream payments network faces substantial hurdles. Furthermore, in a world as fast-moving as crypto, sticking to a vision from the anonymous Bitcoin (BTC) founder – who hasn’t been heard from since 2010 – probably isn’t the best strategy for staying on the “cutting edge”.

ApeCoin (APE)

ApeCoin (APE) originated from the Bored Ape Yacht Club NFT collection. Like those NFTs, ApeCoin lacks usefulness beyond that specific ecosystem. Yuga Labs, the token’s creators, have integrated the coin into their “gamified, interoperable” metaverse, Otherside . But with interest in the metaverse at rock bottom, and the coin reaching its all-time low in November, the medium-term prospects for APE look shaky.

But with Yuga Labs backing, the coin will likely be around for a little while longer. After purchasing Cryptopunks and Meebits in 2022, the company has easily become the largest NFT project in the space. The problem is, fewer and fewer people care about NFTs either.

Dogelon Mars (ELON)

Dogelon Mars (ELON) exemplifies three problematic cryptocurrency trends: the meme coin phenomenon, speculative mania around assets with no inherent utility, and a strange obsession with Elon Musk. 

Additionally, ELON’s anonymous development team raises serious concerns about its long-term viability. With no meaningful use case beyond speculation, Dogelon Mars seems destined to live up to its billing as a “joke” crypto. Like many coins with vague connections to the Tesla entrepreneur, ELON often pumps when the X owner mentions anything to do with crypto. But with Musk facing an insider trading lawsuit  related to Dogecoin (DOGE), it’s unlikely he’ll be ramping up his crypto commentary any time soon.

Neo (NEO)

Once ambitiously billed as the “Ethereum of China,” NEO promised features like decentralized apps, file storage, and oracles on its smart contract-enabled blockchain. However, NEO is now seldom mentioned among leading dApp development platforms. Its user base is also strikingly thin for a smart contract platform.

Additionally, with tough regulations around digital assets and blockchains, restrictions in China have likely curbed NEO’s growth potential. While still functional, NEO has faded from its early prominence. The non-stop attention given to competing platforms like Ethereum (ETH), Solana (SOL) and Cardano (ADA) only make Neo’s lack of impact more noticeable.

 

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