Core Insights - A significant portion of the cryptocurrency market consists of "dead tokens," which are projects that have ceased development but still exist and trade [1][7]. Group 1: Definition and Characteristics of Dead Tokens - A "dead token" refers to a crypto project where development has stopped, and there is no practical use case, yet the tokens remain tradable due to active smart contracts [3]. - Trading of dead tokens is primarily driven by speculators rather than genuine investors [4]. Group 2: Statistics on Dead Tokens - Over half of all cryptocurrencies launched since 2021 have failed, with approximately 3.7 million out of nearly seven million projects considered failures [5]. - The number of dead coins launched in recent years includes 2,584 in 2021, 213,075 in 2022, 245,049 in 2023, and projections of 1,382,010 in 2024 and 1,821,549 in 2025 [6]. Group 3: Market Dynamics - The influx of new tokens, particularly from low-effort projects, has contributed to a market filled with lifeless tokens that remain tradable [8]. - Some once-prominent projects, like LUNA, continue to trade despite their significant failures and halted development [9].