Nearly 1,000 Crypto Projects Declared Dead in 2018
Nearly 1,000 cryptocurrency projects have officially become ‘dead’ projects over the course of 2018, Chepicap reported citing data provided by Coinopsy and DeadCoins.
The term ‘dead’ projects relates to projects that were either scams or projects that failed to deliver any product, eventually leading to zero trading volume.
2018 saw the crypto market plunge from record highs last December losing more than 84 percent of its valuation. Partly this could be attributed to some projects falling victim to becoming defunct. However, most of the projects were simply initial coin offerings (ICO) which took advantage of the ICO hype in late 2017. Most of them simply turned into cash grabs or even more blatantly, exit scams, running off with millions of investor funds.
While DeadCoins currently features 934 coins which are categorized as either scams, hacked, deceased or parody projects, Coinopsy features a more in depth analysis totalling 462 coins but does not feature the past months results. The latter specifies an Instant dead coin as ranked below 1000 for over three months, volume under $1,000 for three months, website dead and no trace of updates and lastly, no nodes or other similar problems.
Despite the overall market slump and such a number of dead coins, many investors still see this period as the perfect opportunity to invest in solid blockchain technology firms for a heavily discounted price.
Recently, Satya Bajpai, head of JMP’s blockchain and digital assets investment banking unit, told CNBC:
“You’re seeing mispricing of assets. Even for great businesses, the value of the token remains correlated to Bitcoin, which can create an ideal opportunity for strategic acquirers.”
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