According to online reports, CoinGecko's latest research report shows that of the nearly 7 million cryptocurrency projects registered since 2021, 3.7 million projects have stopped trading, with a failure rate of 52.7%. Among them, the first quarter of 2025 performed the most dismal, with 1.8 million projects failing in a single quarter, accounting for 49.7% of the total number of failures in history. Analysis pointed out that pump.fun, a token creation platform launched in 2024, lowered the threshold for token issuance, resulting in a large number of low-quality projects flooding into the market. Especially after Trump took office in January 2025, the turmoil in the crypto market intensified, further accelerating the elimination of projects. In contrast, the total number of project failures during the 2021-2023 period accounted for only 12.6% of the failures in the past five years.