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Cryptocurrencies, 1,000 tokens go dormant: fugitive developers and zero updates

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The so-called ‘ Crypto Winter ‘  has already claimed its first victims. There are over 1,000 tokens that have essentially disappeared from circulation. Or rather, that they have become inactive , probably forever in most cases.

 

Dev teams gone, social activity gone, and of course a price tag that dropped to zero very quickly. The bill clearly goes to the  holders , i.e. the people who have invested in the tokens in question hoping to make a profit.

This was revealed by a survey by CoinDesk, which identified around 1,000 cryptocurrencies and tokens that became inactive during 2022. The number of active tokens – with reference to those with a significant market cap – increased from 10,397 to 9,310 during 2022. It is the most important collapse in the history of cryptocurrencies, claims the authoritative site specializing in the sector.

A perfect storm that once again led to the explosion of the crypto bubble : first the cut in interest rates which essentially killed the investment volume for the benefit of riskier and more volatile assets (not only cryptocurrencies and NFTs, but also many actions), then the crash and collapse of Earth-Moon (one of the most used ‘stable-coins’) and, finally, the collapse of FTX and the arrest of its founder. More and more people are wondering if it is appropriate to talk about the definitive death of the sector. A question that the media and analysts have asked several times in the past (for example in 2017) and which by now (unless you have divine powers) is no longer even worth asking.

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