Meet the zombies in the crypto world
Zombie cryptocurrencies are tokens that have been sitting on the shelf without being traded for months. But in the current bear market, these cold assets are increasing.
Yahoo Finance UK took a look at some of the thousands of cryptocurrencies that aren’t technically dead, but aren’t quite alive either.
There are around 12,100 crypto tokens that have effectively stopped trading this year, according to a report from data provider Nomics.
Check: Crypto live prices
These pulseless assets are the abandoned victims of investors who have lost interest as the crypto market decline intensifies.
Most zombie tokens were given a breath of life amid the retail mania of 2020 and 2021, but the hype has an expiration date and as caution dominated investor behavior and traders began to avoid risky assets amid the current macroeconomic headwinds, unnecessary assets were dumped and forgotten.
See: ‘Bitcoin Will Eat into Global Finance Until It’s $1 Million Per Coin’ | Crypto Mile
The rise of zombie crypto tokens is a result of the digital aspect of blockchain technology – it costs nothing to create a new token, and open source code can be copied and pasted, allowing for a variety of new varieties of coins.
There is also little or no regulatory cost in issuing new crypto tokens, and no limit on the inventory of dead tokens.
The combined market capitalization of all cryptocurrencies fell from a high of nearly $3tn (£2.7tn) in November 2021 to a current value of around $1tn.
As capital has bled out of the crypto market, liquidity for new and existing projects has dried up, making it difficult for tokens associated with crypto projects that have real use cases to be traded, affecting the viability of those projects to maintain operations. through the year.
Here is a list of Zombie cryptocurrencies – cryptos with low to zero trading volume – courtesy of data from livecoinwatch.com.
1. BTCP
Bitcoin private (BTCP-USD) was a fork of bitcoin (BTC-USD) with a merger to ZClassic, a privacy-centric cryptocurrency, which aimed to create a new version of bitcoin capable of anonymous transactions.
The Bitcoin fork – a new version of the blockchain – began with some hype as traders bought into the new token. But this soon disappeared, leaving the trading volume of bitcoin almost negligible.
Some exchanges list bitcoin private, although it is traded in extremely low volumes.
On the BTCP Reddit page, the latest entry does not bode well for those still holding onto the token and hoping for a jolt of life to animate it.
Posted two years ago, the last post said: “I just had another loss with BTCP, I’ve lost $10k so far. I emailed everyone with no response. I asked for help by tweeting BTCP but no one of the developers ever responded to me. BTCP pumps to dump, be careful.”
2. Happycoin
The last reported price of happycoin (HPC) was $0.0124. Happycoin’s annual trading volume is unknown.
It has a circulating supply of 605,858,930,040,090 and a max supply of 1,000,000,000,000,000. happycoin is now only traded on one exchange, YoBit.
The Happycoin website says: “Happycoin for happy life. Happycoin is a digital currency designed to use peer-to-peer technology to operate without a central authority; handling transactions and issuing money is done collectively by the network.”
On the Youtube channel, the last video was uploaded almost a year ago.
3. Avo (Toast.Finance)
Avo’s Twitter accounting was last active in November 2020, and it says that the crypto project started with house and avo tokens and then added egg and toast tokens.
The Twitter (TWTR) account says: “This is a community project!”
A year ago on Toast.Finance Reddit, a user wrote: “What happened to the price yesterday? Total rug pull? New contract? Down 100% and no comments about this on twitter?”
4. Wolf
Wolf’s cryptocurrency is connected to a trading platform that offers data and crypto community resources. The Twitter page linked to the coin states that it is a “use coin that is optimized for men’s lifestyles”.
The latest tweet on the page suggests a rallying cry for a community that may have long abandoned the project, it said: “Having the courage to take the steps we always wanted to take is the only way to show that we trust wolfcoin.”
5. Bear
Bear (Bear-USD) Coin is a cryptocurrency designed to help animals through decentralized fundraising and blockchain solutions.
The website says it works in partnership with voluntary organizations and animal lovers around the world.
Four months ago, a Reddit user asked, “what happened to bearcoin in 2017-2019?”
He added: “I had a random memory of a bear talking about its own crypto, which I think was given based on how active you were somehow?
“Could be wrong about how it worked but I can’t find anything about it now. I know it was a few years ago. Just looking for more info to see if this was real/what happened or if I’m losing my mind . “
6. Marmite
Marmite ($MARMITE) cryptocurrency is a low market capitalization token with a low 24-hour volume of $116.
It has a total supply of 100,000,000,000 $MARMITE. $MARMITE reached its all-time high on March 16, 2022 when it traded at $0.000002.
The Marmite founder posted an “ask me anything video” on YouTube in March 2022. The coin has seen little activity since then.
7. Ick
$ick mask (ICK) is currently ranked number 19,547 cryptocurrency by market cap. On Monday, it traded at $281. The trading volume in the past year has been insignificant. $ick mask reached its highest price on September 20, 2020, when it traded at a record high of $904.58.
8. Steak
The price of the beef token is $0.003846 per coin. The Steak token is now worth well below the all-time high of $22.62.
In the last 24 hours, steak token had a trading volume of $4.72. The Steak Network, which is linked to the steak token, states on its website that “by using the steak token on the Steak Network, users can safely share proof of steak, knowing that the steak chain consists exclusively of verifiably rare or medium-rare, pictures of steak”.
9. Safu
According to Livecoinwatch, the safu cryptocurrency had a trading volume of $5.00 in the last 24 hours.
This is extremely low activity compared to blue-chip cryptocurrencies that see 24-hour trading volume in the billions of dollars.
10. Alpha
Alpha (ALPHA-USD) is an ERC-20 token, distributed on the Ethereum network. It is a steering token for the Alpha Venture DAO, Decentralized Autonomous Organization.
Alpha Venture DAO states on their website: “Our innovations have expanded into an expansive ecosystem of products.”
Nick Gauthier, co-founder of Nomics, said that most zombie projects are related to meme coins, small personal projects and short-term leveraged assets.
But the data also revealed that even assets that are currently trading have a slowing heartbeat, with trading volumes on exchanges slowing.
The data provider showed that most of the thousands of cryptocurrencies in existence will go through an entire day without trading volume.
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Jacob Joseph, a research analyst at researcher CryptoCompare, told Bloomberg: “During the 2021 bull market, there was a lot of money, attention and liquidity for new and existing projects.
“But in the ongoing bear market, even good projects with utility will struggle to sustain operations as they lose access to capital and financing.”
Crypto investor Aaron Brown told Bloomberg: “There is no storefront to put up, no inventory to sell, no employees to claim unemployment.
“Just people losing interest in a token and moving on to other things.”
“Since the cost of a crypto startup is close to zero, and anyone in the world can try without discrimination or regulation, many will continue to try.
“Where do you think the dead coins pile up? It is not the case that cyberspace is a warehouse with limited capacity.”
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Most of the daily trading volume in the cryptocurrency market is dominated by the major blue chip cryptocurrencies.
Cohesive almost in lockstep with markets like the S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC), bitcoin (BTC-USD) dominated trading at 38.5% on Wednesday.
Ethereum’s (ETH-USD) share was 16.3%, according to CoinGecko, which tracks 13,190 cryptocurrencies.
