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Wu said that, according to CoinGecko statistics, the number of failed cryptocurrencies in 2025 reaches 11,564,909, compared to only 2,584 in 2021; over the past few years, the number of failed cryptocurrencies has grown tenfold or even hundredfold. In the fourth quarter of 2025 alone, 7.7 million tokens collapsed, accounting for 34.9% of all recorded project failures. The sharp decline in token survivability is mainly attributed to systemic turmoil following 1011 large-scale liquidation events.