P.S: I am not shilling anything like that and I am not getting paid in any manner to write this article. This is for spreading news purposes only.
A Dead coin or Dead token is a coin or token which comes under any one of these following categories:
- Scammed
- Forsaken (abandoned)
- Website dead
- No nodes
- Wallet issues
- No social updates
- Low volume
- Developers have walked away from the project.
According to the TechCrunch's report, it is found that more than a thousand crypto projects are already dead as of 30th June 2018. The news outlet is based on the data from two popular websites: Coinopsy and DeadCoins.
Coinopsy website gives daily reviews of various Cryptocurrencies, including the ones which are already "dead". According to Coinopsy's list, there is a total of 253 "dead" coins. In that list, the most infamous coin i.e. Bitconnect (BCC) was shut down in January 2018 and is now described as the scam program and the most successful Ponzi-scheme in crypto so far.
DeadCoins website is also similar to the Coinopsy which gives the information related to the "Dead" coins and according to the DeadCoins's list, there are 830 coins which come under the category of "dead" cryptocurrencies. In this, the most recent is Titanium Blockchain Infrastructure Services initial coin offering (ICO) that was shut down by the U.S. Securities and Exchange Commission (SEC) for fraudulent practices. According to the SEC's press release, Titanium had raised $21 million from investors which belong from the U.S. and other countries. They warned the investors that it is an extremely risky type of investment and many cases have been filed involving allegedly fraudulent ICOs.
On Friday, Cointelegraph reported that the volume of ICOs had reached $13.7 billion in 2018 which is already double as much as the market amounted in entire 2017. Scam and Dead ICOs has raised to $1 billion in 2017 according to TechCrunch.
If you want to know more about dead coins then comment below I will post another article.