In 2025, over 11.5 million cryptocurrencies failed, representing 86.3% of all token failures since 2021, fueled by explosive token creation and market saturation. The final quarter of 2025 saw a dramatic spike in failures following a $19 billion liquidation event that exposed vulnerabilities in thinly traded and meme coins. The current environment, marked by frictionless token launches and fragmented retail liquidity, suggests that the high failure rate may continue into 2026 without significant regulatory or structural changes.