In 2025, 11.6 million crypto projects died, and views of crypto content on YouTube dropped to a 5-year low.

But that's not the point. The key is data released by CoinGecko: in 2025, 11.6 million crypto projects went to zero, accounting for 86% of all project failures over the past five years.

Even more alarming, 7.7 million died in Q4 alone—more than the total number that died in the previous four years combined.

Why?

Because token creation has become too easy. At the end of 2024, there were 3 million tokens in the market; by the end of 2025, that number surged to 20 million.

Pump.fun allows anyone to launch a token with just a mouse click, resulting in an avalanche of low-quality tokens.

Retail investors are getting scammed over and over again—TRUMP dropped 90%, MELANIA fell 98%, and LIBRA, promoted by Argentina's president, crashed instantly.

YouTube has lost viewership, and no one is willing to bottom-fish for altcoins anymore. Now, people are focusing more on on-chain opportunities, aiming for high returns with minimal capital.

But Lazy Orange wants to say something uncomfortable: the cleanup of bad projects might not be a bad thing.

When the cost of launching a token approaches zero, 99% of projects are destined to be failures. What remains will either have real utility or institutional backing.

Perhaps the script for bull and bear cycles, and altcoin cycles, has changed: there won't be broad altcoin rallies anymore—only the strong will prevail.

$BTC , $ETH , $BNB , $SOL. To the rest, outside the few top players—good luck!