Over 13 million crypto projects became inactive by the end of 2025, marking a sharp acceleration in token failures driven by market stress and liquidity shortages. CoinGecko's data shows more than half of listed tokens since 2021 have died, underscoring that while code is easily replicated, sustaining network effects and liquidity is the true challenge. Bitcoin’s scarcity stems not from code uniqueness but from its established user base, infrastructure, and network trust that newer tokens struggle to replicate.

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