Whenever there is an issue regarding cryptocurrencies, and it is discussed over the internet, it revolves around the success of these coins.
However, we talk about the successful cryptocurrency and others that failed over time. Most of the time, when people talk about crypto coins, it regards the profitable cryptocurrencies through profit maximizer.
They discuss how valuable it has made the Internet space these days with the involvement of cryptocurrencies. Well, the above-given discussion seems to be regarding the bright and illustrious career of the crypto coins, which are booming these days, but what about the ones that failed.
Yes, the world only knows about the bright and prosperous cryptocurrency, but others fail due to the volatile electronic currency market.
There are plenty of good reasons that can lead crypto to failure. A few of them are as follows –
- Bad publicity
- Unclear progression path
- Security issues
- Unethical behavior
These are the reasons which can lead a cryptocurrency to fail and do not perish at all.
If you have ever witnessed any cryptocurrency back in time, you might know what happens to such coins that do not become popular with an increase in their purchases.
Popular Crypto Failures
Even though most cryptocurrencies have become successful after their creation, some face this downward slope.
In the realm of cryptocurrencies, many coins have failed just because they were not sufficient and not advanced enough to match the standards of the perfect ones.
We will enlighten you about some of the top cryptocurrencies in which field and time in the further points.
GEMS
If we look back into 2014, this coin was about to take a massive launch on the social media honest M. The project also raised a total amount of one lakh US$11,000 from the supporters so that it could grow into the cryptocurrency space.
However, the cryptocurrency started itself but failed to get any further momentum. Therefore, people thought that the cryptocurrency company overestimated its growth prospects.
It is one of the most prominent reasons for this cryptocurrency field in space, and people just forgot about this failed coin.
SpaceBIT
It is a crypto coin that received a lot of popularity back in 2014. This coin had a lot of ambitious plans for the future, and it wanted to make electronic currency accessible in every corner of the world.
However, this coin also launched its nanosatellites to provide a supportive infrastructure for the cryptocurrency space. Everything looked perfect and ready for the cryptocurrency space, but nothing ever came out.
The cryptocurrency just stopped showing its ad on the internet, and no one even knew about what happened to this popular coin back in time.
DOGECOIN
Due to many jokes on the internet, this coin was created by a Japanese person. However, the founder was very much fond of playing games.
Also, he was very much active on social media, and therefore, He discovered a dog emoticon becoming very popular on the internet. Therefore, he decided to create his cryptocurrencies on a dog’s face. It was a stab list with the hope of becoming a top-rated coin.
Firstly, the owner did not have any idea about its popularity. Later on, as soon as it reached many people in the world, he decided to make it mainstream.
He then paid attention to the scene, but he failed to make it famous because of some defects. It was just the face of dogs, and therefore, it attracted only a few people to invest.
Ethereum’s DOA
One of the largest Blockchain networks of the world, Ethereum, is not saved from the embarrassment of failure. It is also a company that decided to launch its coin DOA back in time, but the failure was massive.
The DOA coin was created in 2016, and many people were looking forward to this project fulfilling their dreams of culmination in the market.
This cryptocurrency also received an investment worth $168 million, but the project started to fall very soon. As a result, it experienced a loss of $50 million even after getting significant popularity in the market.
Also, an attacker decided to target this cryptocurrency which led it to make further losses and a complete closure after just a few years.
