The number of crypto projects with a market value of over $100 million has decreased by nearly 20% from the high point in 2021
2025-11-13 02:35:54
According to analyst Route2FI monitoring data, the number of crypto projects with a market value of more than $100 million is 388 (including stablecoins), down from 477 projects in November 2021, a decrease of 18.6%. Route2FI analysis believes that the main reasons for the decrease in the number of projects include: November 2021 is close to the top of the last cycle of counterfeit products, while the current cycle of counterfeit products has not yet seen a crazy rise; At that time, tokens with low liquidity and high fully diluted valuations are not common. If the fully diluted valuation exceeds 100 million US dollars, the current number should be higher than 2021; Liquidity and capital are increasingly concentrated in large projects such as Bitcoin, Ethereum, Solana and major two-layer networks, resulting in small counterfeit products difficult to achieve high valuations; After multiple cycles, retail and institutional investors have become more picky and tend to choose practical and proven token ecosystems.
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