This article explores the overwhelming failure rate of crypto tokens, revealing that over 99.99% have effectively failed. It discusses the concentration of value in a few top tokens and the ease of creating new tokens, which contributes to the noise in the market. The author emphasizes the importance of focusing on established assets like Bitcoin and Ethereum.

• Roughly 99.99% of the ~74.5 million tokens in existence have effectively failed, with only ~500 exceeding $10M market cap.
• On Pump.fun, over 655,000 tokens were created in a single month, yet just 0.63% ever reached a decentralized exchange.
• Bitcoin alone commands ~56% of total crypto market cap, with the top ten tokens controlling nearly 90%, leaving the rest to split scraps.
• 84.7% of 2025 token generation events traded below launch valuation, with the median token down 71%.