XRP, Cardano and many others are ‘zombies’ according to Forbes

There are thousands of different cryptocurrencies, and many of them have a very high level of speculation. Numerous projects have also failed. News platform Forbes believes that several projects have been reduced to ‘zombies’, which would even apply to a number of very big names in crypto land.

Many cryptocurrencies disappeared

Failed cryptocurrencies and blockchains have been around for a long time; according to CoinKickOff, in 2013 there were already quite a few altcoins in which the market had lost confidence. After the well-known boom-bustcycles, the number of failed coins has risen sharply.

Last March it was announced that many cryptocurrencies ‘died’ in the bull run of 2020 and 2021. Many of these altcoins have not really disappeared, in all cases they will simply still be on a blockchain somewhere. Instead, you can identify a dead project by inactive or deleted websites and social media, as well as little to no trading volume.

Researchers concluded that around 4,834 new coins appeared in 2020 and 2021, of which 72% were discontinued. Many of these are stablecoins, but also altcoins on networks such as Cardano (ADA).

Even XRP and cardano zombie coins?

Forbes has also investigated which projects have failed. At least, they don’t really call it a ‘fail’. Instead, they investigated which blockchains could be called ‘zombie blockchains’ according to the business newspaper. These are blockchains that are still worth a lot of money, sometimes billions. but whose original purpose has been lost.

There are some huge names in the list, such as Ripple’s XRP network, Cardano (ADA), Litecoin (LTC), Bitcoin Cash (BCH) and Algorand (ALGO). The XRP network is at the top of the list. The XRP network aimed to compete with SWIFT, the global banking payment system. But according to Forbes, the network has not yet succeeded in this. The network has also received competition in the form of stablecoinswhich are gaining enormous popularity.

What keeps an alleged ‘zombie’ like the XRP network alive is speculation, Forbes concludes. Most of XRP’s $720 million trading volume is due to traders speculating on what the price will do in order to make money. The coin currently ranks 8th in terms of market value.

Another big name on the list is Cardano, which is mainly driven by the fame of its founder, Charles Hoskinson. Like the other zombie projects picked out by Forbes, Cardano has little network activity. The network is significantly overshadowed by Ethereum (ETH).

Ironically, there are plenty of indications that Cardano, like many other projects, has grown considerably in recent times. At the beginning of this year, the blockchain even recorded a new record.

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