The average crypto token loses 81% of its value within 6 months of hitting its all-time high, 90% within a year, and 96% within two years. Of 16K+ tokens tracked, 6,923 are down 99% or more. Only tokens in the top 10 by market cap have avoided 90%+ declines.
Within six months of hitting their all-time high, the average crypto token has lost 81% of its value. Within a year, 90%. Within two years, 96%.
We tracked 16K+ tokens in the DropThe database. The numbers paint a picture that most crypto promoters would rather you not see.
Our previous analysis showed 91% trade below half their peak. This answers the next question: how fast do they die?
The Decay Curve: From Peak to Graveyard
Here’s how quickly tokens lose value after reaching their all-time high:
The decay curve flattens after 12 months because there’s not much left to lose. A token down 90% can still drop another 90%. Many do.
6,923 Tokens Are Down 99% or More
Almost half of all tracked tokens have lost virtually everything.
4,988
2,035
792
1,270
The green sliver on the right — tokens within 10% of their peak — represents just 7.9% of the market. That includes Bitcoin, Ethereum, and a handful of others. Everyone else is underwater.
DropThe Data: 74.4% of all tracked tokens are down 90% or more from their all-time high. 43.2% are down 99%+. The median crypto token is not slowly declining — it’s already a corpse.
The Graveyard’s Biggest Names
These aren’t obscure memecoins. These are tokens that were once in the top 200 by market cap.
| Token | ATH Price | Current Price | Decline | Peaked |
|---|---|---|---|---|
| Terra Luna | $119.18 | $0.00004 | -100% | Apr 2022 |
| Internet Computer | $700.65 | $2.35 | -99.7% | May 2021 |
| Filecoin | $236.84 | $0.91 | -99.6% | Apr 2021 |
| Axie Infinity | $164.90 | $1.42 | -99.1% | Nov 2021 |
| The Graph | $2.84 | $0.03 | -99.1% | Feb 2021 |
| The Sandbox | $8.40 | $0.08 | -99.0% | Nov 2021 |
| Starknet | $4.41 | $0.05 | -98.9% | Feb 2024 |
| IOTA | $5.25 | $0.07 | -98.7% | Dec 2017 |
Terra Luna is the poster child. From $119 to functionally zero in weeks. But Internet Computer launched at $700, raised billions in funding, and now trades at $2.35. That’s a 99.7% decline from a project that had a Super Bowl ad.
Rank Determines Survival
Your position on the market cap leaderboard is the single best predictor of whether a token survives.
down 90%+
down 90%+
down 90%+
Zero of the top 10 tokens are down 90% from their peak. Among the top 100, it’s 28%. Below rank 1000 — which is where most tokens live — 82% have lost 90% or more. The further down the leaderboard, the closer to dead.
2025 Tokens Are Already Dying
Of 6,734 tokens that peaked in 2025, the average decline is already 85.7%. These tokens are less than a year old and most are already in the graveyard.
The 2024 cohort is worse. Those 4,203 tokens peaked over a year ago and average a 96.2% decline. The 2021 class — the NFT and DeFi era — sits at 97.7% down. Time doesn’t heal crypto. It just adds decimals to the loss.
What This Actually Means
Crypto isn’t one market. It’s two. There’s Bitcoin, Ethereum, Solana, and maybe 50 other tokens with real liquidity, real development activity, and a reasonable chance of existing in five years. Then there’s everything else — 15K+ tokens where the median outcome is a 96% loss.
The pitch for most crypto projects follows the same arc: solve a real problem, attract capital, launch a token, peak within months, and then slowly bleed to irrelevance while the founders move on. The data doesn’t show an industry maturing. It shows a machine that creates and destroys financial instruments faster than any market in history.
Cardano is down 93% from its peak. IOTA is down 99% after seven years. These aren’t scams — they’re real projects with real teams that simply couldn’t sustain interest. In crypto, attention is the only currency that matters. And attention has a half-life of about six months.
Sources: DropThe.org analysis of 16K+ cryptocurrency tokens (CoinGecko data, all-time high records, current market data as of February 2026).
FAQ
This content is for informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency and financial markets are highly volatile and carry significant risk. Always do your own research (DYOR) and consult with a qualified financial advisor before making any investment decisions. Past performance does not guarantee future results.