The Crypto Zombie Apocalypse: A Billion-Dollar Phenomenon

By
Hikaru Tanaka
1 min read
⚠️ Heads up: this article is from our "experimental era" — a beautiful mess of enthusiasm ✨, caffeine ☕, and user-submitted chaos 🤹. We kept it because it’s part of our journey 🛤️ (and hey, everyone has awkward teenage years 😅).

With bitcoin surging, the value of blockchains has skyrocketed, with over 50 of them now worth $1 billion or more. Despite this, many have few users and limited functionality. Ripple's XRP, once valued at $132 billion, now operates mostly useless. Yet, it still holds a $36 billion market value. Similar situations exist for numerous other blockchains, leading to a combined market value of $116 billion for 20 analyzed by Forbes. Despite minimal utility, these blockchains can continue to exist for years, sustained by reserves and little scrutiny. Many of these 'crypto zombies' are challengers to major cryptocurrencies like Ethereum and Bitcoin, lacking practical applications but boasting large treasuries. The speculative nature of the crypto market complicates shorting these tokens, and regulatory action against them remains limited. The rise of billion-dollar zombie blockchains underscores the challenges and risks in the crypto landscape and serves as a caution to potential investors.

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