BurnCoin (BURN) – Is It Dead or Not?

The global crypto market is a big business, to say the least. The idea of anonymous cryptographic electronic money had long since been postulated; however, it wasn’t until 2009 that the decentralized cryptocurrency Bitcoin was first created.

Litecoin, Namecoin, as well as Peercoin followed in the proceeding years, and cryptocurrency began to gain momentum. For example, by the end of 2013, there were more than 50 different cryptocurrencies. And by the end of 2014, this figure had increased by approximately ten-fold to over 500.

As of March 2022, there are more than 18,000 cryptocurrencies in circulation. Furthermore, approximately 8% of the US population trades cryptocurrency.

There is no lack of cryptocurrencies. Nevertheless, while there are thousands of crypto projects out there, not all of them have been or will be a success. So, it is not surprising that some of them disappear. One cryptocurrency which is struggling to stay afloat is BurnCoin (BURN).

As of June 7, its price is $0.000019 with a 24-hour trading volume of $59,890.88. The price of BURN fell by 1.44% in the last 24 hours. Besides, the current CoinMarketCap ranking is #4262.

The circulating supply is not available, and a maximum supply of 1,000,000,000,000 BURN coins.

Unfortunately, the information about BurnCoin is quite limited. You won’t find much about BurnCoin on the internet. Sure, you can search for BURN, BurnCoin price, or BurnCoin token. However, the results won’t satisfy you.

What happens to crypto projects

Many cryptocurrencies have been launched in the market only to fade away and die after some time. Why do cryptocurrencies keep failing? Many of them are bound to face challenges in a market that is still developing. BurnCoin could also disappear in the near future.

Unfortunately, cryptocurrency creators have spent far too little time planning the business plan for their coins as well as tokens, only to discover after the launch that their concept is out of date.

For instance, many cryptocurrencies are simply copies of previously successful ones. Many cryptocurrencies aspired to achieve the same level of success as Bitcoin. Nevertheless, Bitcoins are already on the market and are still in demand.

Here are several reasons why we believe many cryptocurrencies fail:

One problem is a fragile ecosystem. Unfortunately, some cryptocurrencies focus on creating a coin as well as selling it without building a community that cares about its fate.

Rug pull: This occurs when a founder of the team abandons a project, making away with the investments all of a sudden.

Inactive development: Some cryptocurrencies that failed to reach good results have this in common. Founders abandon some projects and don’t try to keep them up with growing times.

Security issues: Breaches to cryptocurrency projects can also lead to their failures. From hacking to creating fake nodes, it is not hard to bring down a coin when its security is not strong.

Biggest cryptocurrencies that failed

As previously mentioned, there are more than 18,000 cryptocurrencies in the world. Nevertheless, many of these are inactive or completely worthless. So, it is impossible to discuss all “failed” cryptocurrencies in one article.

We can focus on the most significant cryptocurrencies, and Zilliqa is one of them. In spite of creating new projects in the crypto ecosystem, it continues to drop even further. Zilliqa’s selling point is that it is designed to complete thousands of transactions in a second and solve the problem of blockchain scalability.

In any case, Zilliqa has failed as a result of market conditions and preferences. Despite Zilliqa’s ability to make a comeback, it still makes this list of failed cryptocurrencies.

As is Dogecoin. What started as an internet joke transformed into the largest memecoin on the internet. Dogecoin became popular due to its charitable nature, and a large user base was established, and Dogecoin became a real coin to be used for exchanges. Unfortunately, the founder of Dogecoin abruptly closed the exchange, and that was the end of this coin.

SpaceBIT also failed to meet expectations. It received a lot of attention in 2014 and looked like SpaceBIT was going to be a huge success story.

Many people might not remember, but there was a lot of investment into making this coin, and SpaceBIT even launched nano-satellites as SpaceBIT wanted the digital currency to be accessible all over the world.

There was adequate preparation for SpaceBIT, but sadly, it failed to reach any meaningful result. This project failed miserably, and all news about this cryptocurrency died after a while.

PayCoin, GetGems, and Squid Game

What happened to PayCoin is an excellent example of what could happen to other cryptocurrencies. Its founders, John Garza and GAW, were knowledgeable miners as well as cryptocurrency experts, and so the failure of PayCoin was quite renowned.

What led to the death of PayCoin was that it was rushed, and security was compromised, all because the founders wanted to quickly build a huge user base.

GetGems was another popular coin that failed to live up to expectations. It immediately went viral because GetGems advocated for electronic means of exchange. Furthermore, the success of this coin looked like it was going to be a sure thing as many customers were excited about its launch.

However, it failed miserably, and its popularity has dwindled to almost nothing. Its founders were unable to fold up their promises, and the importance of GetGems diminished.

As in the case of PayCoin and GetGems, Squid Game also failed to meet expectations. Motivated by the popular South Korean Netflix series, the Squid Game token was launched, and the tokens were to be used in a game that was supposed to be launched.

As in the case of a typical rug pull scam, Squid Game started at the price of $0.04 on October 27 and soared to $35 on October 31. As the user base grew steadily, Squid Game soared to a peak of $2,856 on November 1, and then the founders cashed out before it fell to $0.002 on the same day.

Some cryptocurrencies disappear, and BurnCoin might stop to exist as well.

In conclusion, it is essential to do your own research and always remember your decision to trade depends on your risk tolerance, your expertise in the market, the spread of your investment portfolio, as well as how comfortable you feel about losing money.