Forbes
The research team has released a list of cryptocurrency zombies, including many well-known names such as XRP, ADA, LTC, ALGO, XTZ, and so on. Cryptocurrency analyst Ignas also shared some thoughts on this.
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Billion-dollar cryptocurrency zombie list
Ripple (XRP)
Ethereum Classic (ETC)
Tezos (XTZ)
Algorand (ALGO)
Cardano (ADA)
Liquidity keeps crypto zombies alive
Ignas excerpted some interesting names as follows:
Although Ripple Labs’ token XRP has a market value of up to $36 billion, ranking sixth in market value among cryptocurrencies, it has no purpose other than speculation.
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Last year, Ripple earned only $583,000 in transaction fees from the XRP ledger, resulting in a price-to-sales ratio of 61,689, compared to Nvidia’s 37 times, which has skyrocketed in recent times, showing a stark contrast.
Ripple’s other competitors, such as SWIFT in traditional finance and Tether’s US dollar stablecoin USDT, are working well. In contrast, although XRP has a daily trading volume of $2 billion, it is speculative and lacks practicality.
The market value of Ethereum Classic (ETC) is $4.6 billion, but it generated less than $41,000 in fees in 2023. Its uniqueness lies only in being the original Ethereum chain.
Tezos raised $230 million in its initial coin offering (ICO) in 2017, and its XTZ token currently has a market value of $1.2 billion. However, Tezos only earned $5,640 in fees in February 2024, and $177,653 for the entire year of 2023.
Tezos’ treasury holds $700 million, but only 20% is in XTZ, with the rest being assets in Bitcoin and various decentralized investments.
Algorand, with a market value of $2 billion, has a treasury of $500 million. It was once seen as an Ethereum killer because it can process 7,500 transactions per second. However, in 2023, it only brought $63,000 in blockchain transaction fees.
The report states that Cardano’s transactions are entirely based on the popularity of its founder, Charles Hoskinson. Charles Hoskinson is also one of the co-founders of Ethereum but left later due to differences in ideas with Vitalik.
However, Cardano brought in $3 million in revenue last year, although the Cardano Foundation claims that the main construction phase has not been completed. This number also surprised Ignas!
Ignas quoted a VC saying that he strongly agrees:
The reason these zombies survive is liquidity!
ADA
ALGO
ETC
Ignas
XRP
XTZ
Cryptocurrency zombies
Further reading
Ripple challenges USDT/USDC! Announces the launch of compliant US dollar stablecoin
SEC scores a victory, court rules Ripple must pay $1.95 billion and permanently ban institutional sales