Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin Cash	BCHUSD	Crypto	8,972,108,777	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin Cash

BCHUSD

Crypto

8,972,108,777

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-15.86	-3.36%	455.71	455.99	456.13

Price Change

Price Change %

Current Price

Bid Price

Offer

-15.86

-3.36%

455.71

455.99

456.13

High Price	Low Price	Open Price	Prev. Close	52 Week Range
473.54	450.27	472.97	471.57	90.34 - 719.43

High Price

Low Price

Open Price

Prev. Close

52 Week Range

473.54

450.27

472.97

471.57

90.34 - 719.43

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:02:41	0.219264	455.71	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:02:41

0.219264

455.71

USD

Price x Volume	Volume	Base Symbol	Related Pairs
4,254,449.80	9,191.86	BCH	BCHEUR	BCHGBP	BCHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

4,254,449.80

9,191.86

Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead

27/04/2024 3:30am

NEWSBTC

In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.” These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others. XRP And Ethereum Classic In The Spotlight Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around $2 billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.” Related Reading: XRP Whales Are Active: Here’s Where They Are Sending Coins However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having “limited user bases.” According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain. While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization. Another crypto project in Forbes’ report is Tezos, which raised $230 million through an initial coin offering (ICO) in 2017. Tezos’ XTZ token currently holds a market capitalization of $1.2 billion. However, the blockchain’s fee earnings were meager, with $5,640 in February 2024 and a total of $177,653 for all of 2023. Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges. Despite a market cap of $2 billion and a treasury holding of $500 million, Algorand earned $63,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility. Crypto ‘Zombie’ Blockchains The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum. Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic. These blockchains, collectively valued at $23 billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains. Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage. Related Reading: Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.” Featured image from Shutterstock, chart from TradingView.com

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