Forbes Unveils List of 20 Crypto Billion-Dollar Zombies: XRP and Ethereum Classic in the Spotlight
Forbes has caused a stir in the cryptocurrency world with its recent report unveiling a list of 20 “crypto billion-dollar zombies,” which are Layer 1 (L1) tokens with substantial valuations but limited utility beyond speculative trading. Among the cryptocurrencies and projects highlighted in the report are Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA).
One of the most prominent crypto zombies identified by Forbes is Ripple Labs, the company behind XRP. Despite XRP’s active daily trading volume of around $2 billion, Forbes argues that the token’s primary purpose remains speculative and lacks meaningful utility.
The report also sheds light on Ethereum Classic, which is classified as a “functional zombie” due to its market value of $4.6 billion but meager fee generation. Similarly, Tezos and Algorand, once seen as promising projects, are facing challenges in terms of actual adoption and utility.
Forbes categorizes the zombie blockchains into two groups: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum. Spin-off zombies include Bitcoin Cash, Litecoin, Monero, Bitcoin SV, and Ethereum Classic, collectively valued at $23 billion.
Overall, the report underscores a growing disparity between the valuations of certain cryptocurrency projects and their actual utility and usage, leading Forbes to label them as “zombies.” This controversial report has sparked discussions within the crypto community about the true value and sustainability of these projects.
