Crypto is now experiencing a dot-com-style shakeout, with more than 100 projects reportedly shutting down, filing for bankruptcy, or disappearing in 2026, MoonPay President Keith Grossman warned on August 10.

According to him, the slump is forcing crypto companies to ask themselves a fundamental question: Are they developing products that people actually need?

Drawing Lessons From Past Busts

In a post on X that quoted a CoinDesk report, Grossman called himself “a geriatric” by crypto standards and noted he has seen a few cycles after joining WIRED in 2002, shortly after the dot-com crash, and taking his first leadership role there during the 2008 financial crisis.

“Companies fail, people lose jobs, careers change & confidence…