YIKES! 54% of All Tokens Launched on Ethereum in 2023 Were Pump and Dump Schemes

Written By Web3 Daily

TL;DR

  • Chainalysis just published some data that suggests 54% of all tokens launched on Ethereum in 2023 were pump and dump schemes.

  • If there’s some good news to take away, these pump n’ dump tokens only comprised 1.3% of total trading volume on Ethereum's DEX networks, which suggests most of these token launches fell on deaf ears.

Full Story

Permissionless networks that allow anyone to create a tradable digital currency in just a few clicks:

Pros — there are no rules or barriers to entry.
Cons — there are no rules or barriers to entry.

Chainalysis just published some data that suggests 54% of all tokens launched on Ethereum in 2023 were pump and dump schemes.

Say it with us now: ‘YIKES!’

(Not a great look for the industry).

But there is some (kinda) good news here:

These pump n’ dump tokens only comprised 1.3% of total trading volume on Ethereum's DEX networks, which suggests most of these token launches fell on deaf ears.

Stay safe out there folks!

Web3 Daily

Web3 and crypto news, translated into plain English.

https://web3daily.co/
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