TL; DR
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Chainalysis just published some data showing that 54% of all tokens launched on Ethereum in 2023 were pump and dump schemes.
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If so some Good news to take away: these pump n’ dump tokens only represented 1.3% of the total trading volume on Ethereum’s DEX networks, suggesting that most of these token launches fell on deaf ears.
Full story
Permissionless networks that allow anyone to create a tradable digital currency with 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 showing that 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 (rather) good news:
These pump n’ dump tokens represented only 1.3% of the total trading volume on Ethereum’s DEX networks, suggesting that most of these token launches fell on deaf ears.
Stay safe out there folks!