In 2024, thousands of projects debuted in the cryptocurrency market, but growth was hindered by scam schemes undermining trust.
Fake Projects and Scams in the Market
According to Chainalysis, 5% of projects launched in 2024 followed 'pump and dump' principles. Over 3 million tokens were listed on decentralized exchanges, but only 1.7% were actively traded. Some tokens vanished soon after launch due to short-lived scam schemes.
Role of Exchanges in Price Manipulations
Chainalysis noted that about 90% of DEXs are suspected of being involved in 'rug pull' scams. Analysts also observed that CEXs, like Coinbase and Binance, saw trading volume distortions due to wash trading, resulting in $2.56 billion in losses.
Overall Trading Volume Metrics
Recent reports highlight notable differences in trading volumes between centralized and decentralized exchanges. Binance led with a $1 trillion trading volume in December 2024. In the DEX category, Raydium surpassed Uniswap in trading volumes.
The year 2024 proved challenging for the cryptocurrency market due to various scam schemes, but some exchanges continued to show high trading volumes, remaining among the leaders.
