Market Manipulation May Have Hit Majority of New Ethereum Tokens in 2023: Chainalysis
Summary
54% of tokens launched on Ethereum in 2023 showed signs of pump and dump schemes, accounting for 1.3% of total trading volume. Chainalysis identified a wallet that launched 81 tokens, making over $800,000 in profits, with at least one involving a rug pull. The transparency of the Ethereum blockchain allows for tracking such activities, prompting the need for further study and awareness.
