Crypto analytics firm Chainalysis has pushed out a new report that suggests that 53.4% of ERC-20 tokens listed on decentralized exchanges (DEXes) in 2023 accounted for crypto pump and dump schemes.
Thousands of Tokens Features in Pump and Dump Schemes
According to data from Chainalysis, within the twelve months of last year, a total of about 370,000 tokens were launched on the Ethereum blockchain. Of these tokens, approximately 168,600 of them were available for trading on at least one DEX. Furthermore, it was discovered that 90,408 tokens exhibited characteristics of a crypto pump and dump.
This crypto pump and dump tactic involves a situation where scammers artificially push the price of an asset upwards before finally stepping out of the market by dumping their holdings for a profit. Based on the published statement, the 90,408 tokens that are believed to be associated with crypto pump and dump, gave rise to a total of $241.6 million in 2023.
Considering each of the tokens singly,
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