In the year 2024, thousands of projects debuted in the market but the growth rates were constantly been hindered by bogus projects defaming the image of the cryptocurrency market, while researching about the same Chainalysis found that 5 percent of total projects launched in 2024 had seen the following principles of dump and dump projects.
The report by the firm notes that from all tokens that debuted in 2024 more than 3 million were listed in decentralized exchanges, yet only 1.7% of this number has been trading in the monthly time frame.
Some of the tokens followed the paths of pump and dump schemes which shortly disappeared from the market after their launch was full of hype, says the report. “It is also possible that some of these tokens facilitate intentional short-lived schemes designed to exploit initial hype before fading away, also known as pump-and-dumps or rug pulls.”
Exchange also involved in such activities
Chainalysis also that around 90% of DEXs are suspected to have been involved in pump and dump schemes, and were ‘rugged’ by the wallets held by the ones who founded these pools.
The experts of the analysis team of U.S-based analytics firm, Chainalysis noted that the trend of wash trading wiped out USD 2.56 billion collectively from CEXs such as Coinbase and Binance among others.
Total trading volume of CEXs and DEXs in 2024
Some most recent reports quote that a huge difference has been observed among the spot and derivatives trading on both centralized and decentralized exchanges.
Among centralized, Binance stands out of the list after recording a trading volume of USD 1 trillion in December 2024. It is worth noting that it has hit USD 1 trillion two times in the previous year.
Coingecko’s report says “However, it (Binance) is still the largest exchange by a large margin. For comparison, it had more trading volume than the next five largest exchanges combined in 2024.”
As of writing the spot trading volume of Binance was $22,745,577,022 making it the topper of the list followed by Bybit at 2nd position with 5,337,091 visitors in 7 days frame with $7,164,896,772 in volume.
On the other hand, in the category of DEX spot trading the list is ruled by Raydium which surpassed Uniswap which was the leader at the time, the second rank is captured by Uniswap which has a trading volume of $443,495,906.
Most importantly, the lending category is clearly dominated by Venus with an intraday volume of $2,363,805,419.
Crypto market price updates
Until publishing the cryptocurrency market capitalization was USD 3.57 trillion with an addition of 2.75%, and the trading volume was USD 131.43 billion 17.86%.
Bitcoin the leader of the market was trading at USD 105, 330 with a surge of 2.73%, and its market capitalization has hit a record of USD 2.08 trillion with an addition of 2.73 % in the same frame the volume rocketed to $52.64 billion with a pace of 25.03 percent.
