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According to data in Coinranking, at least 12,799 new coins have been listed in the last year. Today alone, at least nine tokens have officially entered the market, including MBX, MODALAI, MCC and NILA. Many believe that the launch of a new cryptocurrency in the market is a positive sign. To an extent, this is true and it actually reflects the growth-oriented nature of the cryptocurrency sector. However, questioning the credibility of the way new tokens are priced, DeFinance Capital’s Arthur Cheong alleges that project teams and market makers often work together secretly to manipulate token prices. Curious to know more! Read on!
Are Crypto Prices Being Artificially Controlled?
In an X post, Arthur Cheong, the founder of DeFinance Capital, states that there is a serious problem in the cryptocurrency market.
His primary allegation is that project teams and market makers often work together secretly to manipulate token prices.
Since the start of this year, the total market capitalization of cryptos, excluding the top ten cryptos, has dropped by no fewer than 38.33%. During the period, the altcoin market cap has declined from $1.34T to $961.7B.
New Crypto Listing Market Scenario: An Overview
In the last one year, as per data in coinraking, nearly 12,799 crypto tokens have been listed. In the last 30 days, nearly 778 cryptos have entered the market. Today alone, at least nine new cryptocurrencies have been listed, including MAGABY, ModalAI, MeshChain AI and NILAM Resources – Mind Wave.
One of the most sensational token releases of the year happened in late January, when the Official Trump token was released with an opening price of $6.54. Within hours after the launch, the price of the token skyrocketed to a peak of $72.62. Currently, the Official Trump price stands at $8.05. In the last 30 days, the market has slipped by 33%. In the last 24 hours alone, the market has declined by over 3.9%.