Despite 12799 New Coins, Are Crypto Prices Being Artificially Controlled?

According to data in Coinranking, at least 12799 new coins have been listed in the last year. Today alone, at least nine tokens have officially entered the market

The cryptocurrency market is facing a serious problem with project teams and market makers often working together secretly to manipulate token prices, claims DeFinance Capital’s Arthur Cheong.

In an X post, Arthur, stated that there is a serious problem in the crypto market that no one seems to be talking about.

According to him, project teams and market makers often work together to manipulate token prices.

Price manipulation is a problem because it can make it difficult to analyze which factors are actually influencing the market.

For traders and investors to make informed decisions, they need to have a clear understanding of the factors that are affecting the market.

CEXs are showing no interest to address this market manipulation issue. Critisizing CEXs for turning a blind eye to this issue, the founder of DeFinance Capital indirectly accuses the exchanges of playing a key role in this issue.

According to Arthur, this issue has allowed the entrance of many low-quality, unreliable assets into the altcoin market.

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.

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%.