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# Chainalysis: More Than 4.5% of Freshly Minted Tokens in 2024 Indicate Signs of Hoax Schemes
According to Chainalysis experts, wash trading amounts on Ethereum, Binance Chain, and Coinbase’s Base chain are anticipated to be $2.57 billion in 2024.
Blockchain analysis company Chainalysis states that almost 5% of recently produced tokens across different networks in 2024 display trends comparable to hoax schemes. The New York-based firm revealed in a blog entry on January 29 that more than 3 million tokens have been produced in 2024, with approximately 1.3 million (over 40%) detailed on decentralized exchanges (DEXs).
Regardless of the large quantity of tokens produced, only a tiny percentage (1.7%) have been actively traded in the past month. Chainalysis recommends this difference may be because many tokens are “abandoned quickly after production,” potentially due to a lack of interest. Experts also mention that some of these tokens may be part of short schemes, such as hoaxes.
> “It’s also possible that some of these tokens are intended to be short schemes that capitalize on initial buzz, also known as hoaxes.”
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> Chainalysis
Furthermore, Chainalysis notes that in decentralized exchange pools suspected of being involved in hoax schemes, almost 90% were “rug pulled” by the addresses that produced the DEX pools. The rest were rug pulled by addresses funded by the pool or token creators. In some cases, the pool creators and the addresses that rug pulled the pools seem to be funded by the same source, showing a coordinated effort to exploit users.
Experts note that while the company acknowledges using “different strategies” to detect various types of wash trading, wash trading amounts on The Rise of Ethereum Applications: The Emergence of Stablecoins Issued by Banks, Binance Chain, and Coinbase’s Base chain reached approximately $2.57 billion in 2024.
