Real Demand or Artificial Pricing?

Cheong stated in a post on social media platform X that many crypto projects work closely with market makers to artificially maintain high prices for extended periods. “We don’t know whether a token’s price is truly determined by supply and demand, or if it’s being fixed behind the scenes by projects and market makers,” he said.

According to Cheong, unless this issue is addressed, a large portion of the crypto market will remain uninvestable.

Centralized Exchanges Are Turning a Blind Eye

In his remarks, Cheong criticized centralized exchanges for “completely turning a blind eye” to the issue. He described the altcoin market as a “lemon market,” referring to a concept in economics where lower-quality products drive out higher-quality ones due to information asymmetry.

Cheong also pointed out that many token generation events in 2025 had unrealistic pricing, calling them a “complete joke.” Most of these tokens lost between 70% and 90% of their value just a few months after listing.

Binance Listings Also Disappointed

According to data compiled by crypto analyst Miles Deutscher, 88% of tokens listed on Binance in 2025 have declined in value. Out of 27 tokens listed, only 3 have provided gains for investors. The rest saw price drops ranging from 19% to 90%.

This trend is cited as one of the main reasons retail investors are leaving the market.

A Need for New Listing Models

Many community members said the data clearly reflects the current state of the industry. Some users emphasized that launching tokens at overly high valuations is harmful to investors.

Binance co-founder Changpeng Zhao had previously acknowledged the need to reform the listing process. Zhao suggested that centralized exchanges should automate listings, similar to how decentralized platforms operate, to ensure more transparency.

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