Introduction
In the first part of the QUASA Report: State of the Cryptocurrency Market (April 2025), we explored the landscape of unrated cryptocurrency projects, which dominate the market with approximately 7,100 projects.
Only 0.5–1% of these (around 70 projects) show any signs of legitimacy or activity, while the remaining 99% are either scams or abandoned. This paints a stark picture of the crypto market’s challenges.
The second part of our report shifts focus to rated projects—a category that, at first glance, appears more trustworthy but hides its own set of dangers.
We also examine the role of crypto exchanges in perpetuating market manipulation and the broader trends shaping the industry in 2025.
The Crypto Market in Numbers
As of late April 2025, CoinMarketCap lists 9,809 cryptocurrencies. Of these, 2,709 are classified as rated projects, implying a higher degree of trust or legitimacy. However, this assumption is misleading. The crypto market is riddled with manipulated metrics, fake trading volumes, and illusory market depth, often orchestrated by exchanges. While rated projects may have better metrics than their unrated counterparts, this does not necessarily make them reliable. In fact, it can make them more dangerous.
The Illusion of Rated Projects
Rated projects are those that have confirmed their capitalization and key metrics, earning a place in rating systems. Yet, this status often masks deeper issues. Unlike unrated projects, which lack the resources to manipulate metrics extensively, rated projects have the funds, influence, and infrastructure to create a façade of success. This makes them appealing to investors but also more deceptive.
Here’s a breakdown of the 2,709 rated projects:
- Over half (approximately 1,600 projects) are meme tokens, which are largely speculative, lack utility, and are often outright scams.
- 236 projects are essentially dormant, with outdated websites, inactive social media, or negligible trading volumes (between $1 and $1,000 daily) to maintain their rating. These projects linger in the market, waiting for a chance to reactivate.
- 672 projects exhibit suspiciously high trading volumes—millions or hundreds of millions of dollars daily—despite being relatively unknown. These projects often secure listings on multiple exchanges, employ paid influencers, and invest heavily in marketing. Their goal? To extract as much money as possible from unsuspecting investors.
This leaves just 192 rated projects that appear legitimate at first glance, with active websites, social media, and reasonable metrics.
However, a closer look reveals that even among these, only 30–40 projects—including established assets like Bitcoin, Ethereum, Quascoin and meme token DOGE — can be considered truly trustworthy. These are the rare exceptions in a market teeming with predatory projects designed to drain investors’ funds.
The Role of Crypto Exchanges
Crypto exchanges — numbering around 250 in 2025 — are central to the market’s dysfunction. Many create the illusion of liquidity and depth by inflating trading volumes and promoting dubious projects.
These platforms profit by luring in retail investors, particularly those driven by FOMO (fear of missing out) on a seemingly booming market. However, as the market matures, such tactics are becoming less effective.
The number of exchanges has declined by roughly 50 over the past year, a sign of the market’s gradual self-cleansing.
Still, 250 exchanges remain far too many for a market that supports only a small fraction of legitimate projects.
Market Trends: A Slow Path to Maturity
The crypto market in 2025 is undergoing a painful but necessary correction. The number of dead or shuttered projects now exceeds those still active, signaling a contraction in the industry.
This trend extends to exchanges, which are also declining in number.
Despite the influx of new, often uninformed investors fueling temporary market surges, the crypto space is showing early signs of maturity.
However, with only about 100 out of 9,809 cryptocurrencies qualifying as credible market participants, the industry remains overwhelmingly speculative and fraught with risk.
Conclusion: Navigating a Treacherous Market
The cryptocurrency market in April 2025 is a minefield of fake liquidity, manipulated metrics, and predatory projects. Rated projects, while appearing more legitimate, often pose greater risks due to their ability to deceive with polished metrics and marketing. Investors must exercise extreme caution, sticking to established assets like Bitcoin and Ethereum, verifying project fundamentals, and avoiding platforms with suspiciously high volumes.
Using hardware wallets and robust security practices is essential to protect against scams. With only 30–40 trustworthy projects out of nearly 10,000, and a bloated ecosystem of 250 exchanges, the crypto market is far from stable. Yet, its ongoing contraction suggests a slow but steady move toward maturity — one that demands vigilance from all participants.
For more details on the predatory tactics of meme tokens and exchanges, stay tuned for our upcoming article.
