According to @ThinkingUSD, DeFi protocols are exhibiting significant fake volume numbers as they attempt to compete, raising concerns about wash trading in the industry.

According to trevor.btc, Ordinals projects raised millions, allocating a quarter of their holdings to market makers for wash trading to simulate success. These projects failed to hire staff or deliver products, with founders exiting and cashing out. Consequently, these projects have plummeted by 90%, adversely affecting the broader market.