A group of researchers from major universities released a paper examining 500 crypto-related pump and dump (P&D) schemes. Examining data from May 15, 2017 to August 26, 2018, researchers found 3,400+ P&D announcements from 80 active Telegram channels. Of these announcements 1,747 were unique. The researchers restricted their attention to 500 distinct P&D schemes involving 230+ tokens. From this sample size the data revealed that:
- In 229 P&Ds, pump groups specified the returns they target, with the average target return being 212%.
- On average, approximately two tokens are pumped per day and the likelihood that a token will be pumped on any given day is 0.3%.
- In the first 70 seconds after the start of a P&D, the price of a token increased by 25% on average and trading volume increased 148 times.