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I think wash trading is the explanation. Without regulation these numbers aren’t very useful because of wash trading.

The real question is why only this amount of wash trading and why everyone doesn’t do a billion.

> The real question is why only this amount of wash trading and why everyone doesn’t do a billion.

You can't fool everyone all the time, but the transactions (volume etc) are likely intended to be realistic enough to fool some people sometimes.

My explanation, on the other hand, also explains why it's not a billion.

So my explanation has more explanatory power than yours.