The answer is not black and white. Most coins are filled with all kinds of illegal activity like wash trading that would never happen at such a scale on a real

The answer is not black and white. Most coins are filled with all kinds of illegal activity like wash trading that would never happen at such a scale on a real stock exchange. There are little to no regulations. So pretty much everything in the cryptocurrency sector is being manipulated heavily by people who've invested in the founders' coin or by the founders' themselves. Most of it comes down to the common sense test: ponzi. Did the founder give themselves 50% of the lions' share of the coin supply? Is the code just a copy of something else but changed to give the founder extra coins or abilities? The list goes on. Pretty much everything out there is a mixture of both. No founder wants to be poor if people will accept these diluted offerings. After all, you take $1 from everybody, and no one screams and shouts, yet you become one of the richest people in the world. Same principle applies with initial supply dilution in some respects.