Market liquidity is tightening, MEXC maintains the lead for Sol and Doge: A breakdown of the coingecko report

Crypto exchange MEXC ranked first in terms of order book depth at the market price for Solana (SOL) and Dogecoin (DOGE), according to a CoinGecko Research report on liquidity across centralized exchanges. The study, published on September 30, analyzed trading activity for major assets — BTC, ETH, XRP, SOL, and DOGE — across eight platforms, including Binance, Bybit, Bitget, OKX, Kraken, Crypto.com, Coinbase, and MEXC.

The report period coincided with a stressful time for the market. Bitcoin fell from $81,000 in May to a yearly low of $58,500 on July 1, driven by a sell-off in tech stocks and ETF outflows, while average daily volume dropped from $26.3 billion in early July to $17.9 billion in mid-August. The situation shifted following a U.S. Treasury announcement on August 19 regarding the doubling of bond buybacks in September: over nine days, BTC rose 24.1% to $80,300, and daily volume surged 84% to $33.3 billion. Order book depth reacted far less significantly to these shifts than price and volume did.

Solana illustrates this disparity most clearly. MEXC holds approximately $934,000 in liquidity at the market price, surpassing both Binance and Coinbase. Yet Bitget and Coinbase take the lead outside the ±$0.20 range. Median depth for SOL dropped from roughly $28 million to $20 million on each side — a decline of over 28%. When the price broke through the $100 mark on August 25 following a $32.3 million inflow into ETFs over the previous 24 hours, market depth on most platforms did not exceed $3–4 million, falling below the daily median. Analysts attribute this to marketmakers’ effective performance.

Meanwhile, institutional demand remained low, with inflows into the three largest DOGE ETFs totaling just $697,000 on August 21 and Bitwise closing its Dogecoin ETF.

MEXC CEO Vugar Usi Zade highlighted that liquidity determines execution efficiency, price stability, and the ability to enter and exit positions with confidence.