MEXC Leads in Order Book Depth Despite Market Turbulence

The market liquidity has tightened in recent months, but one exchange is bucking this trend. According to a CoinGecko Research report on September 30, MEXC took the lead for both Solana (SOL) and Dogecoin (DOGE) in terms of order book depth at the market price.

The study 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.

BTC 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.

MEXC holds approximately $934,000 in liquidity at the market price for SOL, surpassing both Binance and Coinbase. However, Bitget and Coinbase take the lead outside the ±$0.20 range. Analysts attribute this disparity to marketmakers' effective performance.