Okay, let's talk about MEXC. Quick Stats Forty million users, 46% increase in new listing trading volume in just one month – May 2025 Those are eye-popping numbers. Are we just witnessing a masterclass in exchange strategy, or something a bit more …fishy? As someone who spends all day deep in the blockchain data, as someone that both tags and tracks whale movements and examines governance structures, it’s safe to say it’s likely a mix of both.

Whale Watching: Suspicious Spikes?

That first item that immediately stuck out was that 46% increase in new listing volume. Whatever the case, MEXC’s growth is impressive and undeniable. The Airdrop+ campaigns – with 59 events in May and more than 3 million USDT in prizes – have been an important driver of this surge! Was that all just organic growth, powered by the exchange’s dedication toward trend-leading sectors such as AI and GameFi? Or were whales playing a significant role?

Let’s just be blunt: in the Wild West of crypto, whales can make or break a new listing. We’re talking about people or institutions that have a lot of money to deploy. They have the ability to completely control price movements, many times orchestrating fake pumps and dumps.

Think about it. MEXC listed 214 new tokens in May. For whales, this presents an excellent opportunity to smartly accumulate their positions before the retail crowd enters en masse. As soon as that hype reaches its maximum level, they can then cash out. And with many tokens already having taken off to the tune of +3,000% or higher (like GOONC + B), the allure is most definitely real.

So I took a deep dive into the top 10 performing new listings on MEXC in May, starting with on-chain data wherever possible. The goal? To identify wallets driving the most volume. That’s something I’ve consistently seen with a handful of wallets on the trading leaderboard. Indeed, they represent the most activity—often by a surprisingly wide margin—as a percentage of the total. This isn't proof of manipulation, of course. It is a red flag that deserves further investigation. Is that simply smart money getting in early or is there a more coordinated activity taking place with the intention of driving prices up artificially?

Governance: Whale's Paradise?

How does all this concentrated trading activity shift the governance of these new ventures?

Almost all of these smaller cap tokens run on a proof-of-stake (PoS) consensus mechanism. This means that the larger share of tokens you own, the larger voting power you control. A handful of whales control a huge percentage of the token supply. This provides them an opportunity to majorly shape the direction of the project.

This isn’t just a theoretical concern. Whales can use their voting power to:

  • Influence protocol upgrades
  • Change tokenomics
  • Approve or reject proposals that benefit them at the expense of smaller token holders
ScenarioPotential Whale ActionImpact on Governance
Protocol UpgradePushing for upgrades that favor their holdingsCentralized control, potential exploitation of vulnerabilities
Tokenomics ChangeAltering staking rewards or inflation ratesUnfair distribution of wealth, discouragement of long-term holding
Proposal ApprovalApproving proposals that increase their influenceErosion of decentralization, limited participation from smaller token holders

Might whales on MEXC be using their whale positions to coerce the governance of these newly listed projects to their advantage? It’s a question that should be asked, and one that the founders of any project must be especially cognizant of.

Airdrops: Clever Incentives or Bait?

MEXC’s Airdrop+ campaigns are undeniably attractive. Who wouldn’t jump at the opportunity to win free tokens? There is a deep psychological aspect at work here. Scarcity and urgency Airdrops create the feeling of scarcity and urgency. This forces users to buy and sell the new tokens, creating an artificially high initial trading volume.

Take HUMA’s recent campaign, which gave out 100 USDT worth of project tokens and then saw a 1,170% increase. That's a powerful incentive. It creates a feedback loop: the airdrop generates hype, the hype drives up the price, and the early participants (including, potentially, whales) reap the rewards.

Ultimately, MEXC's surge in new listing volume is likely a combination of factors: a well-executed strategy of focusing on trending sectors, effective marketing campaigns, and potentially the influence of whale activity.

Is it a completely level playing field? Probably not. Is it necessarily malicious? Not necessarily. We recognize that the crypto market is risky and volatile by nature. As investors, it's our responsibility to do our own research, understand the risks involved, and be wary of anything that seems too good to be true. Exchanges such as MEXC are growing at an incredible pace. They need to act to ensure equitable trading practices and protect less sophisticated investors from outside strong-arm tactics. After all, the long-term health of the crypto ecosystem depends on it.