Forty million users. That's the number MEXC is touting. A 33% jump since December. And they want us to believe it's all because of generous airdrops and a knack for listing the next moonshot meme coin? Really? Let's pump the brake a little. I’m not purchasing that malarky, and neither should you – at least not without demanding they answer some tough questions.

Airdrops: Genuine Generosity or Clever Trap?

Okay, let's talk about these Airdrop+ campaigns. Fifty-eight of them in May alone, dispensing more than 3 million USDT. Sounds amazing, right? Who doesn't love free money? Think about it for a second. How sustainable is this? Are these airdrops actually attracting new users with an authentic, vested interest in these projects? Alternatively, they are just luring in an army of “airdrop hunters” who are prepared to dump their free tokens the second they land in their wallets.

The AIOT campaign reportedly allowed each of the 7,000+ participants to earn ~$320 worth of tokens. The HUMA campaign provided only $100 worth of tokens prior to a 1,170% pump. That’s an incredible concept on paper. Yet, I would wager that the vast majority of those “users” exited as soon as they were able, returning little more than a heap of almost worthless tokens to anyone who showed up late to the party. It's like a digital version of musical chairs, and you don't want to be the one left standing when the music stops.

And what about MEXC's ROI? How do they even work as a customer acquisition strategy that’s profitable? Or are they merely a devious trap set to lure in well-meaning traders who will wash out on dangerous leveraged gambles and dog-infested tokens? It's a question worth asking.

Dodging Rules or Innovating Globally?

Here's where things get a little murkier. MEXC operates in over 170 countries. That's a lot of different regulatory environments. To be frank, the crypto industry is in many ways still the Wild West globally. Is MEXC really steering through this stormy sea in an above-board way? Or are they just playing 4-D chess, inserting themselves into spaces with the least regulatory oversight and the least consumer protection?

I’m not saying they’re doing anything illegal – but the opportunity for regulatory arbitrage is absolutely present. That should worry you. Because when regulations are too permissive, the price is paid by the typical user.

Consider this: If a US-based exchange pulled some of the stunts that some of these offshore exchanges do, the SEC would be all over them. This absence of regulatory oversight creates the kind of practices that just wouldn’t be tolerated by consumers in more mature markets. That creates an unfair and dangerous double standard, in which users are left to shoulder the risks that could easily be avoided.

40 Million Users: Fact or Fiction?

Alright, returning to that 40 million user figure. It's a nice, round number. Very impressive. But how does MEXC define a "user"? Is it the active trader who’s in and out of positions on a daily basis? Does an individual’s account creation three years ago count against someone today? Perhaps they redeemed some airdrops and then just lost touch with it all!

It's easy to inflate user numbers. Many companies do it. And in the crypto world, where transparency is a constant struggle, it’s even easier. I'm not accusing MEXC of anything, but I think it's fair to ask for more details. So, how many of those 40 million users are active? What's the average trading volume per user? What's the retention rate? These are the top metrics that actually count and MEXC has been in no hurry to disclose them.

And remember the macro environment—these are the types of tokens MEXC is listing. Okay, yeah, maybe they’re leaning into “trending verticals” like AI, RWA, and GameFi. But they’re taking it upon themselves to list a thousand meme coins. GOONC, B, MOONPIG… these aren't serious projects. They’re all speculative assets that are driven entirely by hype and social media buzz.

These gains are insane. But they're unsustainable. And for every person who makes a fortune on a meme coin, there are countless others who lose their shirts. And as with all zero-sum games, the house always wins.

  • GOONC: +3,400% peak gain
  • B: +3,001.20% peak gain
  • MOONPIG: +753.33% peak gain

Imagine this: You're new to crypto. You see MEXC advertising these massive airdrops. You register, receive a few free tokens, and then begin to explore the marketplace. You see these meme coins going parabolic and think, "Hey, this looks easy! I can get rich quick!" So you chip in a few hundred bucks, thousands even. And then, BAM! The rug gets pulled. The price crashes. And your money is gone.

Is that what we want to incentivize as an ecosystem in the crypto space? New and inexperienced investors are lured in by the alluring siren’s call of quick and easy money. Sadly, they become targets for scammers and pump-and-dump schemes.

Look, I'm not saying MEXC is evil. They’re a non-profit, and non-profits are in the business of saving lives. But I think it’s crucial to be healthy skeptics. To question the narrative. To look beneath the surface.

MEXC's rapid growth is certainly impressive. I remain skeptical that airdrops and meme coins tell the whole story behind their success. There may be a more insidious explanation underlying these promising developments. It’s our duty as responsible investors to figure out what that metric is. In the crypto Wild West, we need to always assert our agency over our own safety. The only way to do that is by reading our own research and thinking for ourselves. Don't just blindly follow the hype.

Look, I'm not saying MEXC is evil. They're a business, and businesses are in the business of making money. But I think it's important to be skeptical. To question the narrative. To look beneath the surface.

MEXC's rapid growth is certainly impressive. But I'm not convinced that airdrops and meme coins are the only reason for their success. There might be something darker lurking beneath the surface. And it's our responsibility as informed investors to find out what it is. Because in the end, the only way to protect ourselves in the Wild West of crypto is to do our own research and think for ourselves. Don't just blindly follow the hype.