Global cryptocurrency exchange MEXC reported a record-breaking September, with trading volumes for newly listed tokens up 537% and user activity for new tokens surging 64% month-on-month. The growth was fueled by a mix of high-performing tokens in the perpetual DEX, BSC, and RWA categories, as well as an increasingly active retail trading base.
DEX and RWA Tokens Lead the Charge
MEXC’s results reflect the broader industry’s tilt toward decentralized derivatives. Perpetual DEXs have become one of 2025’s fastest-growing segments, with infrastructure protocols now handling record trading volumes. According to data from the platform’s monthly report, Perpetual DEX and AI-linked tokens were among the biggest gainers. Flagship DEX token AVNT jumped 5,400% while Aster rose by 712% to the increased interest in the PERP DEX narrative amid the crypto community. Meanwhile, the RWA and stablecoin-linked tokens category led by STBL (+12,125%), RIVER (+1,900%), and XPL (+747%) continued to attract attention from users seeking increased exposure to tokenized finance.
AI projects such as AIA and COAI also performed strongly, indicating that decentralized artificial intelligence remains one of the most resilient market narratives as 2025 enters its final quarter.
BSC Ecosystem Dominates Market Gains
The BSC ecosystem outperformed all other networks with token like tokens like STBL, LIGHT, HANA, and ASTER, delivering an average gain of 4,373%. BSC’s dominance in gains suggests that chain-level network strength and ecosystem depth remain major factors in token performance. Projects operating on BSC may benefit from established liquidity, infrastructure, and developer bases. Ethereum-based tokens posted a 1519% average increase, while Base, Solana, Somnia, and Plasma ecosystems saw triple- and quadruple-digit returns as well.
Liquidity-Performance Feedback Loop
MEXC’s data also revealed that 60% of the month’s top price performers were also among the highest trading-volume tokens, suggesting that liquidity continues to play a crucial role in user profitability. This correlation reveals a feedback loop where high liquidity allows for large price movements, which in turn attract more traders and volume. In token markets, especially with new listings, that loop can amplify returns but also amplify downside during times of market volatility or price action reversals. Such dynamics mirror patterns in altcoin “volume pumps” in prior cycles, where capital rains into trending assets rapidly. The only danger is that external shocks, exploits, or liquidity drains can reverse sentiment quickly.
Market Backdrop and Current Sentiment
MEXC’s September report release comes amid a complex crypto market landscape. Bitcoin and Ether fell sharply after U.S.-China tensions resurfaced and trade tariff threats rattled the global market, triggering forced liquidations worth over $19 billion. IMF also warned of the risk of a global market correction across equities and credits, which could spill over into alternatives, including digital assets. However, analysts remain cautiously optimistic for “uptober” momentum, pointing out that despite the recent crash, the markets have made attempts at a rebound thanks to strong dip-buying demand and many assets holding above key support levels. Traders are expected to keep chasing high-growth narratives and protocols, despite external factors like geopolitical frictions, regulatory shifts, and macro risk remaining potent headwinds.
