One picture to understand: 9 major exchanges' annual listing quantity

As the year comes to an end, I have compiled a series of relevant data on exchanges for my brothers. 83% of tokens have fallen below their listing price.

The data clearly shows:

1. The listing strategies of crypto exchanges in 2025 have completely differentiated — MEXC leads with about 1000 listings, with Gate.io, KuCoin, and other small to medium platforms closely following in terms of quantity;

Brothers should pay attention to the fact that a large number of projects have quickly cooled off in the secondary market. The 83% of tokens falling below their listing price points to the common dilemma of 'listing being the peak'.

The frenzy of small and medium exchanges in listing is essentially betting on probability in a recession cycle, trying to rely on the number of projects to drive volume and earn listing fees. However, this 'garbage yard' type of expansion will only turn them into dumping channels for inferior assets, ultimately being counteracted by a wave of price drops that harm their credibility.

2. In contrast, leading exchanges like Binance, Coinbase, and OKX have collectively contracted, with listing volumes controlled around 100 or even lower.

Behind the competition of the number of exchanges may be the dilution of project quality and loosening of valuation systems.

The leading platforms maintain relative restraint, perhaps indicating their anticipation of market risks.

In the absence of fundamental support, the number of listings may no longer serve as an indicator of ecological health but may instead become a contrary signal for observing market overheating and asset bubbles.

The market in 2025 is experiencing a reassessment of value. The coexistence of listing booms and price drop waves requires a re-examination of project selection logic for 2026 — where liquidity resides may not necessarily be where value resides.

So, brothers, if you lose money in 2025, it may really not be your fault!!