MEXC Tops SOL and DOGE Book Depth With $934K and $443K at Market Price
CoinGecko's 60-day study of eight exchanges found MEXC holding the deepest order books at the market price for both SOL and DOGE. But the more interesting story is buried underneath: total liquidity fell year over year even as it spread across more venues.
CoinGecko Research just published its 2026 liquidity read on centralized exchanges, and MEXC came out on top for the two assets that matter most to retail flow. Over 60 days, from July 6 to September 3, the firm measured order book depth for BTC, ETH, XRP, SOL and DOGE across eight venues.
The numbers tell the story. MEXC recorded roughly $934,000 in SOL liquidity at the market price, the highest of the eight exchanges studied. On DOGE, it posted more than $443,000 at that same level, also first. Only Binance and OKX joined it above the $200,000 mark for DOGE.
But depth at the mid is the easy part. Push out from the market price and the rankings shuffle. Bitget and Coinbase overtook MEXC past the ±$0.20 range on SOL, a detail that matters if you're the one absorbing slippage on a size order.
DOGE tells a better story for MEXC. The exchange retook the lead past the ±$0.0006 band, roughly 0.3%, clearing Binance and Bitget, then leveled off beyond ±1% at about $2 million on each side of the book. On August 21, when DOGE depth shifted with a broader price move, MEXC stayed among the venues holding real depth. Its traders also placed larger block orders around key levels during the moves that followed.
Here's what matters: liquidity isn't a marketing metric. It's the difference between getting filled at your price and getting filled at whatever price the book hands you. MEXC CEO Vugar Usi Zade called deep liquidity central to lowering barriers for retail traders, and on execution quality he's not wrong. Wider books mean less price impact per order.
What the street is missing is the trend underneath. SOL liquidity actually declined from 2025 levels, even as it spread more evenly across exchanges. Read that again. Depth is getting thinner and more fragmented, and the venues are fighting over a shrinking pool. That's not a healthier market. It's a rotation.
Watch whether total depth rebuilds in the fourth quarter. If it doesn't, the winners of this report are celebrating a smaller pie.
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Key Terms Explained
A bundle of transactions that gets permanently added to the blockchain.
A marketplace where cryptocurrencies are bought and sold.
How easily an asset can be bought or sold without significantly affecting its price.
A list of all buy and sell orders for an asset, organized by price.