Entering the third quarter of 2025, the "zero-barrier issuance" of Meme coins on Solana has intensified dramatically. During the first weekend of July, Let's BONK.fun's coin minting volume surged to 16,800 tokens, capturing 51% market share and surpassing Pump.fun (7,500 tokens, 39.9%) for the first time. Meanwhile, Pump.fun announced its token launch and completed fundraising, going live for trading in the early hours of July 15th. As the platform that once dominated the minting frenzy, its trajectory has become a key indicator for the future direction of the Meme market.

This high-frequency "mint-and-speculate" cycle has dramatically compressed the primary market's lifecycle—most new Meme coins complete their pump-and-dump cycles within days, with only a select few (such as USELESS, which once reached a market cap of $300 million) surviving and maintaining momentum in the secondary market.

Under these conditions of oversupply and extreme differentiation, centralised exchange spot and futures markets (i.e., secondary markets) have become the critical arena for testing Meme coins' sustained value, absorbing liquidity, and providing hedging instruments. The following analysis will focus on three mainstream CEXs—LBank, MEXC, and Bitget—using the latest 30-day returns, liquidity depth, spread costs, and risk control data as benchmarks to objectively compare their comprehensive performance in the Meme sector, helping investors make professional and objective judgments:

When the primary market enters the white-hot phase of "batch minting, batch elimination," which exchange can transform short-lived themes into actionable, stable returns in the secondary market?

Price Appreciation and Returns: Which Platform Excels in New Token Performance?

For Meme coin investors, the most crucial concern is the price appreciation performance of newly listed tokens. Based on comprehensive data comparison over the past 30 days, there are significant differences in the return performance of newly listed Meme coins across the three major platforms—LBank, MEXC, and Bitget:

Comparative Data for Meme Sector Across Three Major Platforms: The above data compares key performance indicators for LBank, MEXC, and Bitget in the Meme coin spot and futures markets, including average price appreciation, ecosystem fund support, risk compensation mechanisms, as well as maximum gains, market share, and spreads for several typical Meme projects.

First, in terms of 30-day average price appreciation for newly listed Meme coins, LBank leads by a significant margin. In the 30-day average appreciation dimension, LBank remains the "high-scoring player" in the current sample—with an officially disclosed interval average of approximately 1,606%, a figure notably higher than MEXC's 40% and Bitget's 28%.

This difference in return performance is also reflected in specific cases. Taking several typical Meme coins from recent periods as examples:

  • USELESS: After listing on LBank, the maximum gain reached approximately 55x (≈5547%), slightly higher than MEXC's 47x, and also higher than Bitget's 49x.
  • DUPE: LBank's maximum gain reached an astonishing 134x (≈13367%), significantly ahead of MEXC's 101x, while Bitget only achieved approximately 9x, showing a substantial gap.
  • LAUNCHCOIN: LBank surged nearly 152x, while MEXC achieved approximately 70x and Bitget approximately 31x, demonstrating LBank's advantage in discovering such hundred-fold coins.
  • RFC: LBank rose 109x, slightly higher than MEXC's 90x, while Bitget achieved approximately 40x.
  • RED: LBank surged over 124x, while MEXC and Bitget only achieved gains of approximately 11x and 10x

The LBANK EDGE sector currently shows quite impressive performance, but since its launch on June 12th, it has cumulatively listed fewer than 20 assets. Any extreme gains from individual coins would significantly boost the overall average.

In contrast, MEXC and Bitget have listed dozens of times more Meme coins than LBank, with sample distributions closer to the "entire market," naturally including numerous mediocre or even declining projects, which pulls down the average.

These coins often complete their first round of explosive growth on-chain or on smaller exchanges before LBank approves them for Edge listing, meaning users may have missed the initial 0→10× ultra-early-stage dividends.

LBANK EDGE

Listing Rhythm: Only 12 assets listed, with strict low-frequency screening. Listing Timing: Usually opens trading after the first round of on-chain explosive growth ends and cross-exchange liquidity stabilises. Wealth Effect: 30-day average gain of approximately 1,606%, high hit rate for hundred-fold coins; however, users often miss the initial few hours or days of hundred-fold opening opportunities. Risk/After-sales: Provides "full compensation for net losses ≤100 USDT" and a $5 million ecosystem fund.

MEXC (including DEX+)

Listing Rhythm: Maintains "high volume in and out," can list hundreds of new Memes monthly, with virtually zero threshold. Listing Timing: Lists as soon as on-chain momentum begins, can also connect directly to Uniswap, Pancake, etc. via DEX+, closest to T0. Wealth Effect: High-multiple miracle coins frequently emerge (monthly top 10 average peak ~8×), but numerous long-tail projects dilute the average, with 30-day average gain only 40%. Risk/After-sales: No spot compensation or centralised fund; provides 0 maker fees and up to 200× contracts—high leverage, high self-assumed risk.

Bitget

Listing Rhythm: More cautious listing approach, fewer quantities, slower pace, often listing after project momentum has settled. Listing Timing: Often later than LBank, essentially missing initial explosive growth, focusing on later-stage liquidity. Wealth Effect: 30-day average gain approximately 28%, maximum gains generally lower than LBank and MEXC. Risk/After-sales: Has contract insurance fund and forced liquidation protection; supports Copy Trading, quantitative bots, and GetAgent AI, with controllable strategies.

The above data indicates that LBank demonstrates the most outstanding overall performance in Meme coin appreciation, partly due to its strict screening of quality seeds (projects with greater potential for hundred-fold explosions) and also benefiting from the platform's own liquidity support and user base. MEXC, due to its "no coin refused" approach, while capturing many high-multiple projects, also includes numerous mediocre performers, relatively pulling down the average performance. However, it's worth noting that MEXC listed 160 new projects in April 2025 alone, with the top 10 achieving an average peak gain of 832% (8×), showing that users still have opportunities to capture impressive returns.

Bitget tends to list relatively mature or already popular Meme coins, missing some initial explosive phases, resulting in the smallest overall gains. This also reflects Bitget's more cautious listing style: prioritising stability over chasing high volatility.

Overall, if investors pursue short-term explosive returns, LBank's EDGE sector undoubtedly provides higher success rates; MEXC offers a broader opportunity pool requiring investors to screen independently; Bitget suits stability-preferring strategies that enter after the frenzy subsides.

Liquidity and Slippage: Trading Depth and Cost Comparison

Beyond price appreciation, trading liquidity and slippage (bid-ask spread) are also core metrics of user concern. Platforms with sufficient liquidity can ensure that large buy/sell orders have minimal price impact, low slippage, and better trading experience. From the market share and spread data of multiple Meme coins, the differences in liquidity among the three platforms are equally evident. For this section, we selected several of the hottest recent Memes as our primary observation data.

In terms of market trading share, LBank dominates the major market share for multiple new Meme coins. For example, over 75% of trading volume for DUPE occurs on LBank, far exceeding MEXC's 2.11% and Bitget's 8%. This means the majority of DUPE holders and traders choose to buy and sell on LBank, making LBank virtually the primary market for this coin. Similarly, LAUNCHCOIN has approximately 36.7% of its trading volume on LBank, significantly higher than MEXC's 1.9%, while Bitget, despite having a 13.7% share, still falls short of LBank. For some projects like RFC, LBank and Bitget split the major market (approximately 38.1% and 27.3% respectively), while MEXC is almost absent (only 0.3%).

Overall, LBank often captures the lion's share of trading for popular new Meme coins, indicating higher user participation and more active trading in these coins; Bitget has some share in individual coins but mostly holds secondary market positions; MEXC, due to its extremely large number of projects, has dispersed liquidity and shows smaller proportions in these examples. It should be noted that MEXC doesn't necessarily list every coin on the exchange—for coins not officially listed on the exchange, MEXC users may trade on-chain through its DEX+ aggregator, resulting in lower concentrated trading share within the exchange.

In terms of spreads (slippage), LBank also demonstrates overall superior trading depth. Using the bid-ask spread ratio as a metric, most Meme coins on LBank maintain spreads within the 0.1%~0.3% range, which is quite tight. For example, USELESS has a spread of approximately 0.17% on LBank, while MEXC shows 0.40% and Bitget 0.43%; DUPE has only a 0.16% minimal spread on LBank, while MEXC and Bitget show significantly higher spreads of 0.88% and 0.94% respectively—a difference of one order of magnitude. Smaller spreads indicate better order book depth and sufficient buy/sell orders, resulting in lower slippage for users' market orders. Overall, LBank provides more abundant liquidity support for these coins and has attracted more market makers and traders, making market pricing more efficient.

In contrast, MEXC and Bitget show larger spreads for some long-tail Meme coins due to inactive trading and sparse order books, potentially subjecting investors to higher hidden costs if they trade rashly.

However, there are exceptions: For LAUNCHCOIN, Bitget's spread is only 0.13%, slightly better than LBank's 0.21%, showing that when Bitget provides liquidity support for specific coins, its trading depth can approach leading levels. Similarly, RFC on Bitget has a spread of approximately 0.25%, also because Bitget holds a considerable market share for this coin.

Overall, for most newly emerging Meme coins, MEXC is constrained by resource dispersion and numerous long-tail coins, with single-coin liquidity sometimes inferior to more focused platforms; Bitget has abundant liquidity for mainstream Meme coins but relatively lacks depth for small-cap coins; LBank provides the deepest trading depth and lowest slippage, suitable for large capital high-frequency trading.

Risk Protection and Ecosystem Support: User and Project Interest Protection

When investing in highly volatile Meme coins, risk control is equally important. The three platforms have adopted different strategies in user protection and project ecosystem support, with LBank's measures being the most notable.

In terms of user risk protection (compensation mechanisms), LBank not only has a 100 million risk protection fund for mainstream coins, but LBANK EDGE also launched a unique mechanism for novice traders offering "full compensation for net losses ≤100 USDT" within specified timeframes for new coins. Simply put, if a user's net loss in a single Meme coin transaction does not exceed 100 USDT, the platform will provide full compensation. This essentially provides "insurance" for small-scale trial users, offering a safety net in the highly volatile Meme market. This measure is rare in the industry and is seen as a major highlight of LBank's efforts to attract newcomers to Meme coin trading.

In contrast, MEXC and Bitget do not have dedicated spot trading compensation policies (most exchanges lack such precedent); users must bear all market risks themselves. Of course, both platforms have conventional risk reserves and forced liquidation protection mechanisms for futures trading, but there are no compensation plans for spot trading losses in new coins. It can be said that LBank's compensation mechanism has significant effects in protecting user confidence, lowering the psychological barrier for new users to try high-risk assets.

In terms of project support and user risk protection, LBank's capital investment far exceeds the initially announced $5 million Edge ecosystem fund. This fund is primarily used for subsequent liquidity, market promotion, and technical integration of newly listed Meme projects, ensuring quality projects still have "sustainability funding" after their initial explosive phase. Meanwhile, LBank announced in February 2025 the establishment of a $100 million Futures Risk Protection Fund: when BTC, ETH, SOL, and other top 100 perpetual contracts experience "spike movements" deviating more than 2% from reasonable prices within 1 minute and quickly rebounding, users who suffer losses due to forced liquidation or stop-loss will receive 120% USDT compensation, credited to spot accounts within 48 hours, with an additional 10,000 USDT airdropped to all position holders, greatly improving the predictability of high-leverage trading.

Beyond conventional protection, LBank continuously invests funds in industry public welfare and community mutual aid: In March 2024, it led the establishment of the Slerf donation pool, with a public on-chain address that ultimately raised over 2,600 SOL to compensate users who failed to receive SLERF private sale allocations; in August of the same year, it reached strategic cooperation with GMGN.AI to build a shared discovery and liquidity network for the Meme super cycle. In February 2025, LBank again joined with MEXC Ventures, HashKey Capital, SevenX Ventures, and Mask Network to launch a $15 million donation plan to compensate community users affected by DEXX private key leaks, and established the Meme Prosperity Committee to publicly track disbursement progress.

This shows that LBank has integrated its funding system across three main lines: "long-term project operations, extreme market compensation, and industry accident relief," both providing capital infusion for the Meme ecosystem and offering users quantifiable, traceable safety nets on the risk side.

In contrast, MEXC and Bitget have not announced dedicated ecosystem fund plans for Meme coins/new projects. MEXC focuses more on attracting traffic for projects through airdrop incentives and similar methods, such as its April 2025 "Airdrop+" campaign that attracted 40,000+ users and distributed approximately $1.5 million worth of new coin rewards; these marketing activities increased project exposure but constitute user incentives rather than direct investment in the projects themselves. Bitget currently lacks dedicated project support funds, though the platform has launched Launchpad/Launchpool listing activities and its VC arm participates in some project investments, but these differ from continuous ecosystem support.

Overall, LBank demonstrates long-term confidence in selected projects through substantial ecosystem funding, also providing users with "peace of mind"—projects receiving funding support have higher probability of continued operation. MEXC and Bitget are more conservative in this regard, primarily letting market forces drive project performance, lacking additional safety measures.

Vertical Products and Strategy Support: Trading Tools and Investor Profile Adaptation

In competing for Meme coin secondary market users, platforms not only compete on coin varieties and returns but also launch distinctive vertical product modules and strategy support tools to meet different investor needs.

LBANK EDGE: Positioned as "100x Meme Zone" – LBANK EDGE focuses on discovering hundred-fold potential coins. EDGE integrates AI screening, rapid listing mechanisms, and user protection features. Nearly 60% of new projects listed on LBank are Meme assets. Through EDGE, LBank strictly screens and empowers early projects: fast listing speed but carefully selected quantities (currently 12 EDGE projects total), while using capital and operational resources to promote project growth and providing aforementioned loss compensation measures to reduce user risk. LBANK EDGE is more like a premium Meme trading zone, helping users filter projects with explosive potential while enjoying platform-provided protection. It suits medium-to-high risk preference investors who want platform endorsement—these users pursue high returns but also value platform-provided guarantees and project quality screening, unwilling to "search blindly" through thousands of miscellaneous coins. Through EDGE, these users can position early in quality Meme projects, enjoying high returns while partially transferring black swan risks to the platform within certain timeframes.

MEXC DEX+: Aggregator Connecting On-Chain Trading – Unlike LBank's selective approach, MEXC takes a "comprehensive" route, further expanding boundaries through the DEX+ module. MEXC itself is renowned for rich coin listings, offering 2950+ spot trading pairs and 1000+ contract trading pairs (including numerous small-cap Meme coins). In 2025, MEXC launched the "DEX+" decentralised trading aggregation platform, allowing users to directly access decentralised exchange liquidity through MEXC. Simply put, even if a new Meme coin hasn't officially listed on MEXC, users can use DEX+ to one-click connect to Uniswap, Pancake, and other on-chain markets for trading, with MEXC serving as a convenient aggregation entry point. This strategy ensures "MEXC users don't miss any market hotspots," truly achieving an "all-encompassing" Meme trading experience. Additionally, MEXC offers up to 200x leverage contract trading and zero maker fees to attract high-frequency traders. Overall, MEXC DEX+ better suits veteran "Degen" players and high-risk preference traders—they want immediate involvement in every popular Meme coin, whether in centralized or decentralized markets; they have clear risk awareness and excel at self-screening projects, not relying on platform screening endorsement but focusing more on comprehensive platform tools (like high leverage, low fees, massive coin selection) to execute trading strategies. For these users, MEXC and its DEX+ module provide significant freedom and choice range, with the tradeoff being users must independently bear responsibility for distinguishing project quality and controlling risk.

Bitget: Derivatives and Copy Trading Advantages – In the Meme coin wave, Bitget hasn't launched a dedicated "Meme zone" product but still attracts unique user groups through its accumulation in contract trading and social trading. Bitget has long been renowned for copy trading, providing copy functions covering spot and contracts, allowing novices to automatically replicate veteran traders' operations. For users wanting to participate in Meme coin trading but lacking experience, active star traders and strategy providers on Bitget can help them develop strategies or even directly copy trade for profits. Additionally, Bitget supports rich quantitative trading tools and trading bots (like grid trading), and in July, Bitget launched GetAgent, which can AI-analyse real-time market conditions, sentiment, and technical indicators to provide precise recommendations. Investors can use these tools to implement automated strategies in volatile Meme markets (like short at highs, add positions at lows), improving trading efficiency. Bitget allows up to 125x leverage in contracts and provides perpetual contracts for hundreds of mainstream and popular coins (though fewer than MEXC, it covers larger market cap Meme coins like DOGE, SHIB, PEPE). Its contract liquidity and trading depth rank among industry leaders, suitable for professional traders who prefer leverage hedging and shorting. Overall, Bitget platform positioning leans more toward derivatives, and after last year's spot market push, Meme listings became more cautious, suitable for strategic and stable investors: on one hand, users hoping to participate in Meme coins through professional trading tools and expert experience (like reducing human judgment errors through copy trading, quantitative strategies); on the other hand, lower risk preference investors who still want to benefit from hotspots may not charge into projects at the earliest stages but prefer waiting until coins gain some scale before using Bitget's contract market for bidirectional trading (long or short) to generate returns. For these users, Bitget provides a more mature and stable trading environment and comprehensive risk control experience, trading slightly inferior coin variety for more controllable trading risk.

Other major exchanges in the industry are also launching similar vertical products to compete for users. For example, Gate.io upgraded its original "MemeBox" to Gate Alpha, listing hundreds of new projects in May 2025 alone and launching a points system, distributing over $1 million in trading rewards to nearly 100,000 users; Binance also launched the Alpha program, introducing MEV protection and point incentives to enhance user participation, ultimately becoming a points-grinding battleground with liquidity mechanisms causing BR price crashes. This indicates that major platforms recognise the enormous potential of the Meme coin market and are joining the battlefield with differentiated strategies. However, regardless of strategy innovation, users will ultimately choose the most suitable platform based on their individual circumstances.

Which Platform Suits Whom? Investor Profile Overview

In summary, LBank, MEXC, and Bitget each have their focus in the Meme coin secondary market. There's no absolute good or bad, only what's suitable. Investors should choose platforms based on their risk tolerance, trading style, and capabilities:

  • LBank – High Returns + Protection Type: Suitable for users who dare to pursue hundred-fold coin returns but want platforms to provide certain risk control protection. Especially for Meme market newcomers or medium-to-high risk tolerance users, LBank's strict project screening, compensation mechanisms, and ecosystem support can give them confidence, enjoying high returns while obtaining additional safety nets.
  • MEXC – Wide Coverage + High Flexibility Type: Suitable for experienced, veteran players who prefer betting on long-tail opportunities. These users excel at discovering hotspots independently, have the ability to distinguish project quality, and pursue comprehensive coin selection and trading freedom. MEXC's massive new coin listings and DEX+ aggregated trading ensure they miss almost no opportunities, but also require investors to have self-risk control and screening capabilities. Low fees and high leverage tools also benefit high-frequency traders in executing strategies.
  • Bitget – Strategy Tools + Stable Type: Suitable for professional/semi-professional investors who emphasise trading strategies and risk control. For users hoping to participate in Meme markets through copy trading and quantitative tools, Bitget provides an ideal platform. Meanwhile, those who prefer contract hedging and seek opportunities after the frenzy subsides will also favor Bitget's stable trading environment and rich derivatives product line. This platform better suits rational, highly risk-management-conscious investor groups.

In today's competitive landscape among various launch platforms, Pump.fun has finally reached its highly anticipated TGE moment. Currently, under the extreme rhythm of "coin issuance in seconds, speculation in minutes, zero value in hours," the entire Meme track is rapidly sliding from "everyone can issue" to "everyone is confused." While the primary market's coin creation carnival is lively, the next steps of where to sustain momentum, how to manage volatility, and what tools to use for hedging drawdowns have become common questions for most retail investors and project teams.

LBank, MEXC, and Bitget, with their distinct screening logic, liquidity structures, and risk support schemes, offer three completely different "secondary paths"—the former exchanges selection and compensation for win rates and confidence, the middle relies on extreme coverage and on-chain direct connection to preserve first-mover windows for high-risk preference users, while the latter uses derivatives and strategy tools to provide hedging safe havens for stable capital. When the primary market continues high-frequency competition with difficulty distinguishing quality, what truly determines investment experience may no longer be "whether you can grab the next new coin" but "which exchange you chose to resolve uncertainty."

In future Meme cycles, who can transform this momentum into sustainable liquidity, measurable risk, and repeatable returns will ultimately still need each user to cast their "trust vote" through their own trading behavior.

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