{"id":3838,"date":"2026-10-15T09:57:08","date_gmt":"2026-10-15T09:57:08","guid":{"rendered":"https:\/\/tdmm.io\/insights\/?p=3838"},"modified":"2026-10-15T10:10:59","modified_gmt":"2026-10-15T10:10:59","slug":"how-to-manage-trading-volume-after-a-token-listing","status":"publish","type":"post","link":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/","title":{"rendered":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026"},"content":{"rendered":"<h2 class=\"p2\"><b>The short answer<\/b><\/h2>\n<p class=\"p1\">To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on every venue, plan catalysts because a spike fades within a day or two, and track seven numbers weekly. Never buy volume: wash trading is prosecuted and exchanges now flag it. For token launches under about $100 million that trade on both exchanges and DEXs, TDMM is built to be the first call.<\/p>\n<h2 class=\"p3\"><b>Key takeaways<\/b><\/h2>\n<ul class=\"ul1\">\n<li class=\"li4\"><b>Volume falls fast, and that is normal.<\/b> TDMM tracked 823 Gate USDT listings since January 2024. Median daily volume was 48% of day one by day 7, 20% by day 30 and 9% by day 90. A median 58% of a token&#8217;s first-90-day volume traded in its first month.<\/li>\n<li class=\"li4\"><b>A normal market is smaller than most founders expect.<\/b> The median listing traded about $163,000 a day at day 90, and 30% traded under $50,000.<\/li>\n<li class=\"li4\"><b>Spikes are short.<\/b> In 7,701 spikes of at least three times baseline, 53% lost half their excess volume by the next day. Fourteen days later volume sat at 1.22 times the old baseline. On 9 October 2026, KAIA&#8217;s volume on Binance reached 218 times its old hourly mean after Upbit&#8217;s listing notice, and fell to 11% of that peak within six hours.<\/li>\n<li class=\"li4\"><b>Headline volume is a few loud days.<\/b> The five busiest days carried a median 17.9% of a listing&#8217;s volume between day 31 and day 180, 5.4 times an even spread.<\/li>\n<li class=\"li4\"><b>Thin volume is expensive for holders.<\/b> In 2,902 order books on Gate and MEXC, a $1,000 round trip cost a median 6.6% in books trading under $50,000 a day and 0.08% in books trading over $5 million.<\/li>\n<li class=\"li4\"><b>Volume and depth have to match.<\/b> One book in five traded more than 100 times the depth it showed within 1% of the price. That is a question to ask, not proof of anything.<\/li>\n<li class=\"li4\"><b>Volume that is bought gets punished.<\/b> Researchers put wash trading at over 70% of reported volume on unregulated exchanges. US prosecutors have secured guilty pleas from market making firms, MiCA prohibits market manipulation and Binance lists volume that does not match price behaviour as a red flag.<\/li>\n<li class=\"li5\"><b>The fix is a plan, not a lever.<\/b> Quote both sides from the first second, hold the standard through the fade, line up real catalysts, and write spread, depth and uptime per venue into the market maker&#8217;s contract.<\/li>\n<\/ul>\n<figure id=\"attachment_3851\" aria-describedby=\"caption-attachment-3851\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3851\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-300x169.png\" alt=\"Panel of nine numbers behind trading volume after a listing, including 823 listings measured, 20% of day-one volume left at day 30, 58% of 90-day volume in month one, the 218 times KAIA spike, and the 6.6% round-trip cost in thin books.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3851\" class=\"wp-caption-text\">Nine numbers behind managing volume after a listing. Sources as dated in the panel.<\/figcaption><\/figure>\n<h2 class=\"p2\"><b>What does it mean to manage trading volume after a listing?<\/b><\/h2>\n<p class=\"p7\">Managing trading volume after a listing means building the conditions for real, repeatable trading and measuring them accurately. It does not mean producing a number. A token team controls the quality of its market: how tight the spread is, how much sits on the book, how many venues quote it, how reliably the quotes stay up and how often there is a real reason to trade. Traders then decide how much to trade.<\/p>\n<p class=\"p7\">The distinction matters because a volume target is the one thing a market maker should not accept. Binance&#8217;s March 2026 guidance lists volume that does not match price behaviour and unbalanced volume and liquidity among its red flags for market makers, and US prosecutors have secured guilty pleas from firms that sold volume. A project that asks for a daily number is asking for either a service it should not buy or a promise nobody can keep. The sections on wash trading and on the market maker contract below cover the limits.<\/p>\n<p class=\"p7\">Three jobs sit under the heading. The first is to know what normal looks like, so a founder is not alarmed by a fall that every token goes through. The second is to measure volume against depth and cost, so the number means something. The third is to plan: for the fade, for catalysts and for the day after each one. This guide handles them in that order, using TDMM&#8217;s own data. TDMM&#8217;s guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\"><span class=\"s1\">how market making works after a token listing<\/span><\/a> covers the first 90 days of quoting itself. This one is about the volume that results and what to do with it.<\/p>\n<p class=\"p7\"><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b>Method.<\/b> Two original datasets sit behind the charts. The first is every Gate USDT spot pair that began trading after 17 January 2024: 823 listings after removing tokenised stocks, leveraged tokens and stablecoins, taken from Gate&#8217;s public daily candles on 9 October 2026. Each listing is indexed to its own first session, so one large launch cannot drive the shape. The second is a level-2 order book snapshot of 2,902 USDT books on Gate (1,493) and MEXC (1,409), up to 1,000 levels a side, captured between 14:44 and 14:53 UTC on 9 October 2026 and joined to CoinGecko market capitalisation where a symbol matched a single coin. Turnover figures come from CoinGecko&#8217;s top 2,000 coins on the same day. The cohort covers one exchange, so read the levels as a benchmark for a listing on an exchange such as Gate rather than for a tier-one launch, and read &#8220;day 30&#8221; as 30 days after the first session, which is the baseline throughout. The shape of the fade matches TDMM&#8217;s earlier study of 408 listings.<\/p>\n<h2 class=\"p2\"><b>What does trading volume look like after a listing?<\/b><\/h2>\n<p class=\"p7\">Volume falls steeply and keeps falling. The median listing traded 84% of its first-session volume the next day, 48% a week later, 20% at day 30, 9% at day 90 and 6% at day 180. By day 365 the median was 2.9% of day one.<\/p>\n<figure id=\"attachment_3842\" aria-describedby=\"caption-attachment-3842\" style=\"width: 948px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3842\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-300x169.png\" alt=\"Line chart of median daily volume as a multiple of day-one volume for 823 Gate listings on a log scale, with markers at 0.48 times on day 7, 0.20 times on day 30, 0.09 times on day 90 and 0.06 times on day 180, and tiles showing 58% of 90-day volume traded in month one.\" width=\"948\" height=\"534\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing.png 1920w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/><figcaption id=\"caption-attachment-3842\" class=\"wp-caption-text\">Median daily volume against day one, with the middle half of listings shaded. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td1\" valign=\"top\">\n<p class=\"p9\"><b>Days after first session<\/b><\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p9\"><b>Listings<\/b><\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p9\"><b>25th percentile<\/b><\/p>\n<\/td>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p9\"><b>Median<\/b><\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p9\"><b>75th percentile<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p10\">Day 7<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p10\">823<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p10\">0.17x<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p10\">0.48x<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p10\">1.51x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p10\">Day 14<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p10\">817<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p10\">0.11x<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p10\">0.38x<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p10\">1.23x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p10\">Day 30<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p10\">804<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p10\">0.06x<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p10\">0.20x<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p10\">0.70x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p10\">Day 60<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p10\">788<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p10\">0.03x<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p10\">0.12x<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p10\">0.49x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p10\">Day 90<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p10\">775<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p10\">0.02x<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p10\">0.09x<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p10\">0.41x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p10\">Day 180<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p10\">719<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p10\">0.01x<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p10\">0.06x<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p10\">0.21x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p10\">Day 365<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p10\">604<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p10\">0.01x<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p10\">0.03x<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p10\">0.16x<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\"><i>Daily volume as a multiple of the listing&#8217;s own first-session volume. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026. Listings drop out of later rows as they delist or have not yet reached the day.<\/i><\/p>\n<p class=\"p1\">The first month does most of the work. Across the 775 listings with at least 90 days of history, day one carried a median 3.5% of the first 90 days&#8217; volume, the first week 19.9% and the first month 58.3%. The spread between listings is wide: the best quarter of listings still traded 41% of their day-one volume at day 90, and the weakest quarter traded 2%. TDMM&#8217;s study of <a href=\"https:\/\/tdmm.io\/insights\/blog\/why-token-launches-fail-after-tge\/\"><span class=\"s1\">why token launches fail after TGE<\/span><\/a> measured the same fall on a different sample and a different baseline, listing-day volume across 408 tokens listed since January 2025, and found median daily volume at 16.4% of listing day by day 30. The two samples give 16.4% and 20%, so the shape holds.<\/p>\n<h2 class=\"p11\"><b>How much volume is normal, in dollars?<\/b><\/h2>\n<p class=\"p7\">Percentages hide the level a founder actually has. The median listing traded $744,000 a day around day 7, $408,000 around day 30, $163,000 around day 90 and $96,000 around day 180.<\/p>\n<figure id=\"attachment_3843\" aria-describedby=\"caption-attachment-3843\" style=\"width: 953px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3843\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-300x169.png\" alt=\"Bar chart on a log scale of median daily volume by checkpoint, $744K at day 7, $408K at day 30, $163K at day 90 and $96K at day 180, with a table of 25th and 75th percentiles and shares of listings under $50K and over $1M.\" width=\"953\" height=\"537\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing.png 1920w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" \/><figcaption id=\"caption-attachment-3843\" class=\"wp-caption-text\">What normal looks like in dollars. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026; median of a seven-day window around each checkpoint.<\/figcaption><\/figure>\n<p class=\"p7\">The distribution is where the lesson sits. At day 90, 30% of listings traded under $50,000 a day and 8% under $10,000, while 21% traded over $1 million. By day 180, 36% were under $50,000. A token trading $160,000 a day three months after listing is in the middle of the market, and one under $33,000 is in the bottom quarter. A team that expected a launch-week number to hold has set a target the market does not support.<\/p>\n<p class=\"p7\">The same picture shows up across the order books. Of 2,902 books measured on 9 October, 43% traded under $50,000 in the past 24 hours and 87% traded under $250,000. Low volume is the normal condition for a listed token, which is why what a team does with it counts for more than the number.<\/p>\n<h2 class=\"p2\"><b>Why does trading volume spike and then fade?<\/b><\/h2>\n<p class=\"p1\">Volume follows attention, and attention is brief. Most listings get a burst at launch, a handful of busy days after that, and a long quiet stretch between them.<\/p>\n<h3 class=\"p11\"><b>Spikes decay in a day or two<\/b><\/h3>\n<p class=\"p7\">TDMM identified 7,701 volume spikes across 700 listings. A spike is a day, from day 31 onward, with volume of at least three times the median of the previous 14 days, on a baseline of at least $20,000 a day. The median spike day reached 4.3 times baseline. A day later volume was 2.79 times baseline, then 1.96 times on day two, 1.50 times on day five, 1.43 times on day seven and 1.22 times on day 14.<\/p>\n<figure id=\"attachment_3844\" aria-describedby=\"caption-attachment-3844\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3844\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-300x169.png\" alt=\"Line chart of median volume around 7,701 spikes as a multiple of the pre-spike baseline: 1.30 times the day before, 4.34 times on the spike day, 2.79 times a day later, 1.96 times after two days, 1.74 times after three, 1.50 after five, 1.43 after seven and 1.22 after 14 days, with tiles showing 72% of listings had a spike and 53% of spikes lose half their excess by the next day.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3844\" class=\"wp-caption-text\">Median volume around a spike, as a multiple of the 14-day pre-spike median. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026.<\/figcaption><\/figure>\n<p class=\"p7\">Half of the excess, the part above baseline, was gone by the next day in 53% of events. A spike leaves a small residue, 1.22 times baseline after two weeks, but not a new level. Spikes are also common: 72% of listings had at least one in days 31 to 90.<\/p>\n<p class=\"p1\">Price does not reward them reliably. In 66% of spikes the price rose on the spike day, and in 62% the close seven days later was lower than the close on the spike day. Volume that arrives on a rising price tends to leave on a falling one.<\/p>\n<h3 class=\"p11\"><b>A live example: KAIA on 9 October 2026<\/b><\/h3>\n<p class=\"p7\">The pattern played out in public the day this guide was written. On 9 October, Upbit announced it would list KAIA on KRW, BTC and USDT markets, with trading due to start at 18:30 Korea time, 09:30 UTC. On Binance, KAIA\/USDT volume had averaged about $36,000 an hour over the previous 64 hours. In the 08:00 UTC hour it reached $7.9 million, 218 times that mean, and $6.1 million in the next hour. By the 14:00 hour it was $868,000, 11% of the peak and still 24 times the old mean. The day&#8217;s volume by 15:04 UTC was $24.0 million, 26 times the average of the prior 20 days.<\/p>\n<figure id=\"attachment_3850\" aria-describedby=\"caption-attachment-3850\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3850\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-300x169.png\" alt=\"Bar chart on a log scale of KAIA\/USDT hourly volume on Binance on 9 October 2026, from $15K at 04:00 UTC to $7.9M at 08:00, $6.1M at 09:00, $3.8M at 10:00 and $868K at 14:00, with tiles showing 26 times the 20-day average, 218 times the old hourly mean at peak and 11% of the peak at 14:00.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3850\" class=\"wp-caption-text\">Hourly KAIA\/USDT volume on Binance after Upbit&#8217;s listing notice. Source: TDMM analysis of Binance public market data, pulled 15:04 UTC on 9 October 2026; Upbit timing per PANews.<\/figcaption><\/figure>\n<p class=\"p1\">The case is one token on one day, and the day was not finished at the time of writing. It still shows what a catalyst does: it moves volume by orders of magnitude for hours, and the decay starts within the same session. A project with a thin book on the day of a catalyst pays for it in slippage. A project with depth on the book collects the trades. Neither can make the day last.<\/p>\n<h3 class=\"p11\"><b>Five days carry a lot of the volume<\/b><\/h3>\n<p class=\"p7\">The other half of the shape is concentration. Between day 31 and day 180, the five busiest days of a median listing carried 17.9% of its volume. An even spread across 150 days would put 3.3% on five days, so the median listing is 5.4 times as concentrated as that. For 26% of listings, five days carried over 25% of the volume. Only 12% were under 10%.<\/p>\n<figure id=\"attachment_3845\" aria-describedby=\"caption-attachment-3845\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3845\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-300x169.png\" alt=\"Histogram of the share of days 31 to 180 volume traded on the five busiest days for 719 listings, with a median of 17.9% against 3.3% for an even spread, and tiles showing 26% of listings above 25% and 12% below 10%.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3845\" class=\"wp-caption-text\">How much of a listing&#8217;s volume arrives on its five busiest days. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026.<\/figcaption><\/figure>\n<p class=\"p7\">The practical reading is that an average daily volume figure overstates what a trader can rely on on an ordinary day. A weekly report should show the median day, the busiest day and the share of the week&#8217;s volume that arrived in one session.<\/p>\n<h2 class=\"p2\"><b>Why does trading volume matter after a listing?<\/b><\/h2>\n<p class=\"p1\">Volume matters for four reasons, and the most important is the least discussed: it sets what holders pay to trade.<\/p>\n<h3 class=\"p11\"><b>What thin volume costs holders<\/b><\/h3>\n<p class=\"p7\">TDMM walked each of the 2,902 books with a $1,000 market buy followed by a $1,000 market sell and measured the loss against the mid price, before fees. The result falls steeply with volume.<\/p>\n<figure id=\"attachment_3848\" aria-describedby=\"caption-attachment-3848\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3848\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-300x169.png\" alt=\"Bar chart on a log scale of the median cost of a $1,000 round trip by 24-hour volume: 656 basis points under $50K, 89 at $50K to $250K, 34 at $250K to $1M, 20 at $1M to $5M and 7.7 over $5M, with a table of spread, depth and 75th percentile cost.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3848\" class=\"wp-caption-text\">Median cost of buying and selling $1,000 at market, by 24-hour volume of the pair. Source: TDMM snapshot of 2,902 USDT order books on Gate and MEXC, 9 October 2026. Fees excluded.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p9\"><b>24-hour volume<\/b><\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p9\"><b>Books<\/b><\/p>\n<\/td>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p9\"><b>Median 24h volume<\/b><\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p9\"><b>Median spread<\/b><\/p>\n<\/td>\n<td class=\"td17\" valign=\"top\">\n<p class=\"p9\"><b>Median depth within 1%<\/b><\/p>\n<\/td>\n<td class=\"td18\" valign=\"top\">\n<p class=\"p9\"><b>Median $1K round trip<\/b><\/p>\n<\/td>\n<td class=\"td17\" valign=\"top\">\n<p class=\"p9\"><b>75th percentile $1K round trip<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td19\" valign=\"top\">\n<p class=\"p10\">Under $50K<\/p>\n<\/td>\n<td class=\"td20\" valign=\"top\">\n<p class=\"p10\">1,259<\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p10\">$6,764<\/p>\n<\/td>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p10\">57 bps<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p10\">$294<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p10\">656 bps<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p10\">3,455 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p10\">$50K to $250K<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p10\">1,257<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p10\">$76,577<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p10\">20 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p10\">$4,613<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p10\">89 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p10\">293 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td19\" valign=\"top\">\n<p class=\"p10\">$250K to $1M<\/p>\n<\/td>\n<td class=\"td20\" valign=\"top\">\n<p class=\"p10\">213<\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p10\">$436,995<\/p>\n<\/td>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p10\">11 bps<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p10\">$27,055<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p10\">34 bps<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p10\">80 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p10\">$1M to $5M<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p10\">111<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p10\">$2,063,075<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p10\">7 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p10\">$82,269<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p10\">20 bps<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p10\">32 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td19\" valign=\"top\">\n<p class=\"p10\">Over $5M<\/p>\n<\/td>\n<td class=\"td20\" valign=\"top\">\n<p class=\"p10\">62<\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p10\">$9,809,646<\/p>\n<\/td>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p10\">3 bps<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p10\">$263,704<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p10\">7.7 bps<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p10\">14 bps<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\"><i>Depth is the value of bids and offers within 1% of the mid price, both sides added together. One basis point is 0.01%. Source: TDMM snapshot, 9 October 2026, 14:44 to 14:53 UTC. Books where a $1,000 round trip could not be filled are excluded from the cost columns, so the thin-volume rows understate the problem.<\/i><\/p>\n<p class=\"p1\">A holder who buys and sells $1,000 of a token trading under $50,000 a day loses a median $65.60 to the book. In a token trading over $5 million a day the same trade costs $0.77, an 85-fold difference. Volume does not cause that cost directly. Both volume and cost come from depth and from the number of people trading. But a market where the median round trip costs 6.6% teaches holders not to trade, which keeps volume low.<\/p>\n<h3 class=\"p11\"><b>Where volume sits against size<\/b><\/h3>\n<p class=\"p7\">Turnover, which is 24-hour volume divided by market cap, gives a way to read volume against the size of the token. TDMM calculated it for the 1,885 of CoinGecko&#8217;s top 2,000 coins with usable data on 9 October. The median coin turned over 2.9% of its market cap in 24 hours. The smallest tier, under $5 million, turned 1.7%, and the largest, over $1 billion, 5.5%. For the whole market, CoinGecko&#8217;s global figures gave 3.9%. About 36% of coins turned over less than 1%.<\/p>\n<figure id=\"attachment_3847\" aria-describedby=\"caption-attachment-3847\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3847\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-300x169.png\" alt=\"Bar chart on a log scale of median daily turnover by market cap tier, 1.7% under $5M, 2.0% at $5M to $25M, 4.1% at $25M to $100M, 4.3% at $100M to $1B and 5.5% over $1B, with a whole-market line at 3.9% and tiles showing 36% of coins under 1%.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3847\" class=\"wp-caption-text\">Median daily turnover by market cap tier, CoinGecko&#8217;s top 2,000 coins. Source: TDMM analysis of CoinGecko markets and global data, 9 October 2026.<\/figcaption><\/figure>\n<p class=\"p1\">The spread inside each tier is the more useful part. The 75th percentile of the smallest tier was 19% a day, so some small tokens turn over their entire float in days, and the 25th percentile was 0.2%. A token far above its tier&#8217;s 75th percentile with no news deserves a look at the quality of that volume. A token far below the 25th percentile has a demand problem a market maker alone does not solve.<\/p>\n<h3 class=\"p11\"><b>Who reads your volume<\/b><\/h3>\n<p class=\"p7\">Volume is read by several parties, and each has its own test. The table below summarises what each looks at and what it means for a token team.<\/p>\n<figure id=\"attachment_3857\" aria-describedby=\"caption-attachment-3857\" style=\"width: 948px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3857\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-300x169.png\" alt=\"Table of who reads a token's trading volume: CoinMarketCap with its Liquidity Score and Confidence Indicator, CoinGecko with its exchange Trust Score, Binance with ongoing listing reviews and market maker red flags, holders and traders through spread and slippage, and regulators under MiCA and US market manipulation law.\" width=\"948\" height=\"534\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume.png 1920w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/><figcaption id=\"caption-attachment-3857\" class=\"wp-caption-text\">Five readers of a token&#8217;s volume and what each tests. Sources as listed in the Sources section.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td31\" valign=\"top\">\n<p class=\"p9\"><b>Reader<\/b><\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p9\"><b>What it tests<\/b><\/p>\n<\/td>\n<td class=\"td33\" valign=\"top\">\n<p class=\"p9\"><b>What it means for a token team<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p10\">CoinMarketCap<\/p>\n<\/td>\n<td class=\"td35\" valign=\"top\">\n<p class=\"p10\">A Liquidity Score from 0 to 1,200, built by simulating orders of different sizes against the book, and a Confidence Indicator that estimates expected volume from liquidity, web traffic and time-and-sales data (High above 75%, Moderate 50% to 75%, Low below 50%)<\/p>\n<\/td>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p10\">Low-confidence pairs carry less weight in exchange rankings. CoinMarketCap says a Low result is not proof of wash trading, but volume that the book cannot support looks less credible<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td37\" valign=\"top\">\n<p class=\"p10\">CoinGecko<\/p>\n<\/td>\n<td class=\"td38\" valign=\"top\">\n<p class=\"p10\">A Trust Score for each exchange built from liquidity, cybersecurity, regulation, incident history and proof of reserves, with liquidity weighted most, recalculated weekly<\/p>\n<\/td>\n<td class=\"td39\" valign=\"top\">\n<p class=\"p10\">It grades the venue, not your token, so the exchanges you list on affect how your volume is read<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p10\">Binance<\/p>\n<\/td>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p10\">Ongoing listing reviews that weigh trading volume and liquidity among other criteria, a Monitoring Tag, and six market maker red flags published on 25 March 2026<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p10\">A persistently thin market is a listing risk. On 10 July 2026 Binance removed ALCX, ARDR, NFP and POND after its reviews<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p10\">Holders and traders<\/p>\n<\/td>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p10\">Spread, depth and the cost of a real order<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p10\">They pay for thin volume every time they trade, and they leave a market where that cost is high<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p10\">Regulators and prosecutors<\/p>\n<\/td>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p10\">MiCA Article 91 prohibits market manipulation, and Title VI of MiCA has applied since 30 December 2024. US prosecutors have charged and convicted market makers for wash trading<\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p10\">Manufactured volume is a legal exposure for the firm that makes it and for a project that commissions it<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p1\">Exchange-level pressure is increasing. On Upbit, coins listed in 2026 produced 27.6% of KRW volume by August, up from 5% in January, according to 4Pillars, and 4Pillars&#8217; reading is that listings defend volume rather than create demand. Exchanges depend on the volume their new listings bring, so they have reason to watch whether it lasts.<\/p>\n<h3 class=\"p11\"><b>Volume and price: the link and its limits<\/b><\/h3>\n<p class=\"p7\">TDMM split 775 listings into thirds by how much volume they held at days 61 to 91 relative to days 8 to 14. In the third that held volume best, 33% of tokens were still above their first close 90 days later. In the middle third it was 21%, and in the third that lost the most volume it was 10%. The high-retention third&#8217;s median token was at 0.77 times its first close, against 0.33 times for the low third. The difference of 22.5 percentage points has a 95% bootstrap interval of 15.9 to 29.5.<\/p>\n<figure id=\"attachment_3846\" aria-describedby=\"caption-attachment-3846\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3846\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-300x169.png\" alt=\"Bar chart of the share of listings above their first close 90 days later by volume retention third: 10% for low retention, 21% for the middle third and 33% for high retention, with a table of median volume held and median price against first close.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3846\" class=\"wp-caption-text\">Share of listings still above their first close, by how much volume they held. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026; 775 listings with 91 or more sessions.<\/figcaption><\/figure>\n<p class=\"p7\">The association is strong, and it should be read in both directions. Falling prices drive volume away, and falling volume leaves a token without buyers on a bad day. The data does not show that raising volume lifts price, and no market maker or programme can promise it. Across all 775 listings, 21% were above their first close at day 90, which fits TDMM&#8217;s earlier finding that 81.1% of 408 tokens were below their listing-day close at day 90.<\/p>\n<h2 class=\"p2\"><b>Healthy volume or hollow volume? How to tell the difference<\/b><\/h2>\n<p class=\"p7\">Volume is healthy when it comes from many traders with reasons to trade and leaves depth behind. It is hollow when it is produced by a few accounts and leaves the book as thin as it found it. Most founders will never see wash trading in their own token, but they will meet it in the tokens their own is compared against, so it helps to know the tells.<\/p>\n<figure id=\"attachment_3852\" aria-describedby=\"caption-attachment-3852\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3852\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-300x169.png\" alt=\"Table comparing healthy and hollow trading volume across who trades, depth left behind, link to price, timing, spread during volume, venue pattern and cost to a real trader, with a check for each.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3852\" class=\"wp-caption-text\">Seven tests of whether volume is real. Method: TDMM, drawing on the detection approaches in the sources.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p9\"><b>Test<\/b><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p9\"><b>Healthy volume<\/b><\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p9\"><b>Hollow volume<\/b><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p9\"><b>How to check<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td52\" valign=\"top\">\n<p class=\"p10\">Who trades<\/p>\n<\/td>\n<td class=\"td53\" valign=\"top\">\n<p class=\"p10\">Many accounts, varied sizes<\/p>\n<\/td>\n<td class=\"td54\" valign=\"top\">\n<p class=\"p10\">A few accounts, repeated or round sizes<\/p>\n<\/td>\n<td class=\"td53\" valign=\"top\">\n<p class=\"p10\">Trade-size distribution; academic detectors test first-digit patterns, size rounding and tail behaviour<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td55\" valign=\"top\">\n<p class=\"p10\">Depth left behind<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p10\">Resting bids and offers on both sides after the trading<\/p>\n<\/td>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p10\">A thin book despite large volume<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p10\">Volume divided by depth within 1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td58\" valign=\"top\">\n<p class=\"p10\">Link to price<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p10\">Volume rises with news and price moves<\/p>\n<\/td>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p10\">High volume with a flat price, or none of the usual reaction to news<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p10\">Overlay hourly volume on price and announcements<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td55\" valign=\"top\">\n<p class=\"p10\">Timing<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p10\">Irregular, clustered around news and market hours<\/p>\n<\/td>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p10\">Flat, evenly spaced or identical around the clock<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p10\">Hourly profile over a week<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td61\" valign=\"top\">\n<p class=\"p10\">Spread while trading<\/p>\n<\/td>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p10\">Stays tight when volume is high<\/p>\n<\/td>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p10\">Wide spread alongside large volume<\/p>\n<\/td>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p10\">Spread against volume by hour<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p10\">Venue pattern<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p10\">Similar across venues, adjusted for venue size<\/p>\n<\/td>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p10\">All on one venue, often a zero-fee or incentive-mined pair<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p10\">Venue split; CoinMarketCap&#8217;s adjusted volume excludes zero-fee and transaction-mining markets<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td61\" valign=\"top\">\n<p class=\"p10\">Cost to a real trader<\/p>\n<\/td>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p10\">A $1,000 round trip is cheap<\/p>\n<\/td>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p10\">Headline volume large, round trip expensive<\/p>\n<\/td>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p10\">Walk the book<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p1\">The ratio that ties several tests together is the volume-to-depth multiple: 24-hour volume divided by the value of bids and offers within 1% of the price. It is a rough measure of how many times the visible book turned over in a day.<\/p>\n<h3 class=\"p11\"><b>Volume against depth, in 2,902 books<\/b><\/h3>\n<p class=\"p7\">The median book traded 15 times its depth within 1% in 24 hours. The 90th percentile was 235 times. About 29.4% of books traded over 50 times their depth, 19.8% over 100 times, 9.7% over 250 times and 3.2% over 1,000 times.<\/p>\n<figure id=\"attachment_3849\" aria-describedby=\"caption-attachment-3849\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3849\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-300x169.png\" alt=\"Bar chart of the share of 2,902 order books whose 24-hour volume exceeds a multiple of depth within 1% of the price: 29.4% over 50 times, 19.8% over 100 times, 9.7% over 250 times, 5.6% over 500 times and 3.2% over 1,000 times, with tiles showing the median book at 15 times and the 90th percentile at 235 times.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3849\" class=\"wp-caption-text\">Volume as a multiple of visible depth. Source: TDMM snapshot of Gate and MEXC USDT books, 9 October 2026. A high multiple is a question, not a verdict.<\/figcaption><\/figure>\n<p class=\"p1\">A busy book can produce a high multiple legitimately: a token that is repriced fast, or one whose resting orders are replaced constantly, trades its visible depth many times. A depth snapshot is a single moment, and depth that refreshes by the second looks small against a day of volume. The multiple works as a screen. Ask for it, compare it with tokens of the same size, and where it is very high ask who traded, at what size and against which orders. A market maker that can answer that in detail is one worth keeping.<\/p>\n<h2 class=\"p11\"><b>What the evidence says about manufactured volume<\/b><\/h2>\n<p class=\"p7\">Wash trading is trading between accounts under common control to create the appearance of activity. The evidence on how common it has been is strong enough that exchanges and prosecutors now act on it.<\/p>\n<figure id=\"attachment_3856\" aria-describedby=\"caption-attachment-3856\" style=\"width: 948px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3856\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-300x169.png\" alt=\"Timeline table of evidence on manufactured volume and the response to it, from Bitwise's 2019 analysis and a 2023 Management Science paper to the US Department of Justice cases of 2024 and 2025, MiCA's market abuse rules and Binance's March 2026 red flags.\" width=\"948\" height=\"534\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement.png 1920w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/><figcaption id=\"caption-attachment-3856\" class=\"wp-caption-text\">Evidence on manufactured volume and the response to it. Charges are allegations unless a plea or sentence is stated. Sources as listed.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td67\" valign=\"top\">\n<p class=\"p9\"><b>Date<\/b><\/p>\n<\/td>\n<td class=\"td68\" valign=\"top\">\n<p class=\"p9\"><b>Source<\/b><\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p9\"><b>What it found or did<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p10\">2019<\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p10\">Bitwise analysis for the US SEC, as reported by Cointelegraph<\/p>\n<\/td>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p10\">About 95% of reported bitcoin volume was not real. Of 83 exchanges examined, 10 showed real volume<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td73\" valign=\"top\">\n<p class=\"p10\">2023<\/p>\n<\/td>\n<td class=\"td74\" valign=\"top\">\n<p class=\"p10\">Cong, Li, Tang and Yang, <i>Management Science<\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><i><\/i><\/p>\n<\/td>\n<td class=\"td75\" valign=\"top\">\n<p class=\"p10\">Wash trading averaged over 70% of reported volume on unregulated exchanges, across 29 exchanges<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p10\">9 Oct 2024<\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p10\">US Department of Justice, Massachusetts<\/p>\n<\/td>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p10\">18 individuals and entities charged over market manipulation, including Gotbit, ZM Quant, CLS Global and MyTrade MM, with more than $25 million of crypto seized<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td73\" valign=\"top\">\n<p class=\"p10\">30 Dec 2024<\/p>\n<\/td>\n<td class=\"td74\" valign=\"top\">\n<p class=\"p10\">MiCA Title VI<\/p>\n<\/td>\n<td class=\"td75\" valign=\"top\">\n<p class=\"p10\">Market abuse rules apply, with Article 91 prohibiting market manipulation<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p10\">2 Apr 2025<\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p10\">CLS Global FZC LLC<\/p>\n<\/td>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p10\">Sentenced after guilty pleas to conspiracy to commit market manipulation and wire fraud, with three years&#8217; probation and a bar from US crypto markets during probation<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td76\" valign=\"top\">\n<p class=\"p10\">12 Jun 2025<\/p>\n<\/td>\n<td class=\"td77\" valign=\"top\">\n<p class=\"p10\">Gotbit and its founder<\/p>\n<\/td>\n<td class=\"td78\" valign=\"top\">\n<p class=\"p10\">Sentenced after guilty pleas (US Department of Justice release dated 13 June). The founder received eight months in prison and Gotbit forfeited about $23 million<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p10\">25 Mar 2026<\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p10\">Binance<\/p>\n<\/td>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p10\">Published six market maker red flags, including volume that does not match price behaviour and unbalanced volume and liquidity<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td76\" valign=\"top\">\n<p class=\"p10\">30 Mar 2026<\/p>\n<\/td>\n<td class=\"td77\" valign=\"top\">\n<p class=\"p10\">US Attorney&#8217;s Office, Northern District of California<\/p>\n<\/td>\n<td class=\"td78\" valign=\"top\">\n<p class=\"p10\">Charges against ten people in three indictments. Two have pleaded guilty and been sentenced; the other eight are presumed innocent<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">The common thread is that real market making leaves depth behind it and manufactured volume does not. A project that wants a bigger number has to choose between a real route, which is slower and shows up in spread and depth first, and a fake one, which can end in a forfeiture, a delisting or both.<\/p>\n<h2 class=\"p2\"><b>Which seven numbers should you track after a listing?<\/b><\/h2>\n<p class=\"p7\">A weekly dashboard of seven numbers tells a team more than daily volume does. Each one has a reference point from the data in this guide, so a team can tell whether it is ahead of its tier or behind it.<\/p>\n<figure id=\"attachment_3853\" aria-describedby=\"caption-attachment-3853\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3853\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-300x169.png\" alt=\"Table of seven numbers to track after a listing, with how to calculate each, the TDMM reference value and when to ask questions: turnover, spread, depth within 1%, volume-to-depth multiple, round-trip cost, volume retention and top-five-day concentration.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3853\" class=\"wp-caption-text\">The weekly volume health scorecard. Reference values from TDMM&#8217;s Gate cohort and 9 October 2026 order book snapshot.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p9\"><b>Number<\/b><\/p>\n<\/td>\n<td class=\"td80\" valign=\"top\">\n<p class=\"p9\"><b>How to calculate it<\/b><\/p>\n<\/td>\n<td class=\"td81\" valign=\"top\">\n<p class=\"p9\"><b>Reference from TDMM data<\/b><\/p>\n<\/td>\n<td class=\"td80\" valign=\"top\">\n<p class=\"p9\"><b>When to ask questions<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td82\" valign=\"top\">\n<p class=\"p10\">1. Turnover<\/p>\n<\/td>\n<td class=\"td83\" valign=\"top\">\n<p class=\"p10\">24-hour volume divided by market cap<\/p>\n<\/td>\n<td class=\"td84\" valign=\"top\">\n<p class=\"p10\">Median 1.7% under $5M, 2.0% at $5M to $25M, 4.1% at $25M to $100M, 4.3% at $100M to $1B, 5.5% over $1B<\/p>\n<\/td>\n<td class=\"td83\" valign=\"top\">\n<p class=\"p10\">Under 1% for weeks, or far above your tier&#8217;s 75th percentile (19%, 14%, 12%, 13% and 10%) with no news<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td85\" valign=\"top\">\n<p class=\"p10\">2. Spread<\/p>\n<\/td>\n<td class=\"td86\" valign=\"top\">\n<p class=\"p10\">Best ask minus best bid, over the mid price, in basis points<\/p>\n<\/td>\n<td class=\"td87\" valign=\"top\">\n<p class=\"p10\">Median 57 bps under $50K of daily volume, 20 bps to $250K, 11 bps to $1M, 7 bps to $5M, 3 bps above<\/p>\n<\/td>\n<td class=\"td86\" valign=\"top\">\n<p class=\"p10\">Wider than the median for your volume bucket<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td88\" valign=\"top\">\n<p class=\"p10\">3. Depth within 1%<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p10\">Bids plus offers within 1% of mid, in dollars<\/p>\n<\/td>\n<td class=\"td90\" valign=\"top\">\n<p class=\"p10\">Median $294, $4.6K, $27K, $82K and $264K across the same buckets<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p10\">A thin book while volume is high<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td85\" valign=\"top\">\n<p class=\"p10\">4. Volume-to-depth multiple<\/p>\n<\/td>\n<td class=\"td86\" valign=\"top\">\n<p class=\"p10\">24-hour volume divided by depth within 1%<\/p>\n<\/td>\n<td class=\"td87\" valign=\"top\">\n<p class=\"p10\">Median 15x; 20% of books above 100x<\/p>\n<\/td>\n<td class=\"td86\" valign=\"top\">\n<p class=\"p10\">Above 100x without an explanation<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td91\" valign=\"top\">\n<p class=\"p10\">5. Round-trip cost<\/p>\n<\/td>\n<td class=\"td92\" valign=\"top\">\n<p class=\"p10\">Cost of a $1,000 market buy then sell, in basis points<\/p>\n<\/td>\n<td class=\"td93\" valign=\"top\">\n<p class=\"p10\">Median 656, 89, 34, 20 and 7.7 bps across the volume buckets<\/p>\n<\/td>\n<td class=\"td92\" valign=\"top\">\n<p class=\"p10\">Cost rising while volume rises<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td94\" valign=\"top\">\n<p class=\"p10\">6. Volume retention<\/p>\n<\/td>\n<td class=\"td95\" valign=\"top\">\n<p class=\"p10\">Median daily volume now against the first week<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p10\">Median 0.20x of day one at day 30 and 0.09x at day 90; bottom quarter 0.06x at day 30<\/p>\n<\/td>\n<td class=\"td95\" valign=\"top\">\n<p class=\"p10\">Below 0.06x at day 30<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td88\" valign=\"top\">\n<p class=\"p10\">7. Concentration<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p10\">Share of the month&#8217;s volume on its five busiest days<\/p>\n<\/td>\n<td class=\"td90\" valign=\"top\">\n<p class=\"p10\">Median 17.9% over days 31 to 180; 26% of listings above 25%<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p10\">Above 25% for a quarter<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">Read the table as a set. Turnover tells a team whether the market is active, spread and depth tell it what a trade costs, the volume-to-depth multiple and concentration tell it how much of the activity is real and steady, and retention tells it which way the market is heading. A token can score well on one number and badly on another, and the combination is the finding.<\/p>\n<h2 class=\"p2\"><b>Which levers actually build trading volume?<\/b><\/h2>\n<p class=\"p7\">Six levers move volume after a listing. They differ in speed, in how long the effect lasts and in what they cost, and a plan that leans on one is weaker than one that uses several.<\/p>\n<figure id=\"attachment_3854\" aria-describedby=\"caption-attachment-3854\" style=\"width: 953px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3854\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-300x169.png\" alt=\"Table comparing six levers for building trading volume after a listing, two-sided market making, additional venues, trading campaigns and incentives, product use and catalysts, data and listing hygiene, and community and education, by what each changes, how fast, how long it lasts, cost shape and main risk.\" width=\"953\" height=\"537\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared.png 1920w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" \/><figcaption id=\"caption-attachment-3854\" class=\"wp-caption-text\">Six levers compared. Method: TDMM.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td97\" valign=\"top\">\n<p class=\"p9\"><b>Lever<\/b><\/p>\n<\/td>\n<td class=\"td98\" valign=\"top\">\n<p class=\"p9\"><b>What it changes<\/b><\/p>\n<\/td>\n<td class=\"td99\" valign=\"top\">\n<p class=\"p9\"><b>How fast<\/b><\/p>\n<\/td>\n<td class=\"td100\" valign=\"top\">\n<p class=\"p9\"><b>How long it lasts<\/b><\/p>\n<\/td>\n<td class=\"td101\" valign=\"top\">\n<p class=\"p9\"><b>Cost shape<\/b><\/p>\n<\/td>\n<td class=\"td102\" valign=\"top\">\n<p class=\"p9\"><b>Main risk<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td103\" valign=\"top\">\n<p class=\"p10\">Two-sided market making<\/p>\n<\/td>\n<td class=\"td104\" valign=\"top\">\n<p class=\"p10\">Spread, depth and uptime on every venue<\/p>\n<\/td>\n<td class=\"td105\" valign=\"top\">\n<p class=\"p10\">At once<\/p>\n<\/td>\n<td class=\"td106\" valign=\"top\">\n<p class=\"p10\">As long as the mandate runs<\/p>\n<\/td>\n<td class=\"td107\" valign=\"top\">\n<p class=\"p10\">Retainer, or a token loan priced in dollars<\/p>\n<\/td>\n<td class=\"td108\" valign=\"top\">\n<p class=\"p10\">Writing a volume target into the contract<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td109\" valign=\"top\">\n<p class=\"p10\">More venues, on exchanges, DEXs and launchpads<\/p>\n<\/td>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p10\">The number of traders who can reach the token<\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p10\">Weeks to months<\/p>\n<\/td>\n<td class=\"td112\" valign=\"top\">\n<p class=\"p10\">Lasting, if each venue is quoted<\/p>\n<\/td>\n<td class=\"td113\" valign=\"top\">\n<p class=\"p10\">Listing and integration costs, plus inventory per venue<\/p>\n<\/td>\n<td class=\"td114\" valign=\"top\">\n<p class=\"p10\">A thin book on the new venue<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td103\" valign=\"top\">\n<p class=\"p10\">Trading campaigns and incentives<\/p>\n<\/td>\n<td class=\"td104\" valign=\"top\">\n<p class=\"p10\">A burst of activity<\/p>\n<\/td>\n<td class=\"td105\" valign=\"top\">\n<p class=\"p10\">Days<\/p>\n<\/td>\n<td class=\"td106\" valign=\"top\">\n<p class=\"p10\">Days to weeks<\/p>\n<\/td>\n<td class=\"td107\" valign=\"top\">\n<p class=\"p10\">Token or cash budget<\/p>\n<\/td>\n<td class=\"td108\" valign=\"top\">\n<p class=\"p10\">Activity that leaves when the reward does<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td115\" valign=\"top\">\n<p class=\"p10\">Product use and catalysts<\/p>\n<\/td>\n<td class=\"td116\" valign=\"top\">\n<p class=\"p10\">Reasons to hold and trade<\/p>\n<\/td>\n<td class=\"td117\" valign=\"top\">\n<p class=\"p10\">Weeks<\/p>\n<\/td>\n<td class=\"td118\" valign=\"top\">\n<p class=\"p10\">Longest, if the product is real<\/p>\n<\/td>\n<td class=\"td119\" valign=\"top\">\n<p class=\"p10\">Team time<\/p>\n<\/td>\n<td class=\"td120\" valign=\"top\">\n<p class=\"p10\">Announcements move volume for hours, as KAIA showed<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td121\" valign=\"top\">\n<p class=\"p10\">Data and listing hygiene<\/p>\n<\/td>\n<td class=\"td122\" valign=\"top\">\n<p class=\"p10\">How the token appears on CoinMarketCap, CoinGecko and aggregators<\/p>\n<\/td>\n<td class=\"td123\" valign=\"top\">\n<p class=\"p10\">Days<\/p>\n<\/td>\n<td class=\"td124\" valign=\"top\">\n<p class=\"p10\">Lasting<\/p>\n<\/td>\n<td class=\"td125\" valign=\"top\">\n<p class=\"p10\">Low<\/p>\n<\/td>\n<td class=\"td126\" valign=\"top\">\n<p class=\"p10\">Wrong supply or pair data misprices the token<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td127\" valign=\"top\">\n<p class=\"p10\">Community and education<\/p>\n<\/td>\n<td class=\"td128\" valign=\"top\">\n<p class=\"p10\">New and returning traders<\/p>\n<\/td>\n<td class=\"td129\" valign=\"top\">\n<p class=\"p10\">Weeks<\/p>\n<\/td>\n<td class=\"td130\" valign=\"top\">\n<p class=\"p10\">Slow and cumulative<\/p>\n<\/td>\n<td class=\"td131\" valign=\"top\">\n<p class=\"p10\">Time<\/p>\n<\/td>\n<td class=\"td132\" valign=\"top\">\n<p class=\"p10\">Hard to measure<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\"><b>Two-sided market making<\/b> is the base layer because it determines what every other lever can achieve. A catalyst that lands on a book with $300 of depth produces slippage, not volume. The same catalyst on a book with $30,000 produces trades. A good market maker holds a standard for spread, depth and uptime on each venue, keeps one reference price across them and stays through the fade. TDMM&#8217;s guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker\/\"><span class=\"s1\">how to choose a crypto market maker<\/span><\/a> covers the selection, and its <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-does-market-making-work-in-crypto-exchanges\/\"><span class=\"s1\">guide to how market making works in crypto exchanges<\/span><\/a> covers the mechanics.<\/p>\n<p class=\"p7\"><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b>More venues<\/b> widens the audience. It also multiplies the places where a book can be bad. In TDMM&#8217;s 9 October snapshot of 767 tokens listed on both Gate and MEXC, 26.3% had under a quarter of the stronger venue&#8217;s depth within 2% of the price on the weaker one. A second exchange helps when it is quoted to the same standard as the first, and hurts when it is a listing with an empty book. TDMM&#8217;s guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\"><span class=\"s1\">cross exchange market making<\/span><\/a> explains how to run several venues from one reference price, and its comparison of <a href=\"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\"><span class=\"s1\">CEX and DEX market making<\/span><\/a> covers when a token needs both.<\/p>\n<p class=\"p7\"><b>Trading campaigns<\/b> have a place when they are time-boxed and measured. Volume attached to a reward behaves like the spike curve in this guide, a high point and then a return to baseline. A campaign should be judged by what is left two weeks later, which is the 14-day figure of 1.22 times baseline in the spike data, not by the peak.<\/p>\n<p class=\"p7\"><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b>Product use and catalysts<\/b> are the only lever that creates reasons to trade. A listing on a new exchange, a product launch, an integration or a partnership each moves volume for hours or days. The planning job is to know the calendar and prepare the book for it, which the next sections cover.<\/p>\n<p class=\"p7\"><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b>Data and listing hygiene<\/b> is cheap and often missed. Correct circulating supply, trading pairs and links on CoinMarketCap and CoinGecko keep the token&#8217;s market cap and turnover honest. A wrong supply figure makes turnover look different from what it is.<\/p>\n<p class=\"p7\"><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b><\/b><b>Community and education<\/b> brings in new traders slowly. Its effect is cumulative and hard to attribute, which is no reason to skip it.<\/p>\n<h2 class=\"p2\"><b>How should you handle a volume spike?<\/b><\/h2>\n<p class=\"p7\">Treat a spike as a planned event with three phases: before, during and after. The data above says what to expect, so the plan can be specific.<\/p>\n<figure id=\"attachment_3855\" aria-describedby=\"caption-attachment-3855\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3855\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-300x169.png\" alt=\"Three-column table of a volume spike playbook with actions before, during and after: build depth and inventory ahead of known catalysts, keep two-sided quotes and widen rather than withdraw during the spike, and measure retention at 24 hours, seven days and 14 days afterwards.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3855\" class=\"wp-caption-text\">A spike playbook in three phases. Method: TDMM. Reference values from 7,701 spikes in TDMM&#8217;s Gate cohort.<br \/>Title: A spike playbook in three phases. Method: TDMM.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td31\" valign=\"top\">\n<p class=\"p9\"><b>Phase<\/b><\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p9\"><b>What to do<\/b><\/p>\n<\/td>\n<td class=\"td33\" valign=\"top\">\n<p class=\"p9\"><b>Why<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p10\">Before<\/p>\n<\/td>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p10\">Keep a calendar of catalysts: exchange notices, unlocks, product launches, listings. Raise inventory and depth on every venue ahead of known dates. Agree with the market maker how it will quote in a fast move<\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p10\">Spike days reach about 4.3 times baseline, and the book has to carry that without a gap<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td133\" valign=\"top\">\n<p class=\"p10\">During<\/p>\n<\/td>\n<td class=\"td134\" valign=\"top\">\n<p class=\"p10\">Keep quotes two-sided and widen rather than withdraw. Watch spread, depth and the volume-to-depth multiple hourly. Do not chase the volume with incentives. Publish clear information so traders are not guessing<\/p>\n<\/td>\n<td class=\"td135\" valign=\"top\">\n<p class=\"p10\">In the KAIA case, volume peaked in the first two hours and was 11% of the peak six hours later<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p10\">After<\/p>\n<\/td>\n<td class=\"td35\" valign=\"top\">\n<p class=\"p10\">Review at 24 hours, seven days and 14 days. Compare volume with the pre-spike baseline: 2.79 times at day one and 1.22 times at day 14 are the medians. Run the follow-up the catalyst earns, such as a product release or a venue launch<\/p>\n<\/td>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p10\">53% of spikes lose half their excess by the next day, and 62% of closes seven days later were lower than on the spike day<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">Two cautions apply. First, a spike is not a trend. A team that reads one strong day as a new baseline will oversize its incentives and be disappointed. Second, do not let the book thin after the peak. The days after a spike are when new holders try to sell, and a book that has been quoted well through the event keeps them.<\/p>\n<h2 class=\"p2\"><b>What does a 90-day volume plan look like after a listing?<\/b><\/h2>\n<p class=\"p7\">A plan that follows the volume curve is more useful than one that ignores it. The five windows below follow the median listing, and the figures come from the cohort above.<\/p>\n<figure id=\"attachment_3858\" aria-describedby=\"caption-attachment-3858\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3858\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-300x169.png\" alt=\"Five-window timeline for managing volume from 30 days before listing to day 180, with what volume typically does in each window, what to do and what to measure.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3858\" class=\"wp-caption-text\">A volume plan across the first 180 days. Source: TDMM; reference values from the Gate cohort.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td136\" valign=\"top\">\n<p class=\"p9\"><b>Window<\/b><\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p9\"><b>What volume typically does<\/b><\/p>\n<\/td>\n<td class=\"td137\" valign=\"top\">\n<p class=\"p9\"><b>What to do<\/b><\/p>\n<\/td>\n<td class=\"td138\" valign=\"top\">\n<p class=\"p9\"><b>What to measure<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td139\" valign=\"top\">\n<p class=\"p10\">30 days before listing<\/p>\n<\/td>\n<td class=\"td140\" valign=\"top\">\n<p class=\"p10\">Nothing yet<\/p>\n<\/td>\n<td class=\"td141\" valign=\"top\">\n<p class=\"p10\">Fund inventory on every venue, write spread, depth and uptime per venue into the market maker contract, disclose the market maker to each exchange, build the catalyst calendar<\/p>\n<\/td>\n<td class=\"td142\" valign=\"top\">\n<p class=\"p10\">Targets from your market cap tier<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td143\" valign=\"top\">\n<p class=\"p10\">Day 0 to 7<\/p>\n<\/td>\n<td class=\"td144\" valign=\"top\">\n<p class=\"p10\">About 20% of the first 90 days&#8217; volume trades in week one, and day 7 is 0.48 times day one<\/p>\n<\/td>\n<td class=\"td145\" valign=\"top\">\n<p class=\"p10\">Quote both sides from the first second. Do not judge the market by volume<\/p>\n<\/td>\n<td class=\"td146\" valign=\"top\">\n<p class=\"p10\">Spread, depth, uptime, round-trip cost<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td147\" valign=\"top\">\n<p class=\"p10\">Day 8 to 30<\/p>\n<\/td>\n<td class=\"td54\" valign=\"top\">\n<p class=\"p10\">Day 14 is 0.38 times and day 30 is 0.20 times day one. 58% of 90-day volume is done by day 30<\/p>\n<\/td>\n<td class=\"td148\" valign=\"top\">\n<p class=\"p10\">Hold the standard through the fade. Hold the first review at day 30. Plan the second venue<\/p>\n<\/td>\n<td class=\"td149\" valign=\"top\">\n<p class=\"p10\">Retention against week one, volume-to-depth multiple<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td150\" valign=\"top\">\n<p class=\"p10\">Day 31 to 90<\/p>\n<\/td>\n<td class=\"td151\" valign=\"top\">\n<p class=\"p10\">72% of listings have a spike. Day 60 is 0.12 times and day 90 is 0.09 times day one<\/p>\n<\/td>\n<td class=\"td152\" valign=\"top\">\n<p class=\"p10\">Prepare for catalysts, run the spike playbook, reset targets for the token&#8217;s new tier<\/p>\n<\/td>\n<td class=\"td153\" valign=\"top\">\n<p class=\"p10\">Spike half-life, top-five-day share<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td154\" valign=\"top\">\n<p class=\"p10\">Day 91 to 180<\/p>\n<\/td>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p10\">Median daily volume falls from about $163K to $96K<\/p>\n<\/td>\n<td class=\"td155\" valign=\"top\">\n<p class=\"p10\">Renew, renegotiate or replace the market maker against measured results. Check unlock dates<\/p>\n<\/td>\n<td class=\"td156\" valign=\"top\">\n<p class=\"p10\">Retention third, turnover, cost against tier<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 class=\"p11\"><b>What a weekly volume report should show<\/b><\/h3>\n<p class=\"p7\">A report is only as good as its fields. A weekly volume report should carry the same seven numbers as the scorecard for each venue, with the previous week and the tier reference beside them.<\/p>\n<figure id=\"attachment_3859\" aria-describedby=\"caption-attachment-3859\" style=\"width: 953px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3859\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-300x169.png\" alt=\"Table of the fields a weekly volume report should carry: venue, 24-hour volume and median day, spread, depth within 1%, uptime, volume-to-depth multiple, round-trip cost and top-five-day share, each with what to compare it with.\" width=\"953\" height=\"537\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template.png 1920w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" \/><figcaption id=\"caption-attachment-3859\" class=\"wp-caption-text\">Fields for a weekly volume report. Template: TDMM.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td157\" valign=\"top\">\n<p class=\"p9\"><b>Field<\/b><\/p>\n<\/td>\n<td class=\"td158\" valign=\"top\">\n<p class=\"p9\"><b>What it shows<\/b><\/p>\n<\/td>\n<td class=\"td158\" valign=\"top\">\n<p class=\"p9\"><b>Compare it with<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td159\" valign=\"top\">\n<p class=\"p10\">Venue<\/p>\n<\/td>\n<td class=\"td160\" valign=\"top\">\n<p class=\"p10\">Where the numbers come from<\/p>\n<\/td>\n<td class=\"td160\" valign=\"top\">\n<p class=\"p10\">Each venue separately, never an average<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td128\" valign=\"top\">\n<p class=\"p10\">Volume, total and median day<\/p>\n<\/td>\n<td class=\"td161\" valign=\"top\">\n<p class=\"p10\">How much traded, and what an ordinary day looks like<\/p>\n<\/td>\n<td class=\"td161\" valign=\"top\">\n<p class=\"p10\">The previous four weeks<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td159\" valign=\"top\">\n<p class=\"p10\">Spread<\/p>\n<\/td>\n<td class=\"td160\" valign=\"top\">\n<p class=\"p10\">The cost of crossing the market<\/p>\n<\/td>\n<td class=\"td160\" valign=\"top\">\n<p class=\"p10\">Your tier&#8217;s median and top quartile<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td162\" valign=\"top\">\n<p class=\"p10\">Depth within 1%<\/p>\n<\/td>\n<td class=\"td163\" valign=\"top\">\n<p class=\"p10\">What the book can absorb near the price<\/p>\n<\/td>\n<td class=\"td163\" valign=\"top\">\n<p class=\"p10\">Your tier&#8217;s reference<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td164\" valign=\"top\">\n<p class=\"p10\">Uptime<\/p>\n<\/td>\n<td class=\"td165\" valign=\"top\">\n<p class=\"p10\">The share of time quotes were inside the standard<\/p>\n<\/td>\n<td class=\"td165\" valign=\"top\">\n<p class=\"p10\">The contract floor, such as 95%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td128\" valign=\"top\">\n<p class=\"p10\">Volume-to-depth multiple<\/p>\n<\/td>\n<td class=\"td161\" valign=\"top\">\n<p class=\"p10\">Whether volume and depth fit together<\/p>\n<\/td>\n<td class=\"td161\" valign=\"top\">\n<p class=\"p10\">Books of your size; investigate above 100x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td159\" valign=\"top\">\n<p class=\"p10\">Round-trip cost<\/p>\n<\/td>\n<td class=\"td160\" valign=\"top\">\n<p class=\"p10\">What a real $1,000 order costs<\/p>\n<\/td>\n<td class=\"td160\" valign=\"top\">\n<p class=\"p10\">The previous week<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td128\" valign=\"top\">\n<p class=\"p10\">Top-five-day share<\/p>\n<\/td>\n<td class=\"td161\" valign=\"top\">\n<p class=\"p10\">How much of the month arrived on a few days<\/p>\n<\/td>\n<td class=\"td161\" valign=\"top\">\n<p class=\"p10\">Median 17.9%; flag above 25%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">A report that shows only volume, a total or a rank leaves a team unable to tell good volume from bad.<\/p>\n<h2 class=\"p2\"><b>How do you set up the market maker side without buying volume?<\/b><\/h2>\n<p class=\"p7\">The market maker contract should ask for the conditions that produce volume and leave the volume itself out. The clause list below is the part of the contract that bears on volume. The full set of nine clauses is in TDMM&#8217;s guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker\/\"><span class=\"s1\">how to choose a crypto market maker<\/span><\/a>.<\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td166\" valign=\"top\">\n<p class=\"p9\"><b>Clause<\/b><\/p>\n<\/td>\n<td class=\"td167\" valign=\"top\">\n<p class=\"p9\"><b>What to write<\/b><\/p>\n<\/td>\n<td class=\"td168\" valign=\"top\">\n<p class=\"p9\"><b>Why it matters for volume<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td169\" valign=\"top\">\n<p class=\"p10\">Spread and depth per venue<\/p>\n<\/td>\n<td class=\"td170\" valign=\"top\">\n<p class=\"p10\">Maximum spread and minimum depth at 1% and 2% on each exchange and pool, taken from your tier&#8217;s top quartile<\/p>\n<\/td>\n<td class=\"td171\" valign=\"top\">\n<p class=\"p10\">Depth is what catalysts and campaigns need to land on<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td172\" valign=\"top\">\n<p class=\"p10\">Uptime<\/p>\n<\/td>\n<td class=\"td173\" valign=\"top\">\n<p class=\"p10\">Share of time quotes stay inside the standard, at least 95% per venue<\/p>\n<\/td>\n<td class=\"td174\" valign=\"top\">\n<p class=\"p10\">A tight book that disappears is not a tight book<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td175\" valign=\"top\">\n<p class=\"p10\">Stress behaviour<\/p>\n<\/td>\n<td class=\"td176\" valign=\"top\">\n<p class=\"p10\">Widen, do not withdraw, in a move of 30% or more, with a time limit to return<\/p>\n<\/td>\n<td class=\"td177\" valign=\"top\">\n<p class=\"p10\">Spikes and crashes are the moments the book is used most<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td178\" valign=\"top\">\n<p class=\"p10\">Reporting<\/p>\n<\/td>\n<td class=\"td179\" valign=\"top\">\n<p class=\"p10\">Weekly spread, depth, uptime and round-trip cost per venue, checkable against the public book<\/p>\n<\/td>\n<td class=\"td180\" valign=\"top\">\n<p class=\"p10\">You cannot manage what you cannot check<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td175\" valign=\"top\">\n<p class=\"p10\">Prohibited conduct<\/p>\n<\/td>\n<td class=\"td176\" valign=\"top\">\n<p class=\"p10\">No wash trades, no volume or price targets, no profit share<\/p>\n<\/td>\n<td class=\"td177\" valign=\"top\">\n<p class=\"p10\">It is the line that exchanges, prosecutors and MiCA have drawn<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td172\" valign=\"top\">\n<p class=\"p10\">Disclosure<\/p>\n<\/td>\n<td class=\"td173\" valign=\"top\">\n<p class=\"p10\">The right to name the market maker and its terms to every exchange<\/p>\n<\/td>\n<td class=\"td174\" valign=\"top\">\n<p class=\"p10\">Binance expects it for the tokens it lists<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">There are legitimate ways in which a market maker raises volume. Tighter spreads and deeper books reduce the cost of trading, which can bring in traders who were priced out. Quoting every venue from one reference price keeps arbitrageurs working, and their trades are real volume. The market maker does not create demand, set the price or hold it up. A firm that tells a project otherwise is describing a different service.<\/p>\n<figure id=\"attachment_3860\" aria-describedby=\"caption-attachment-3860\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3860\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-300x169.png\" alt=\"Table comparing five ways of managing volume after a listing, doing it yourself, a volume package or bot, a campaign or incentive, a token-loan desk and a full-lifecycle market maker such as TDMM, across resting depth, real volume, disclosure to exchanges, reporting and main risk.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3860\" class=\"wp-caption-text\">Five ways of managing volume compared. Source: TDMM. TDMM appears in the comparison and has an interest in it.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td181\" valign=\"top\">\n<p class=\"p9\"><b>What you need<\/b><\/p>\n<\/td>\n<td class=\"td182\" valign=\"top\">\n<p class=\"p9\"><b>Trade it yourself<\/b><\/p>\n<\/td>\n<td class=\"td182\" valign=\"top\">\n<p class=\"p9\"><b>Volume package or bot<\/b><\/p>\n<\/td>\n<td class=\"td183\" valign=\"top\">\n<p class=\"p9\"><b>Campaign or incentive<\/b><\/p>\n<\/td>\n<td class=\"td182\" valign=\"top\">\n<p class=\"p9\"><b>Token-loan desk<\/b><\/p>\n<\/td>\n<td class=\"td182\" valign=\"top\">\n<p class=\"p9\"><b>Full-lifecycle market maker (TDMM)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td184\" valign=\"top\">\n<p class=\"p10\">Resting two-sided depth<\/p>\n<\/td>\n<td class=\"td185\" valign=\"top\">\n<p class=\"p10\">Only what the team posts<\/p>\n<\/td>\n<td class=\"td185\" valign=\"top\">\n<p class=\"p10\">No, trades without resting depth<\/p>\n<\/td>\n<td class=\"td186\" valign=\"top\">\n<p class=\"p10\">No<\/p>\n<\/td>\n<td class=\"td185\" valign=\"top\">\n<p class=\"p10\">Yes<\/p>\n<\/td>\n<td class=\"td185\" valign=\"top\">\n<p class=\"p10\">Yes, on every venue<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td187\" valign=\"top\">\n<p class=\"p10\">Volume from real traders<\/p>\n<\/td>\n<td class=\"td188\" valign=\"top\">\n<p class=\"p10\">Yes, small<\/p>\n<\/td>\n<td class=\"td188\" valign=\"top\">\n<p class=\"p10\">No<\/p>\n<\/td>\n<td class=\"td189\" valign=\"top\">\n<p class=\"p10\">Yes, while the reward runs<\/p>\n<\/td>\n<td class=\"td188\" valign=\"top\">\n<p class=\"p10\">Indirectly, through cost<\/p>\n<\/td>\n<td class=\"td188\" valign=\"top\">\n<p class=\"p10\">Indirectly, through cost and reach<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td190\" valign=\"top\">\n<p class=\"p10\">Disclosable to an exchange<\/p>\n<\/td>\n<td class=\"td191\" valign=\"top\">\n<p class=\"p10\">Yes, the team&#8217;s own account<\/p>\n<\/td>\n<td class=\"td191\" valign=\"top\">\n<p class=\"p10\">No<\/p>\n<\/td>\n<td class=\"td192\" valign=\"top\">\n<p class=\"p10\">Yes<\/p>\n<\/td>\n<td class=\"td191\" valign=\"top\">\n<p class=\"p10\">Varies<\/p>\n<\/td>\n<td class=\"td191\" valign=\"top\">\n<p class=\"p10\">Yes, written for disclosure<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td187\" valign=\"top\">\n<p class=\"p10\">Spread, depth and uptime reporting<\/p>\n<\/td>\n<td class=\"td188\" valign=\"top\">\n<p class=\"p10\">None<\/p>\n<\/td>\n<td class=\"td188\" valign=\"top\">\n<p class=\"p10\">Volume only<\/p>\n<\/td>\n<td class=\"td189\" valign=\"top\">\n<p class=\"p10\">Participation figures<\/p>\n<\/td>\n<td class=\"td188\" valign=\"top\">\n<p class=\"p10\">Varies<\/p>\n<\/td>\n<td class=\"td188\" valign=\"top\">\n<p class=\"p10\">Per venue, against the public book<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td184\" valign=\"top\">\n<p class=\"p10\">CEX and DEX on one reference price<\/p>\n<\/td>\n<td class=\"td185\" valign=\"top\">\n<p class=\"p10\">Rarely<\/p>\n<\/td>\n<td class=\"td185\" valign=\"top\">\n<p class=\"p10\">No<\/p>\n<\/td>\n<td class=\"td186\" valign=\"top\">\n<p class=\"p10\">Single venue<\/p>\n<\/td>\n<td class=\"td185\" valign=\"top\">\n<p class=\"p10\">Across exchanges<\/p>\n<\/td>\n<td class=\"td185\" valign=\"top\">\n<p class=\"p10\">Across order books and pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td193\" valign=\"top\">\n<p class=\"p10\">Main risk<\/p>\n<\/td>\n<td class=\"td194\" valign=\"top\">\n<p class=\"p10\">Conflict between treasury and market<\/p>\n<\/td>\n<td class=\"td194\" valign=\"top\">\n<p class=\"p10\">Prosecution, delisting<\/p>\n<\/td>\n<td class=\"td195\" valign=\"top\">\n<p class=\"p10\">Volume leaves with the reward<\/p>\n<\/td>\n<td class=\"td194\" valign=\"top\">\n<p class=\"p10\">Option cost of the loan<\/p>\n<\/td>\n<td class=\"td194\" valign=\"top\">\n<p class=\"p10\">Needs a measurable mandate<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">The right answer depends on the token. A token in one DEX pool with no exchange listing planned does not need a full mandate, and TDMM says so to projects in that position. A token heading for its first exchange does.<\/p>\n<h2 class=\"p2\"><b>Common mistakes when managing volume after a listing<\/b><\/h2>\n<p class=\"p7\"><b>Judging the listing by launch-week volume.<\/b> The first week carries about 20% of the first 90 days. A token that treats day-one volume as a baseline is measuring against a number nothing can hold.<\/p>\n<p class=\"p7\"><b>Setting a volume target.<\/b> A target for volume invites the one thing exchanges and prosecutors punish. Set targets for spread, depth and uptime, which a firm can deliver and a team can check.<\/p>\n<p class=\"p7\"><b>Reading the average and ignoring the median day.<\/b> Five days carry a median 17.9% of volume. The median day is a better guide to what holders experience.<\/p>\n<p class=\"p7\"><b>Reading volume without depth.<\/b> One book in five traded over 100 times its depth. Volume with no depth behind it is the pattern exchanges describe as a red flag.<\/p>\n<p class=\"p7\"><b>Spending the incentive budget at the peak.<\/b> A campaign launched on a spike day pays for volume that was coming anyway. The effect worth buying is what is left at day 14.<\/p>\n<p class=\"p7\"><b>Adding exchanges before the first one is healthy.<\/b> A second venue with an empty book is worse than no second venue. Quote each one to the same standard.<\/p>\n<p class=\"p7\"><b>Leaving the calendar out.<\/b> Catalysts, unlocks and listings are knowable. A book that is prepared for them keeps the volume they bring.<\/p>\n<p class=\"p7\"><b>Treating volume as a proxy for price.<\/b> The data shows an association and no lever. 21% of listings in the Gate cohort were above their first close 90 days later, whatever their volume did.<\/p>\n<h2 class=\"p2\"><b>Why TDMM is the go-to platform for managing volume after a listing<\/b><\/h2>\n<figure id=\"attachment_3861\" aria-describedby=\"caption-attachment-3861\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3861\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-300x169.png\" alt=\"TDMM coverage panel for volume management: active since 2015, more than $10 billion in trading volume reported, more than 100 CEX and DEX integrations, more than 200 markets and 24\/7 operations, with what TDMM does and does not do after a listing.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3861\" class=\"wp-caption-text\">One book across exchanges and DEXs, and what TDMM does and does not do about volume. Source: TDMM company information.<\/figcaption><\/figure>\n<p class=\"p7\">TDMM (TradeDog Market Maker) is the market making and token market management arm of TradeDog Group. It has been active in crypto markets since 2015, reports more than $10 billion in trading volume, and runs more than 100 CEX and DEX integrations and more than 200 markets, with 24\/7 operations and a team of more than thirty people on five continents. Its published services are market making, liquidity provisioning, treasury management, yield management on inventory, exit management and token listing support, which covers the jobs this guide describes.<\/p>\n<p class=\"p7\">The case for calling TDMM first rests on how each of those jobs maps to the volume problem.<\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td196\" valign=\"top\">\n<p class=\"p9\"><b>What managing volume needs<\/b><\/p>\n<\/td>\n<td class=\"td197\" valign=\"top\">\n<p class=\"p9\"><b>How TDMM answers it<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td198\" valign=\"top\">\n<p class=\"p10\">Quotes live from the first second<\/p>\n<\/td>\n<td class=\"td199\" valign=\"top\">\n<p class=\"p10\">Inventory funded on every venue before go-live, with order book quotes and pool ranges set from one reference price<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td200\" valign=\"top\">\n<p class=\"p10\">A standard that holds through the fade<\/p>\n<\/td>\n<td class=\"td201\" valign=\"top\">\n<p class=\"p10\">Spread, depth and uptime written per venue into the mandate and reported against the public order book<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td198\" valign=\"top\">\n<p class=\"p10\">Preparation for catalysts<\/p>\n<\/td>\n<td class=\"td199\" valign=\"top\">\n<p class=\"p10\">Depth and inventory raised ahead of known dates and a stress clause for fast moves, both of which can be written into the mandate<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td202\" valign=\"top\">\n<p class=\"p10\">Coverage beyond one exchange<\/p>\n<\/td>\n<td class=\"td203\" valign=\"top\">\n<p class=\"p10\">Binance, OKX, Bybit, Gate, KuCoin, Bitget, MEXC, HTX and more on the exchange side; Uniswap, PancakeSwap, SushiSwap, Raydium and four.meme on the DEX side<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td198\" valign=\"top\">\n<p class=\"p10\">Real volume<\/p>\n<\/td>\n<td class=\"td199\" valign=\"top\">\n<p class=\"p10\">No wash trading, no volume or price targets, no profit share, contracts drafted so they can be disclosed to every exchange<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td204\" valign=\"top\">\n<p class=\"p10\">Life after the first month<\/p>\n<\/td>\n<td class=\"td205\" valign=\"top\">\n<p class=\"p10\">Unlocks, new listings, treasury and exits handled on the same book<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">TDMM does not promise a price or a volume number. It promises a two-sided market at an agreed standard, on every venue, for the term of the mandate, and it writes that standard in units a founder can check. Where a project lends tokens, the terms define how loaned tokens may be used and where they are held, with no sale ahead of release schedules. Ask any provider, TDMM included, to add the volume-quality measures in this guide, turnover, the volume-to-depth multiple, round-trip cost and concentration, to its weekly report. For a project that needs only a managed pool, TDMM scopes the mandate to that. For a project heading to its first exchange, it is built to be the first call. A project with unlocks or an exit ahead can use the same desk for <a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\"><span class=\"s1\">treasury management<\/span><\/a> and <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\"><span class=\"s1\">exit management<\/span><\/a>.<\/p>\n<p class=\"p7\">Where another firm is the better call, TDMM says so. For a tier-one launch with a very large float, Wintermute or GSR brings a bigger balance sheet. If a regulator or venue requires a MiCA-authorised firm, Keyrock, Flowdesk or B2C2 is the right call. For a DEX-only token on Uniswap-style pools, Arrakis is a specialist. TDMM&#8217;s <a href=\"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\"><span class=\"s1\">top crypto market makers in 2026<\/span><\/a> ranks twelve firms with its method and evidence.<\/p>\n<p class=\"p7\">Contact TDMM at <a href=\"https:\/\/tdmm.io\/\"><span class=\"s1\">tdmm.io<\/span><\/a>.<\/p>\n<h2 class=\"p12\"><b>Related TDMM guides and comparisons<\/b><\/h2>\n<h3 class=\"p13\"><b>Use-case rankings<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td168\" valign=\"top\">\n<p class=\"p9\"><b>Guide<\/b><\/p>\n<\/td>\n<td class=\"td206\" valign=\"top\">\n<p class=\"p9\"><b>Read it if you are<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td207\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/market-makers-for-new-token-launches\">Best market makers for new token launches<\/a><\/p>\n<\/td>\n<td class=\"td208\" valign=\"top\">\n<p class=\"p10\">Pre-TGE or preparing a first listing<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td209\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/crypto-market-makers-for-token-projects\">Best crypto market makers for token projects<\/a><\/p>\n<\/td>\n<td class=\"td210\" valign=\"top\">\n<p class=\"p10\">A token issuer comparing firms for a full mandate<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td207\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/crypto-market-makers-for-small-market-cap-tokens\">Best crypto market makers for small-cap tokens<\/a><\/p>\n<\/td>\n<td class=\"td208\" valign=\"top\">\n<p class=\"p10\">Below about $100 million in market cap<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td209\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/liquidity-providers-for-crypto-projects\">Best liquidity providers for crypto projects<\/a><\/p>\n<\/td>\n<td class=\"td210\" valign=\"top\">\n<p class=\"p10\">Comparing firms that provide liquidity to token projects<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td211\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/cex-market-makers\">Best CEX market makers<\/a><\/p>\n<\/td>\n<td class=\"td212\" valign=\"top\">\n<p class=\"p10\">Trading mainly on centralised exchange order books<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td213\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/dex-market-makers\">Best DEX market makers<\/a><\/p>\n<\/td>\n<td class=\"td214\" valign=\"top\">\n<p class=\"p10\">Trading mainly in DEX pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td211\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/market-makers-for-solana-tokens\">Best market makers for Solana tokens<\/a><\/p>\n<\/td>\n<td class=\"td212\" valign=\"top\">\n<p class=\"p10\">Launching or trading on Solana<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td209\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/market-makers-for-emerging-crypto-projects\">Best market makers for emerging crypto projects<\/a><\/p>\n<\/td>\n<td class=\"td210\" valign=\"top\">\n<p class=\"p10\">An early-stage project building its first liquidity<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td211\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/best\/crypto-market-makers-in-2026\">Best crypto market makers in 2026<\/a><\/p>\n<\/td>\n<td class=\"td212\" valign=\"top\">\n<p class=\"p10\">Looking for a summary of the market<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 class=\"p13\"><b>Head-to-head comparisons<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td168\" valign=\"top\">\n<p class=\"p9\"><b>Comparison<\/b><\/p>\n<\/td>\n<td class=\"td206\" valign=\"top\">\n<p class=\"p9\"><b>What it compares<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td211\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-wintermute\">TDMM vs Wintermute<\/a><\/p>\n<\/td>\n<td class=\"td212\" valign=\"top\">\n<p class=\"p10\">A token-project mandate against tier-one institutional liquidity<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td174\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-gsr\">TDMM vs GSR<\/a><\/p>\n<\/td>\n<td class=\"td215\" valign=\"top\">\n<p class=\"p10\">Market making plus treasury against a broader capital markets group<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td211\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-dwf-labs\">TDMM vs DWF Labs<\/a><\/p>\n<\/td>\n<td class=\"td212\" valign=\"top\">\n<p class=\"p10\">A market maker against a market maker that also invests<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td213\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-kairon-labs\">TDMM vs Kairon Labs<\/a><\/p>\n<\/td>\n<td class=\"td214\" valign=\"top\">\n<p class=\"p10\">Full token-market management against specialist market making<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td211\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-falconx\">TDMM vs FalconX<\/a><\/p>\n<\/td>\n<td class=\"td212\" valign=\"top\">\n<p class=\"p10\">Issuer market making against institutional prime brokerage<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td213\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-solboost\">TDMM vs SolBoost<\/a><\/p>\n<\/td>\n<td class=\"td214\" valign=\"top\">\n<p class=\"p10\">A market making mandate against a self-serve Solana volume tool<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 class=\"p13\"><b>The TDMM research series<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td168\" valign=\"top\">\n<p class=\"p9\"><b>Article<\/b><\/p>\n<\/td>\n<td class=\"td206\" valign=\"top\">\n<p class=\"p9\"><b>What it covers<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td211\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker\/\">How to choose a crypto market maker<\/a><\/p>\n<\/td>\n<td class=\"td212\" valign=\"top\">\n<p class=\"p10\">Seven steps, a scorecard, KPI benchmarks and contract terms<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td174\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\">Top crypto market makers in 2026<\/a><\/p>\n<\/td>\n<td class=\"td215\" valign=\"top\">\n<p class=\"p10\">Twelve CEX and DEX market makers ranked, with method and evidence<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td207\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/\">What founders get wrong about market making<\/a><\/p>\n<\/td>\n<td class=\"td208\" valign=\"top\">\n<p class=\"p10\">Twelve costly mistakes and how to avoid them<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td213\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/why-token-launches-fail-after-tge\/\">Why token launches fail after TGE<\/a><\/p>\n<\/td>\n<td class=\"td214\" valign=\"top\">\n<p class=\"p10\">What new listings show, and the post-TGE playbook<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td207\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\">How market making works after a token listing<\/a><\/p>\n<\/td>\n<td class=\"td208\" valign=\"top\">\n<p class=\"p10\">The first 90 days, and what a token loan really costs<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td213\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\">CEX vs DEX market making in 2026<\/a><\/p>\n<\/td>\n<td class=\"td214\" valign=\"top\">\n<p class=\"p10\">How each works, what it costs and when a token needs both<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td207\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\">Crypto market maker vs liquidity provider<\/a><\/p>\n<\/td>\n<td class=\"td208\" valign=\"top\">\n<p class=\"p10\">Which is better for a new token project<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td209\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\">What is cross exchange market making?<\/a><\/p>\n<\/td>\n<td class=\"td210\" valign=\"top\">\n<p class=\"p10\">Keeping one reference price across venues<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td207\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-does-market-making-work-in-crypto-exchanges\/\">How does market making work in crypto exchanges?<\/a><\/p>\n<\/td>\n<td class=\"td208\" valign=\"top\">\n<p class=\"p10\">Quoting, spreads and inventory from first principles<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td209\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\">Crypto treasury management best practices 2026<\/a><\/p>\n<\/td>\n<td class=\"td210\" valign=\"top\">\n<p class=\"p10\">Why treasury and liquidity are one book<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td207\" valign=\"top\">\n<p class=\"p14\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\">How to manage a token exit strategy professionally<\/a><\/p>\n<\/td>\n<td class=\"td208\" valign=\"top\">\n<p class=\"p10\">Selling or unlocking size without breaking the market<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"p2\"><b>Frequently asked questions<\/b><\/h2>\n<h2 class=\"p7\"><b>1. How do you manage trading volume after a token listing?<\/b><\/h2>\n<p class=\"p7\">Manage the conditions that produce real trades rather than the number. Expect volume to fall to about a fifth of day one by day 30, keep two-sided quotes on every venue to a written standard for spread, depth and uptime, plan for catalysts because spikes fade within a day or two, and track seven numbers weekly: turnover, spread, depth within 1%, the volume-to-depth multiple, round-trip cost, retention and concentration. Never buy volume. TDMM is built to run that plan for token launches under about $100 million that trade on both exchanges and DEXs.<\/p>\n<h2 class=\"p7\"><b>2. How much does trading volume normally fall after a listing?<\/b><\/h2>\n<p class=\"p7\">In TDMM&#8217;s cohort of 823 Gate USDT listings since January 2024, median daily volume was 48% of day one at day 7, 38% at day 14, 20% at day 30, 9% at day 90 and 6% at day 180. A median 58% of the first 90 days&#8217; volume traded in the first month. TDMM&#8217;s earlier study of 408 listings found 16.4% of listing-day volume at day 30, so the shape holds across samples.<\/p>\n<h2 class=\"p7\"><b>3. Why does trading volume drop after a listing?<\/b><\/h2>\n<p class=\"p7\">Most launch-week volume comes from attention, speculation and listing-day curiosity, which fade. In TDMM&#8217;s data, spikes lose half their excess within a day in 53% of cases and settle near 1.2 times baseline two weeks later. What remains is the volume that comes from traders with a reason to trade and a market that is cheap to trade in, which is why spread, depth and product use decide the level.<\/p>\n<h2 class=\"p7\"><b>4. What is a healthy trading volume for a new token?<\/b><\/h2>\n<p class=\"p7\">There is no single number, so compare against your tier. On Gate, the median listing traded about $163,000 a day at day 90 and the bottom quarter traded under $33,000. Median turnover, 24-hour volume divided by market cap, runs from 1.7% for tokens under $5 million to 5.5% above $1 billion. Pair volume with spread, depth and a round-trip cost: in books trading under $50,000 a day, a $1,000 round trip cost a median 6.6%.<\/p>\n<h2 class=\"p7\"><b>5. Can a market maker increase trading volume?<\/b><\/h2>\n<p class=\"p7\">Indirectly. A market maker narrows the spread and deepens the book, which lowers the cost of trading and keeps cross-venue arbitrage working, and both can bring real trades. It does not create demand, set the price or hold it up, and it should not accept a volume target. Binance lists volume that does not match price behaviour as a red flag, and US prosecutors have secured guilty pleas from firms that sold volume.<\/p>\n<h2 class=\"p7\"><b>6. Is it legal to boost trading volume artificially?<\/b><\/h2>\n<p class=\"p7\">No. Trading between accounts under common control to create the appearance of activity is wash trading, which US prosecutors have charged and convicted market making firms for, including Gotbit and CLS Global. MiCA Article 91 prohibits market manipulation in the EU, and Title VI has applied since 30 December 2024. Exchanges can also delist or blacklist. This is general information, not legal advice.<\/p>\n<h2 class=\"p7\"><b>7. How do I tell healthy volume from wash trading?<\/b><\/h2>\n<p class=\"p7\">Test seven things: who trades, whether depth is left behind, whether volume links to price and news, the timing pattern, spread while trading, the venue pattern and the cost of a real trade. The volume-to-depth multiple is a quick screen. In TDMM&#8217;s snapshot of 2,902 books the median was 15 times and 20% of books were above 100 times. A high multiple is a question to ask, not proof.<\/p>\n<h2 class=\"p7\"><b>8. What metrics should I track after a token listing?<\/b><\/h2>\n<p class=\"p7\">Track seven numbers weekly for each venue: turnover, spread in basis points, depth within 1%, the volume-to-depth multiple, the cost of a $1,000 round trip, volume retention against the first week, and the share of the month&#8217;s volume on the five busiest days. This guide gives a reference value for each. Daily volume on its own is the least informative number on the list.<\/p>\n<h2 class=\"p7\"><b>9. Should I list on more exchanges to raise volume?<\/b><\/h2>\n<p class=\"p7\">A second venue widens the audience, and it also adds a place where the book can be thin. In TDMM&#8217;s 9 October snapshot of 767 tokens listed on both Gate and MEXC, 26.3% had under a quarter of the stronger venue&#8217;s depth within 2% of the price on the weaker one. List on more venues once the first is quoted to a written standard, and fund and quote each new one from the same reference price.<\/p>\n<h2 class=\"p7\"><b>10. Why is TDMM the go-to platform for managing volume after a listing?<\/b><\/h2>\n<p class=\"p7\">TDMM serves the tier where the volume problem is sharpest: new listings, small and mid caps and memecoins. It runs exchange order books and DEX pools as one book from one reference price, writes spread, depth and uptime per venue into the contract, refuses volume targets and wash trading, and stays for unlocks, new listings and exits. It has been active since 2015 and reports more than $10 billion in trading volume. TDMM publishes this guide, so check its claims against the public data cited.<\/p>\n<h3 class=\"p2\"><b>Glossary<\/b><\/h3>\n<p class=\"p7\"><b>Basis point (bps).<\/b> One hundredth of one percent. A 20 bps spread means the best offer sits 0.2% above the best bid, measured against the mid price.<\/p>\n<p class=\"p7\"><b>Concentration (top-five-day share).<\/b> The share of a period&#8217;s volume that arrives on its five busiest days. An even spread over 150 days would put 3.3% on five days.<\/p>\n<p class=\"p7\"><b>Confidence Indicator.<\/b> CoinMarketCap&#8217;s estimate of how well a market pair&#8217;s reported volume fits its liquidity, web traffic and time-and-sales data, shown as High, Moderate or Low.<\/p>\n<p class=\"p7\"><b>Depth within 1% or 2%.<\/b> The dollar value of bids and offers resting within 1% or 2% of the mid price. CoinMarketCap and CoinGecko display 2%.<\/p>\n<p class=\"p7\"><b>Liquidity Score.<\/b> CoinMarketCap&#8217;s 0 to 1,200 measure of order book depth, built by simulating orders of different sizes.<\/p>\n<p class=\"p7\"><b>Market maker.<\/b> A firm that continuously quotes both sides of a market to an agreed standard, holding inventory and managing its risk.<\/p>\n<p class=\"p7\"><b>Mid price.<\/b> The average of the best bid and the best offer.<\/p>\n<p class=\"p7\"><b>Reference price.<\/b> The single price a market maker holds across every venue, from which all quotes and pool ranges are set.<\/p>\n<p class=\"p7\"><b>Retention (volume).<\/b> Daily volume at a later date as a multiple of the listing&#8217;s own day-one volume.<\/p>\n<p class=\"p7\"><b>Round-trip cost.<\/b> The loss from buying and immediately selling the same amount at market, measured against the mid price. It captures spread and depth together.<\/p>\n<p class=\"p7\"><b>Spike.<\/b> In TDMM&#8217;s analysis, a day with volume at least three times the median of the previous 14 days, on a baseline of at least $20,000 a day.<\/p>\n<p class=\"p7\"><b>Spread.<\/b> The gap between the best bid and the best offer, usually in basis points of the mid price.<\/p>\n<p class=\"p7\"><b>Trading volume.<\/b> The value of assets traded in a period, usually 24 hours, counted once per trade.<\/p>\n<p class=\"p7\"><b>Turnover.<\/b> 24-hour trading volume divided by market capitalisation.<\/p>\n<p class=\"p7\"><b>Uptime.<\/b> The share of trading time in which a market maker&#8217;s quotes are live and inside the agreed spread and depth.<\/p>\n<p class=\"p7\"><b>Volume-to-depth multiple.<\/b> 24-hour volume divided by the value of bids and offers within 1% of the mid price, a rough measure of how many times the visible book turned over.<\/p>\n<p class=\"p7\"><b>Wash trading.<\/b> Trading between accounts under common control to create the appearance of activity. It produces volume without depth and has led to criminal convictions of market making firms.<\/p>\n<h3 class=\"p3\"><b>Sources<\/b><\/h3>\n<ol class=\"ol1\">\n<li class=\"li4\">TDMM analysis of Gate USDT spot daily candles for 823 listings that began trading after 17 January 2024, retrieved 9 October 2026. Tokenised stocks, leveraged tokens and stablecoins excluded.<\/li>\n<li class=\"li4\">TDMM level-2 order book snapshot of 2,902 USDT spot pairs on Gate (1,493) and MEXC (1,409), up to 1,000 levels a side, 14:44 to 14:53 UTC, 9 October 2026. Market capitalisation joined from CoinGecko where a symbol matched a single coin.<\/li>\n<li class=\"li4\">CoinGecko, markets data for the top 2,000 coins by market cap and global market data, retrieved 9 October 2026.<\/li>\n<li class=\"li4\">TDMM analysis of Binance public market data for KAIA\/USDT, hourly and daily, pulled 15:04 UTC on 9 October 2026; PANews and TokenPost, 9 October 2026, on Upbit&#8217;s KAIA listing notice.<\/li>\n<li class=\"li4\">TDMM, &#8220;Why Token Launches Fail After TGE&#8221;, 3 October 2026; TDMM, &#8220;How Market Making Works After a Token Listing&#8221;, 25 September 2026; TDMM, &#8220;How to Choose a Crypto Market Maker in 2026&#8221;, 9 October 2026 (Gate and MEXC snapshot of 06:32 UTC, 9 October 2026, 767 dual-listed tokens; 423 new listings, 408 with 90 days of history).<\/li>\n<li class=\"li4\">Cong, L. W., Li, X., Tang, K. and Yang, Y., &#8220;Crypto Wash Trading&#8221;, <i>Management Science<\/i>, 2023; preprint at arXiv:2108.10984.<\/li>\n<li class=\"li4\">Cointelegraph, report on the 2019 Bitwise analysis presented to the US SEC (95% of reported bitcoin volume not real).<\/li>\n<li class=\"li4\">CoinMarketCap Academy, &#8220;How CoinMarketCap and CoinGecko Validate the Numbers They Show You&#8221; (Liquidity Score, Confidence Indicator, adjusted volume, CoinGecko Trust Score).<\/li>\n<li class=\"li4\">Binance, &#8220;Market Maker Red Flags and Guidelines for Crypto Projects and Users&#8221;, 25 March 2026; CoinDesk and The Block coverage, 25 March 2026.<\/li>\n<li class=\"li4\">Crypto Briefing, &#8220;Binance to delist ALCX, ARDR, NFP, and POND on July 10, 2026&#8221; (Monitoring Tag and ongoing listing review criteria).<\/li>\n<li class=\"li4\">US Department of Justice, District of Massachusetts, &#8220;Eighteen Individuals and Entities Charged in International Operation Targeting Widespread Fraud and Manipulation in the Cryptocurrency Markets&#8221;, 9 October 2024; CLS Global sentencing release, 2 April 2025; Gotbit and founder sentencing release, 13 June 2025.<\/li>\n<li class=\"li4\">US Attorney&#8217;s Office, Northern District of California, &#8220;Ten Foreign Nationals Charged in International Operation Targeting Cryptocurrency Market Manipulation&#8221;, 30 March 2026.<\/li>\n<li class=\"li4\">Regulation (EU) 2023\/1114 (MiCA), Title VI, Articles 86 to 92 (Article 91, market manipulation); Austrian FMA, MiCAR market abuse overview, on the 30 December 2024 application date.<\/li>\n<li class=\"li4\">4Pillars Research, &#8220;Upbit in 2026: New Listings Propping Up the Volume&#8221;, September 2026.<\/li>\n<li class=\"li4\">TDMM, <i>About TDMM<\/i>, and tdmm.io, for company figures.<\/li>\n<\/ol>\n<h3 class=\"p2\"><b>Disclaimer<\/b><\/h3>\n<p class=\"p7\"><em>This article is published by TDMM (TradeDog Market Maker) for information and education. TDMM is a market maker, appears in the comparisons in this article and has an interest in its subject; readers should weigh it with that in mind. It is not investment, legal, tax or accounting advice, not an offer of any service, and not a recommendation to buy, sell or hold any digital asset or to engage any firm named. TDMM is not a registered investment adviser, broker-dealer or asset manager, and nothing here is a promise or projection about the price, volume or liquidity of any token.<\/em><\/p>\n<p class=\"p7\"><em>TDMM&#8217;s listing-cohort, order book, turnover and KAIA figures are measurements of public data from Gate, MEXC, Binance and CoinGecko at the times stated. The listing cohort covers one exchange, the order book figures are single snapshots, the KAIA day was incomplete when measured, and market capitalisation comes from CoinGecko where a symbol matched a single coin. All of them change continuously. Associations, such as the one between volume retention and price, are not evidence of cause. Statements about other firms are based on information those firms publish and on reports by regulators, data providers and major media outlets, as available to TDMM on 9 October 2026; they may be incomplete or out of date. Criminal charges referred to here are allegations unless a guilty plea, conviction or sentence is stated, and defendants are presumed innocent until proven guilty. Exchange rules and regulation change often, so check them against current primary sources and qualified professional advice before making any decision. Digital assets are volatile, and you may lose the entire value of a position.<\/em><\/p>\n<p><i>Published by TDMM (TradeDog Market Maker) \u00b7 Reading time: 31 minutes \u00b7 Last updated: October 2026. Written By: <a href=\"https:\/\/www.linkedin.com\/in\/vaibhav-singh-growth-hacker\/\">Vaibhav Singh<\/a><\/i><br \/>\n<script type=\"application\/ld+json\">\n{\n \"@context\": \"https:\/\/schema.org\",\n \"@graph\": [\n  {\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\",\n   \"abstract\": \"To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on every venue, plan catalysts because a spike fades within a day or two, and track seven numbers weekly. Never buy volume: wash trading is prosecuted and exchanges now flag it. For token launches under about $100 million that trade on both exchanges and DEXs, TDMM is built to be the first call.\",\n   \"alternativeHeadline\": \"A data-backed playbook for managing trading volume after a token listing: what 823 listings and 2,902 order books show, seven numbers to track, a spike playbook and a 90-day plan\",\n   \"description\": \"How to manage trading volume after a token listing, with original data on 823 Gate listings and 2,902 Gate and MEXC order books measured on 9 October 2026: volume retention, spikes, concentration, round-trip cost, volume-to-depth multiples, healthy versus hollow volume, six levers, a spike playbook and a 90-day plan.\",\n   \"about\": [\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Trading volume\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Volume_(finance)\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Market maker\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Market_maker\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Market liquidity\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Market_liquidity\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Order book\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Order_book\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Bid-ask spread\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Bid%E2%80%93ask_spread\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Wash trading\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Wash_trade\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Markets in Crypto-Assets\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Markets_in_Crypto-Assets\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Market manipulation\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Market_manipulation\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Cryptocurrency exchange\",\n     \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency_exchange\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"How to manage trading volume after listing\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Volume after a token listing\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"Token listing\"\n    }\n   ],\n   \"mentions\": [\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#dataset\"\n    },\n    {\n     \"@type\": \"Thing\",\n     \"name\": \"KAIA (Kaia network token)\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-cex-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-dex-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-token-launch-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-post-tge-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-liquidity-provision\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-wintermute\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-gsr\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-keyrock\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-flowdesk\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-b2c2\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-arrakis-finance\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-binance\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-gate\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-mexc\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-coinmarketcap\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-coingecko\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-upbit\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-us-doj\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-cointelegraph\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#entity-4pillars\"\n    }\n   ],\n   \"keywords\": \"how to manage trading volume after listing, trading volume after token listing, why does volume drop after a listing, healthy trading volume for a new token, token listing volume, volume retention, volume spikes, wash trading, volume to depth, round trip cost, market maker volume, market making for token projects, TDMM, TradeDog Market Maker\",\n   \"citation\": [\n    {\n     \"@type\": \"ScholarlyArticle\",\n     \"name\": \"Crypto Wash Trading\",\n     \"url\": \"https:\/\/arxiv.org\/abs\/2108.10984\",\n     \"datePublished\": \"2023\",\n     \"author\": [\n      {\n       \"@type\": \"Person\",\n       \"name\": \"Lin William Cong\"\n      },\n      {\n       \"@type\": \"Person\",\n       \"name\": \"Xi Li\"\n      },\n      {\n       \"@type\": \"Person\",\n       \"name\": \"Ke Tang\"\n      },\n      {\n       \"@type\": \"Person\",\n       \"name\": \"Yang Yang\"\n      }\n     ],\n     \"isPartOf\": {\n      \"@type\": \"Periodical\",\n      \"name\": \"Management Science\"\n     }\n    },\n    {\n     \"@type\": \"NewsArticle\",\n     \"name\": \"Bitwise analysis presented to the US SEC: 95% of reported bitcoin volume not real\",\n     \"url\": \"https:\/\/cointelegraph.com\/magazine\/bitwise-calls-out-to-sec-95-of-bitcoin-trade-volume-is-fake-real-market-is-or\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-cointelegraph\"\n     },\n     \"datePublished\": \"2019-05-31\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Market Maker Red Flags and Guidelines for Crypto Projects and Users\",\n     \"url\": \"https:\/\/www.binance.com\/en\/blog\/education\/3378047125698186214\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-binance\"\n     },\n     \"datePublished\": \"2026-03-25\"\n    },\n    {\n     \"@type\": \"Article\",\n     \"name\": \"How CoinMarketCap and CoinGecko Validate the Numbers They Show You\",\n     \"url\": \"https:\/\/coinmarketcap.com\/academy\/article\/how-coinmarketcap-and-coingecko-validate-the-numbers-they-show-you\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-coinmarketcap\"\n     }\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Eighteen Individuals and Entities Charged in International Operation Targeting Widespread Fraud and Manipulation in the Cryptocurrency Markets\",\n     \"url\": \"https:\/\/www.justice.gov\/usao-ma\/pr\/eighteen-individuals-and-entities-charged-international-operation-targeting-widespread\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-us-doj\"\n     },\n     \"datePublished\": \"2024-10-09\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Cryptocurrency Financial Services Firm Sentenced for Cryptocurrency Wash Trading\",\n     \"url\": \"https:\/\/www.justice.gov\/usao-ma\/pr\/cryptocurrency-financial-services-firm-sentenced-cryptocurrency-wash-trading\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-us-doj\"\n     },\n     \"datePublished\": \"2025-04-02\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Cryptocurrency Financial Services Firm Gotbit and Founder Sentenced for Market Manipulation\",\n     \"url\": \"https:\/\/www.justice.gov\/usao-ma\/pr\/cryptocurrency-financial-services-firm-gotbit-and-founder-sentenced-market-manipulation\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-us-doj\"\n     },\n     \"datePublished\": \"2025-06-13\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Ten Foreign Nationals Charged in International Operation Targeting Cryptocurrency Market Manipulation\",\n     \"url\": \"https:\/\/www.justice.gov\/usao-ndca\/pr\/ten-foreign-nationals-charged-international-operation-targeting-cryptocurrency-market\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-us-doj\"\n     },\n     \"datePublished\": \"2026-03-30\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Regulation (EU) 2023\/1114 on markets in crypto-assets, Title VI\",\n     \"url\": \"https:\/\/eur-lex.europa.eu\/eli\/reg\/2023\/1114\/oj\",\n     \"datePublished\": \"2023-05-31\"\n    },\n    {\n     \"@type\": \"Report\",\n     \"name\": \"Upbit in 2026: New Listings Propping Up the Volume\",\n     \"url\": \"https:\/\/research.4pillars.io\/en\/data\/content\/upbit-in-2026-new-listings-propping-up-the-volume\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#entity-4pillars\"\n     },\n     \"datePublished\": \"2026-09\"\n    },\n    {\n     \"@type\": \"NewsArticle\",\n     \"name\": \"Binance to delist ALCX, ARDR, NFP and POND on July 10, 2026\",\n     \"url\": \"https:\/\/cryptobriefing.com\/binance-delist-alcx-ardr-nfp-pond\/\",\n     \"datePublished\": \"2026-07\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Top Crypto Market Makers in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     },\n     \"datePublished\": \"2026-09-26\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Why Token Launches Fail After TGE\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/why-token-launches-fail-after-tge\/\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     },\n     \"datePublished\": \"2026-10-03\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"How Market Making Works After a Token Listing\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     },\n     \"datePublished\": \"2026-09-25\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"How to Choose a Crypto Market Maker in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker-in-2026\/\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     },\n     \"datePublished\": \"2026-10-09\"\n    }\n   ],\n   \"isBasedOn\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#dataset\"\n   },\n   \"hasPart\": [\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#faq\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#howto\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#citable-facts\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#contents\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#weekly-report-fields\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-readers\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-ways-compared\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-tdmm-answers\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#keytakeaways\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#scorecard\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#levers\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#healthy-volume-tests\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#contract-clauses\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#common-mistakes\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#spike-playbook\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#seven-numbers\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#related\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-retention\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-round-trip-cost\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-evidence\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-scorecard\"\n    }\n   ],\n   \"image\": [\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#mainImage\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-01\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-02\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-03\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-04\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-05\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-06\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-07\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-08\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-09\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-10\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-11\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-12\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-13\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-14\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-15\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-16\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-17\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-18\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-19\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-20\"\n    }\n   ],\n   \"author\": {\n    \"@id\": \"https:\/\/tdmm.io\/#vaibhav-singh\"\n   },\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#vaibhav-singh\"\n   },\n   \"publisher\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/#research-series\"\n   },\n   \"genre\": [\n    \"Research\",\n    \"Guide\"\n   ],\n   \"teaches\": \"How to measure and manage trading volume after a token listing: what volume does after listing, how to tell healthy from hollow volume, seven numbers to track weekly, a spike playbook and a 90-day plan.\",\n   \"learningResourceType\": \"Guide\",\n   \"accessMode\": [\n    \"textual\",\n    \"visual\"\n   ],\n   \"accessibilityFeature\": [\n    \"alternativeText\",\n    \"tableOfContents\"\n   ],\n   \"encodingFormat\": \"text\/html\",\n   \"contributor\": {\n    \"@id\": \"https:\/\/tdmm.io\/#vaibhav-singh\"\n   },\n   \"sourceOrganization\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"isAccessibleForFree\": true,\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token founders, foundations, treasury managers and exchange listing teams\"\n   },\n   \"educationalLevel\": \"Intermediate\",\n   \"timeRequired\": \"PT47M\",\n   \"wordCount\": 10863,\n   \"speakable\": {\n    \"@type\": \"SpeakableSpecification\",\n    \"xpath\": [\n     \"\/html\/head\/title\",\n     \"\/\/h2[normalize-space()='The short answer']\/following-sibling::p[1]\"\n    ]\n   },\n   \"disambiguatingDescription\": \"Published by TDMM, a crypto market maker for token projects, with a disclosure of that interest. Information and education only, not investment, legal or tax advice.\"\n  },\n  {\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"mainEntity\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"mentions\": [\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-cex-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-dex-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-token-launch-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-post-tge-market-making\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/#service-liquidity-provision\"\n    }\n   ],\n   \"significantLink\": [\n    \"https:\/\/tdmm.io\/best\/cex-market-makers\",\n    \"https:\/\/tdmm.io\/best\/crypto-market-makers-for-small-market-cap-tokens\",\n    \"https:\/\/tdmm.io\/best\/crypto-market-makers-for-token-projects\",\n    \"https:\/\/tdmm.io\/best\/crypto-market-makers-in-2026\",\n    \"https:\/\/tdmm.io\/best\/dex-market-makers\",\n    \"https:\/\/tdmm.io\/best\/liquidity-providers-for-crypto-projects\",\n    \"https:\/\/tdmm.io\/best\/market-makers-for-emerging-crypto-projects\",\n    \"https:\/\/tdmm.io\/best\/market-makers-for-new-token-launches\",\n    \"https:\/\/tdmm.io\/best\/market-makers-for-solana-tokens\"\n   ],\n   \"relatedLink\": [\n    \"https:\/\/tdmm.io\/compare\/tdmm-vs-dwf-labs\",\n    \"https:\/\/tdmm.io\/compare\/tdmm-vs-falconx\",\n    \"https:\/\/tdmm.io\/compare\/tdmm-vs-gsr\",\n    \"https:\/\/tdmm.io\/compare\/tdmm-vs-kairon-labs\",\n    \"https:\/\/tdmm.io\/compare\/tdmm-vs-solboost\",\n    \"https:\/\/tdmm.io\/compare\/tdmm-vs-wintermute\",\n    \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/how-does-market-making-work-in-crypto-exchanges\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker-in-2026\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\",\n    \"https:\/\/tdmm.io\/insights\/blog\/why-token-launches-fail-after-tge\/\"\n   ],\n   \"author\": {\n    \"@id\": \"https:\/\/tdmm.io\/#vaibhav-singh\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/#research-series\"\n   },\n   \"speakable\": {\n    \"@type\": \"SpeakableSpecification\",\n    \"xpath\": [\n     \"\/html\/head\/title\",\n     \"\/\/h2[normalize-space()='The short answer']\/following-sibling::p[1]\"\n    ]\n   },\n   \"potentialAction\": {\n    \"@type\": \"ReadAction\",\n    \"target\": [\n     \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    ]\n   },\n   \"isAccessibleForFree\": true,\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@id\": \"https:\/\/tdmm.io\/insights\/#organization\",\n   \"alternateName\": [\n    \"TDMM Insights\",\n    \"TDMM Blog\"\n   ],\n   \"sameAs\": [\n    \"https:\/\/tdmm.io\/\",\n    \"https:\/\/tdmm.io\/#organization\"\n   ],\n   \"parentOrganization\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"logo\": {\n    \"@id\": \"https:\/\/tdmm.io\/#logo\"\n   }\n  },\n  {\n   \"@id\": \"https:\/\/tdmm.io\/insights\/author\/admin\/#author\",\n   \"worksFor\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"affiliation\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"description\": \"Editorial account of TDMM (TradeDog Market Maker).\"\n  },\n  {\n   \"@id\": \"https:\/\/tdmm.io\/insights\/#website\",\n   \"alternateName\": \"TDMM Insights\",\n   \"description\": \"Research, data and guides on crypto market making, liquidity and token launches from TDMM (TradeDog Market Maker).\",\n   \"publisher\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   }\n  },\n  {\n   \"@type\": \"FAQPage\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#faq\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\",\n   \"name\": \"How to manage trading volume after a token listing: frequently asked questions\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"mainEntity\": [\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How do you manage trading volume after a token listing?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Manage the conditions that produce real trades rather than the number. Expect volume to fall to about a fifth of day one by day 30, keep two-sided quotes on every venue to a written standard for spread, depth and uptime, plan for catalysts because spikes fade within a day or two, and track seven numbers weekly: turnover, spread, depth within 1%, the volume-to-depth multiple, round-trip cost, retention and concentration. Never buy volume. TDMM is built to run that plan for token launches under about $100 million that trade on both exchanges and DEXs.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How much does trading volume normally fall after a listing?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"In TDMM\u2019s cohort of 823 Gate USDT listings since January 2024, median daily volume was 48% of day one at day 7, 38% at day 14, 20% at day 30, 9% at day 90 and 6% at day 180. A median 58% of the first 90 days\u2019 volume traded in the first month. TDMM\u2019s earlier study of 408 listings found 16.4% of listing-day volume at day 30, so the shape holds across samples.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Why does trading volume drop after a listing?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Most launch-week volume comes from attention, speculation and listing-day curiosity, which fade. In TDMM\u2019s data, spikes lose half their excess within a day in 53% of cases and settle near 1.2 times baseline two weeks later. What remains is the volume that comes from traders with a reason to trade and a market that is cheap to trade in, which is why spread, depth and product use decide the level.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What is a healthy trading volume for a new token?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"There is no single number, so compare against your tier. On Gate, the median listing traded about $163,000 a day at day 90 and the bottom quarter traded under $33,000. Median turnover, 24-hour volume divided by market cap, runs from 1.7% for tokens under $5 million to 5.5% above $1 billion. Pair volume with spread, depth and a round-trip cost: in books trading under $50,000 a day, a $1,000 round trip cost a median 6.6%.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Can a market maker increase trading volume?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Indirectly. A market maker narrows the spread and deepens the book, which lowers the cost of trading and keeps cross-venue arbitrage working, and both can bring real trades. It does not create demand, set the price or hold it up, and it should not accept a volume target. Binance lists volume that does not match price behaviour as a red flag, and US prosecutors have secured guilty pleas from firms that sold volume.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Is it legal to boost trading volume artificially?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"No. Trading between accounts under common control to create the appearance of activity is wash trading, which US prosecutors have charged and convicted market making firms for, including Gotbit and CLS Global. MiCA Article 91 prohibits market manipulation in the EU, and Title VI has applied since 30 December 2024. Exchanges can also delist or blacklist. This is general information, not legal advice.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How do I tell healthy volume from wash trading?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Test seven things: who trades, whether depth is left behind, whether volume links to price and news, the timing pattern, spread while trading, the venue pattern and the cost of a real trade. The volume-to-depth multiple is a quick screen. In TDMM\u2019s snapshot of 2,902 books the median was 15 times and 20% of books were above 100 times. A high multiple is a question to ask, not proof.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What metrics should I track after a token listing?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Track seven numbers weekly for each venue: turnover, spread in basis points, depth within 1%, the volume-to-depth multiple, the cost of a $1,000 round trip, volume retention against the first week, and the share of the month\u2019s volume on the five busiest days. This guide gives a reference value for each. Daily volume on its own is the least informative number on the list.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Should I list on more exchanges to raise volume?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"A second venue widens the audience, and it also adds a place where the book can be thin. In TDMM\u2019s 9 October snapshot of 767 tokens listed on both Gate and MEXC, 26.3% had under a quarter of the stronger venue\u2019s depth within 2% of the price on the weaker one. List on more venues once the first is quoted to a written standard, and fund and quote each new one from the same reference price.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Why is TDMM the go-to platform for managing volume after a listing?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"TDMM serves the tier where the volume problem is sharpest: new listings, small and mid caps and memecoins. It runs exchange order books and DEX pools as one book from one reference price, writes spread, depth and uptime per venue into the contract, refuses volume targets and wash trading, and stays for unlocks, new listings and exits. It has been active since 2015 and reports more than $10 billion in trading volume. TDMM publishes this guide, so check its claims against the public data cited.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"HowTo\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#howto\",\n   \"name\": \"How to manage trading volume after a token listing: a 180-day plan in five windows\",\n   \"description\": \"Five windows from 30 days before listing to day 180, with what volume typically does, what to do and what to measure in each, using TDMM reference values.\",\n   \"totalTime\": \"P210D\",\n   \"step\": [\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 1,\n     \"name\": \"30 days before listing\",\n     \"text\": \"What volume typically does: Nothing yet. What to do: Fund inventory on every venue, write spread, depth and uptime per venue into the market maker contract, disclose the market maker to each exchange, build the catalyst calendar. What to measure: Targets from your market cap tier.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-17\"\n     }\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 2,\n     \"name\": \"Day 0 to 7\",\n     \"text\": \"What volume typically does: About 20% of the first 90 days' volume trades in week one, and day 7 is 0.48 times day one. What to do: Quote both sides from the first second. Do not judge the market by volume. What to measure: Spread, depth, uptime, round-trip cost.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-17\"\n     }\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 3,\n     \"name\": \"Day 8 to 30\",\n     \"text\": \"What volume typically does: Day 14 is 0.38 times and day 30 is 0.20 times day one. 58% of 90-day volume is done by day 30. What to do: Hold the standard through the fade. Hold the first review at day 30. Plan the second venue. What to measure: Retention against week one, volume-to-depth multiple.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-17\"\n     }\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 4,\n     \"name\": \"Day 31 to 90\",\n     \"text\": \"What volume typically does: 72% of listings have a spike. Day 60 is 0.12 times and day 90 is 0.09 times day one. What to do: Prepare for catalysts, run the spike playbook, reset targets for the token's new tier. What to measure: Spike half-life, top-five-day share.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-17\"\n     }\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 5,\n     \"name\": \"Day 91 to 180\",\n     \"text\": \"What volume typically does: Median daily volume falls from about $163K to $96K. What to do: Renew, renegotiate or replace the market maker against measured results. Check unlock dates. What to measure: Retention third, turnover, cost against tier.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-17\"\n     }\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-17\"\n   },\n   \"tool\": [\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"Weekly volume health scorecard\"\n    },\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"Weekly volume report template\"\n    },\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"Spike playbook\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#keytakeaways\",\n   \"name\": \"Key takeaways: how to manage trading volume after a listing\",\n   \"numberOfItems\": 8,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Volume falls fast, and that is normal. TDMM tracked 823 Gate USDT listings since January 2024. Median daily volume was 48% of day one by day 7, 20% by day 30 and 9% by day 90. A median 58% of a token's first-90-day volume traded in its first month.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"A normal market is smaller than most founders expect. The median listing traded about $163,000 a day at day 90, and 30% traded under $50,000.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Spikes are short. In 7,701 spikes of at least three times baseline, 53% lost half their excess volume by the next day. Fourteen days later volume sat at 1.22 times the old baseline. On 9 October 2026, KAIA's volume on Binance reached 218 times its old hourly mean after Upbit's listing notice, and fell to 11% of that peak within six hours.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Headline volume is a few loud days. The five busiest days carried a median 17.9% of a listing's volume between day 31 and day 180, 5.4 times an even spread.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Thin volume is expensive for holders. In 2,902 order books on Gate and MEXC, a $1,000 round trip cost a median 6.6% in books trading under $50,000 a day and 0.08% in books trading over $5 million.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Volume and depth have to match. One book in five traded more than 100 times the depth it showed within 1% of the price. That is a question to ask, not proof of anything.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Volume that is bought gets punished. Researchers put wash trading at over 70% of reported volume on unregulated exchanges. US prosecutors have secured guilty pleas from market making firms, MiCA prohibits market manipulation and Binance lists volume that does not match price behaviour as a red flag.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"The fix is a plan, not a lever. Quote both sides from the first second, hold the standard through the fade, line up real catalysts, and write spread, depth and uptime per venue into the market maker's contract.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-10\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#scorecard\",\n   \"name\": \"Weekly volume health scorecard: seven numbers to track after a listing\",\n   \"numberOfItems\": 7,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"1. Turnover\",\n     \"description\": \"How to calculate it: 24-hour volume divided by market cap. TDMM reference: Median 1.7% under $5M, 2.0% at $5M to $25M, 4.1% at $25M to $100M, 4.3% at $100M to $1B, 5.5% over $1B. When to ask questions: Under 1% for weeks, or far above your tier's 75th percentile (19%, 14%, 12%, 13% and 10%) with no news.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"2. Spread\",\n     \"description\": \"How to calculate it: Best ask minus best bid, over the mid price, in basis points. TDMM reference: Median 57 bps under $50K of daily volume, 20 bps to $250K, 11 bps to $1M, 7 bps to $5M, 3 bps above. When to ask questions: Wider than the median for your volume bucket.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"3. Depth within 1%\",\n     \"description\": \"How to calculate it: Bids plus offers within 1% of mid, in dollars. TDMM reference: Median $294, $4.6K, $27K, $82K and $264K across the same buckets. When to ask questions: A thin book while volume is high.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"4. Volume-to-depth multiple\",\n     \"description\": \"How to calculate it: 24-hour volume divided by depth within 1%. TDMM reference: Median 15x; 20% of books above 100x. When to ask questions: Above 100x without an explanation.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"5. Round-trip cost\",\n     \"description\": \"How to calculate it: Cost of a $1,000 market buy then sell, in basis points. TDMM reference: Median 656, 89, 34, 20 and 7.7 bps across the volume buckets. When to ask questions: Cost rising while volume rises.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"6. Volume retention\",\n     \"description\": \"How to calculate it: Median daily volume now against the first week. TDMM reference: Median 0.20x of day one at day 30 and 0.09x at day 90; bottom quarter 0.06x at day 30. When to ask questions: Below 0.06x at day 30.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"7. Concentration\",\n     \"description\": \"How to calculate it: Share of the month's volume on its five busiest days. TDMM reference: Median 17.9% over days 31 to 180; 26% of listings above 25%. When to ask questions: Above 25% for a quarter.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-12\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#seven-numbers\",\n   \"name\": \"The seven numbers to track weekly\",\n   \"numberOfItems\": 7,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Turnover\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Spread\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Depth within 1%\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Volume-to-depth multiple\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Round-trip cost\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Volume retention\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Concentration\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-12\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#levers\",\n   \"name\": \"Six levers that build trading volume after a listing\",\n   \"numberOfItems\": 6,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Two-sided market making\",\n     \"description\": \"Changes: Spread, depth and uptime on every venue. Speed: At once. Lasts: As long as the mandate runs. Cost shape: Retainer, or a token loan priced in dollars. Main risk: Writing a volume target into the contract.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"More venues, on exchanges, DEXs and launchpads\",\n     \"description\": \"Changes: The number of traders who can reach the token. Speed: Weeks to months. Lasts: Lasting, if each venue is quoted. Cost shape: Listing and integration costs, plus inventory per venue. Main risk: A thin book on the new venue.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Trading campaigns and incentives\",\n     \"description\": \"Changes: A burst of activity. Speed: Days. Lasts: Days to weeks. Cost shape: Token or cash budget. Main risk: Activity that leaves when the reward does.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Product use and catalysts\",\n     \"description\": \"Changes: Reasons to hold and trade. Speed: Weeks. Lasts: Longest, if the product is real. Cost shape: Team time. Main risk: Announcements move volume for hours, as KAIA showed.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Data and listing hygiene\",\n     \"description\": \"Changes: How the token appears on CoinMarketCap, CoinGecko and aggregators. Speed: Days. Lasts: Lasting. Cost shape: Low. Main risk: Wrong supply or pair data misprices the token.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Community and education\",\n     \"description\": \"Changes: New and returning traders. Speed: Weeks. Lasts: Slow and cumulative. Cost shape: Time. Main risk: Hard to measure.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-13\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#healthy-volume-tests\",\n   \"name\": \"Seven tests of healthy versus hollow trading volume\",\n   \"numberOfItems\": 7,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Who trades\",\n     \"description\": \"Healthy: Many accounts, varied sizes. Hollow: A few accounts, repeated or round sizes. How to check: Trade-size distribution; academic detectors test first-digit patterns, size rounding and tail behaviour.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Depth left behind\",\n     \"description\": \"Healthy: Resting bids and offers on both sides after the trading. Hollow: A thin book despite large volume. How to check: Volume divided by depth within 1%.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Link to price\",\n     \"description\": \"Healthy: Volume rises with news and price moves. Hollow: High volume with a flat price, or none of the usual reaction to news. How to check: Overlay hourly volume on price and announcements.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Timing\",\n     \"description\": \"Healthy: Irregular, clustered around news and market hours. Hollow: Flat, evenly spaced or identical around the clock. How to check: Hourly profile over a week.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Spread while trading\",\n     \"description\": \"Healthy: Stays tight when volume is high. Hollow: Wide spread alongside large volume. How to check: Spread against volume by hour.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Venue pattern\",\n     \"description\": \"Healthy: Similar across venues, adjusted for venue size. Hollow: All on one venue, often a zero-fee or incentive-mined pair. How to check: Venue split; CoinMarketCap's adjusted volume excludes zero-fee and transaction-mining markets.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Cost to a real trader\",\n     \"description\": \"Healthy: A $1,000 round trip is cheap. Hollow: Headline volume large, round trip expensive. How to check: Walk the book.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-11\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#spike-playbook\",\n   \"name\": \"A volume spike playbook: before, during and after\",\n   \"numberOfItems\": 3,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Before\",\n     \"description\": \"Keep a calendar of catalysts: exchange notices, unlocks, product launches, listings. Raise inventory and depth on every venue ahead of known dates. Agree with the market maker how it will quote in a fast move. Why: Spike days reach about 4.3 times baseline, and the book has to carry that without a gap.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"During\",\n     \"description\": \"Keep quotes two-sided and widen rather than withdraw. Watch spread, depth and the volume-to-depth multiple hourly. Do not chase the volume with incentives. Publish clear information so traders are not guessing. Why: In the KAIA case, volume peaked in the first two hours and was 11% of the peak six hours later.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"After\",\n     \"description\": \"Review at 24 hours, seven days and 14 days. Compare volume with the pre-spike baseline: 2.79 times at day one and 1.22 times at day 14 are the medians. Run the follow-up the catalyst earns, such as a product release or a venue launch. Why: 53% of spikes lose half their excess by the next day, and 62% of closes seven days later were lower than on the spike day.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-14\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#contract-clauses\",\n   \"name\": \"Market maker contract clauses that bear on volume\",\n   \"numberOfItems\": 6,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Spread and depth per venue\",\n     \"description\": \"What to write: Maximum spread and minimum depth at 1% and 2% on each exchange and pool, taken from your tier's top quartile. Why it matters: Depth is what catalysts and campaigns need to land on.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Uptime\",\n     \"description\": \"What to write: Share of time quotes stay inside the standard, at least 95% per venue. Why it matters: A tight book that disappears is not a tight book.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Stress behaviour\",\n     \"description\": \"What to write: Widen, do not withdraw, in a move of 30% or more, with a time limit to return. Why it matters: Spikes and crashes are the moments the book is used most.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Reporting\",\n     \"description\": \"What to write: Weekly spread, depth, uptime and round-trip cost per venue, checkable against the public book. Why it matters: You cannot manage what you cannot check.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Prohibited conduct\",\n     \"description\": \"What to write: No wash trades, no volume or price targets, no profit share. Why it matters: It is the line that exchanges, prosecutors and MiCA have drawn.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Disclosure\",\n     \"description\": \"What to write: The right to name the market maker and its terms to every exchange. Why it matters: Binance expects it for the tokens it lists.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-19\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#common-mistakes\",\n   \"name\": \"Common mistakes when managing volume after a listing\",\n   \"numberOfItems\": 8,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Judging the listing by launch-week volume\",\n     \"description\": \"The first week carries about 20% of the first 90 days. A token that treats day-one volume as a baseline is measuring against a number nothing can hold.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Setting a volume target\",\n     \"description\": \"A target for volume invites the one thing exchanges and prosecutors punish. Set targets for spread, depth and uptime, which a firm can deliver and a team can check.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Reading the average and ignoring the median day\",\n     \"description\": \"Five days carry a median 17.9% of volume. The median day is a better guide to what holders experience.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Reading volume without depth\",\n     \"description\": \"One book in five traded over 100 times its depth. Volume with no depth behind it is the pattern exchanges describe as a red flag.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Spending the incentive budget at the peak\",\n     \"description\": \"A campaign launched on a spike day pays for volume that was coming anyway. The effect worth buying is what is left at day 14.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Adding exchanges before the first one is healthy\",\n     \"description\": \"A second venue with an empty book is worse than no second venue. Quote each one to the same standard.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Leaving the calendar out\",\n     \"description\": \"Catalysts, unlocks and listings are knowable. A book that is prepared for them keeps the volume they bring.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Treating volume as a proxy for price\",\n     \"description\": \"The data shows an association and no lever. 21% of listings in the Gate cohort were above their first close 90 days later, whatever their volume did.\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"DefinedTermSet\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\",\n   \"name\": \"Glossary for managing trading volume after a listing\",\n   \"hasDefinedTerm\": [\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Basis point (bps)\",\n     \"description\": \"One hundredth of one percent. A 20 bps spread means the best offer sits 0.2% above the best bid, measured against the mid price.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Concentration (top-five-day share)\",\n     \"description\": \"The share of a period's volume that arrives on its five busiest days. An even spread over 150 days would put 3.3% on five days.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Confidence Indicator\",\n     \"description\": \"CoinMarketCap's estimate of how well a market pair's reported volume fits its liquidity, web traffic and time-and-sales data, shown as High, Moderate or Low.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Depth within 1% or 2%\",\n     \"description\": \"The dollar value of bids and offers resting within 1% or 2% of the mid price. CoinMarketCap and CoinGecko display 2%.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Liquidity Score\",\n     \"description\": \"CoinMarketCap's 0 to 1,200 measure of order book depth, built by simulating orders of different sizes.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Market maker\",\n     \"description\": \"A firm that continuously quotes both sides of a market to an agreed standard, holding inventory and managing its risk.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Mid price\",\n     \"description\": \"The average of the best bid and the best offer.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Reference price\",\n     \"description\": \"The single price a market maker holds across every venue, from which all quotes and pool ranges are set.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Retention (volume)\",\n     \"description\": \"Daily volume at a later date as a multiple of the listing's own day-one volume.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Round-trip cost\",\n     \"description\": \"The loss from buying and immediately selling the same amount at market, measured against the mid price. It captures spread and depth together.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Spike\",\n     \"description\": \"In TDMM's analysis, a day with volume at least three times the median of the previous 14 days, on a baseline of at least $20,000 a day.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Spread\",\n     \"description\": \"The gap between the best bid and the best offer, usually in basis points of the mid price.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Trading volume\",\n     \"description\": \"The value of assets traded in a period, usually 24 hours, counted once per trade.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Turnover\",\n     \"description\": \"24-hour trading volume divided by market capitalisation.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Uptime\",\n     \"description\": \"The share of trading time in which a market maker's quotes are live and inside the agreed spread and depth.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Volume-to-depth multiple\",\n     \"description\": \"24-hour volume divided by the value of bids and offers within 1% of the mid price, a rough measure of how many times the visible book turned over.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Wash trading\",\n     \"description\": \"Trading between accounts under common control to create the appearance of activity. It produces volume without depth and has led to criminal convictions of market making firms.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#glossary\"\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#related\",\n   \"name\": \"Related TDMM guides and comparisons\",\n   \"numberOfItems\": 26,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderUnordered\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Best market makers for new token launches\",\n     \"url\": \"https:\/\/tdmm.io\/best\/market-makers-for-new-token-launches\",\n     \"description\": \"Pre-TGE or preparing a first listing\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Best crypto market makers for token projects\",\n     \"url\": \"https:\/\/tdmm.io\/best\/crypto-market-makers-for-token-projects\",\n     \"description\": \"A token issuer comparing firms for a full mandate\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Best crypto market makers for small-cap tokens\",\n     \"url\": \"https:\/\/tdmm.io\/best\/crypto-market-makers-for-small-market-cap-tokens\",\n     \"description\": \"Below about $100 million in market cap\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Best liquidity providers for crypto projects\",\n     \"url\": \"https:\/\/tdmm.io\/best\/liquidity-providers-for-crypto-projects\",\n     \"description\": \"Comparing firms that provide liquidity to token projects\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Best CEX market makers\",\n     \"url\": \"https:\/\/tdmm.io\/best\/cex-market-makers\",\n     \"description\": \"Trading mainly on centralised exchange order books\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Best DEX market makers\",\n     \"url\": \"https:\/\/tdmm.io\/best\/dex-market-makers\",\n     \"description\": \"Trading mainly in DEX pools\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Best market makers for Solana tokens\",\n     \"url\": \"https:\/\/tdmm.io\/best\/market-makers-for-solana-tokens\",\n     \"description\": \"Launching or trading on Solana\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Best market makers for emerging crypto projects\",\n     \"url\": \"https:\/\/tdmm.io\/best\/market-makers-for-emerging-crypto-projects\",\n     \"description\": \"An early-stage project building its first liquidity\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Best crypto market makers in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/best\/crypto-market-makers-in-2026\",\n     \"description\": \"Looking for a summary of the market\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"TDMM vs Wintermute\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-wintermute\",\n     \"description\": \"A token-project mandate against tier-one institutional liquidity\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"TDMM vs GSR\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-gsr\",\n     \"description\": \"Market making plus treasury against a broader capital markets group\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 12,\n     \"name\": \"TDMM vs DWF Labs\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-dwf-labs\",\n     \"description\": \"A market maker against a market maker that also invests\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 13,\n     \"name\": \"TDMM vs Kairon Labs\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-kairon-labs\",\n     \"description\": \"Full token-market management against specialist market making\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 14,\n     \"name\": \"TDMM vs FalconX\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-falconx\",\n     \"description\": \"Issuer market making against institutional prime brokerage\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 15,\n     \"name\": \"TDMM vs SolBoost\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-solboost\",\n     \"description\": \"A market making mandate against a self-serve Solana volume tool\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 16,\n     \"name\": \"How to choose a crypto market maker\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker-in-2026\/\",\n     \"description\": \"Seven steps, a scorecard, KPI benchmarks and contract terms\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 17,\n     \"name\": \"Top crypto market makers in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\",\n     \"description\": \"Twelve CEX and DEX market makers ranked, with method and evidence\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 18,\n     \"name\": \"What founders get wrong about market making\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/\",\n     \"description\": \"Twelve costly mistakes and how to avoid them\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 19,\n     \"name\": \"Why token launches fail after TGE\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/why-token-launches-fail-after-tge\/\",\n     \"description\": \"What new listings show, and the post-TGE playbook\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 20,\n     \"name\": \"How market making works after a token listing\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\",\n     \"description\": \"The first 90 days, and what a token loan really costs\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 21,\n     \"name\": \"CEX vs DEX market making in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\",\n     \"description\": \"How each works, what it costs and when a token needs both\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 22,\n     \"name\": \"Crypto market maker vs liquidity provider\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\",\n     \"description\": \"Which is better for a new token project\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 23,\n     \"name\": \"What is cross exchange market making?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\",\n     \"description\": \"Keeping one reference price across venues\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 24,\n     \"name\": \"How does market making work in crypto exchanges?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-does-market-making-work-in-crypto-exchanges\/\",\n     \"description\": \"Quoting, spreads and inventory from first principles\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 25,\n     \"name\": \"Crypto treasury management best practices 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\",\n     \"description\": \"Why treasury and liquidity are one book\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 26,\n     \"name\": \"How to manage a token exit strategy professionally\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\",\n     \"description\": \"Selling or unlocking size without breaking the market\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"Dataset\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#dataset\",\n   \"name\": \"TDMM trading volume after listing study: 823 Gate listings, 2,902 Gate and MEXC order books and a live KAIA spike, 9 October 2026\",\n   \"description\": \"Original TDMM measurements for managing trading volume after a listing: volume retention, dollar levels, spikes and concentration for 823 Gate USDT spot listings since 17 January 2024; spread, depth, round-trip cost and volume-to-depth multiples for 2,902 Gate and MEXC USDT order books captured on 9 October 2026, 14:44 to 14:53 UTC; turnover by market cap tier for CoinGecko top 2,000 coins; and hourly KAIA\/USDT volume on Binance.\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"publisher\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"citation\": \"TDMM Research, How to Manage Trading Volume After a Token Listing, https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\",\n   \"temporalCoverage\": \"2024-01-17\/2026-10-09\",\n   \"datePublished\": \"2026-10-09\",\n   \"dateModified\": \"2026-10-09\",\n   \"version\": \"1.0\",\n   \"inLanguage\": \"en\",\n   \"isAccessibleForFree\": true,\n   \"spatialCoverage\": \"Global (exchange data)\",\n   \"measurementTechnique\": \"Gate public daily candles for USDT spot pairs listed after 17 January 2024 (tokenised stocks, leveraged tokens and stablecoins excluded), each indexed to its own first session; spike = day from day 31 with volume at least 3 times the previous 14-day median on a baseline of at least $20,000; level-2 order book snapshot of Gate and MEXC USDT pairs, up to 1,000 levels a side; depth summed within 1% of mid; round-trip cost = market buy then market sell of $1,000 against the visible book, before fees; turnover = 24h volume divided by market cap from CoinGecko; Binance public market data for KAIA\/USDT.\",\n   \"keywords\": [\n    \"trading volume after listing\",\n    \"volume retention\",\n    \"volume spikes\",\n    \"round-trip cost\",\n    \"volume to depth\",\n    \"turnover\",\n    \"wash trading\"\n   ],\n   \"isBasedOn\": [\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Gate spot API v4\",\n     \"url\": \"https:\/\/www.gate.io\/docs\/developers\/apiv4\/\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"MEXC spot API v3\",\n     \"url\": \"https:\/\/mexcdevelop.github.io\/apidocs\/spot_v3_en\/\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"CoinGecko API\",\n     \"url\": \"https:\/\/docs.coingecko.com\/\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Binance Spot market data\",\n     \"url\": \"https:\/\/developers.binance.com\/docs\/binance-spot-api-docs\"\n    }\n   ],\n   \"variableMeasured\": [\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Gate USDT spot listings tracked since 17 January 2024\",\n     \"value\": 823,\n     \"unitText\": \"listings\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Order books in the snapshot\",\n     \"value\": 2902,\n     \"unitText\": \"books\",\n     \"description\": \"Gate 1,493, MEXC 1,409\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume as a multiple of day one, day 7\",\n     \"value\": 0.484,\n     \"unitText\": \"times\",\n     \"description\": \"Median of listings with data at that day\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume as a multiple of day one, day 14\",\n     \"value\": 0.378,\n     \"unitText\": \"times\",\n     \"description\": \"Median of listings with data at that day\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume as a multiple of day one, day 30\",\n     \"value\": 0.199,\n     \"unitText\": \"times\",\n     \"description\": \"Median of listings with data at that day\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume as a multiple of day one, day 60\",\n     \"value\": 0.119,\n     \"unitText\": \"times\",\n     \"description\": \"Median of listings with data at that day\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume as a multiple of day one, day 90\",\n     \"value\": 0.091,\n     \"unitText\": \"times\",\n     \"description\": \"Median of listings with data at that day\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume as a multiple of day one, day 180\",\n     \"value\": 0.056,\n     \"unitText\": \"times\",\n     \"description\": \"Median of listings with data at that day\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume as a multiple of day one, day 365\",\n     \"value\": 0.029,\n     \"unitText\": \"times\",\n     \"description\": \"Median of listings with data at that day\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of first-90-day volume traded in day one, median\",\n     \"value\": 3.5,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of first-90-day volume traded in week one, median\",\n     \"value\": 19.9,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of first-90-day volume traded in month one, median\",\n     \"value\": 58.3,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume around day 7\",\n     \"value\": 744277,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume around day 30\",\n     \"value\": 407735,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume around day 90\",\n     \"value\": 163376,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median daily volume around day 180\",\n     \"value\": 95984,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Listings under $50K a day at day 90\",\n     \"value\": 30,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Listings over $1M a day at day 90\",\n     \"value\": 21,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Volume spikes identified (3x the prior 14-day median, baseline at least $20K)\",\n     \"value\": 7701,\n     \"unitText\": \"spikes\",\n     \"description\": \"700 listings\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spike day multiple of baseline\",\n     \"value\": 4.34,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median volume as a multiple of baseline, 1 days after the spike\",\n     \"value\": 2.79,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median volume as a multiple of baseline, 2 days after the spike\",\n     \"value\": 1.96,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median volume as a multiple of baseline, 3 days after the spike\",\n     \"value\": 1.74,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median volume as a multiple of baseline, 5 days after the spike\",\n     \"value\": 1.5,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median volume as a multiple of baseline, 7 days after the spike\",\n     \"value\": 1.43,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median volume as a multiple of baseline, 14 days after the spike\",\n     \"value\": 1.22,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Spikes that lost half their excess volume by the next day\",\n     \"value\": 53,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Listings with a spike in days 31 to 90\",\n     \"value\": 72,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Spikes with a rising price on the spike day\",\n     \"value\": 66,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Spikes with a lower close seven days later\",\n     \"value\": 62,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of days 31 to 180 volume on the five busiest days, median\",\n     \"value\": 17.9,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Listings with over 25% of volume on five days\",\n     \"value\": 26,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Listings above first close at day 90, high-retention third\",\n     \"value\": 33,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Listings above first close at day 90, middle third\",\n     \"value\": 21,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Listings above first close at day 90, low-retention third\",\n     \"value\": 10,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Difference between high and low retention thirds\",\n     \"value\": 22.5,\n     \"unitText\": \"percentage points\",\n     \"description\": \"95% bootstrap interval 15.9 to 29.5\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, 24h volume Under $50K\",\n     \"value\": 57,\n     \"unitText\": \"basis points\",\n     \"description\": \"1259 books\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median depth within 1%, 24h volume Under $50K\",\n     \"value\": 294,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median $1,000 round-trip cost, 24h volume Under $50K\",\n     \"value\": 656,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, 24h volume $50K to $250K\",\n     \"value\": 20,\n     \"unitText\": \"basis points\",\n     \"description\": \"1257 books\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median depth within 1%, 24h volume $50K to $250K\",\n     \"value\": 4613,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median $1,000 round-trip cost, 24h volume $50K to $250K\",\n     \"value\": 89,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, 24h volume $250K to $1M\",\n     \"value\": 11,\n     \"unitText\": \"basis points\",\n     \"description\": \"213 books\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median depth within 1%, 24h volume $250K to $1M\",\n     \"value\": 27055,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median $1,000 round-trip cost, 24h volume $250K to $1M\",\n     \"value\": 34,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, 24h volume $1M to $5M\",\n     \"value\": 7,\n     \"unitText\": \"basis points\",\n     \"description\": \"111 books\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median depth within 1%, 24h volume $1M to $5M\",\n     \"value\": 82269,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median $1,000 round-trip cost, 24h volume $1M to $5M\",\n     \"value\": 20,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, 24h volume Over $5M\",\n     \"value\": 3,\n     \"unitText\": \"basis points\",\n     \"description\": \"62 books\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median depth within 1%, 24h volume Over $5M\",\n     \"value\": 263704,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median $1,000 round-trip cost, 24h volume Over $5M\",\n     \"value\": 8,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median volume-to-depth multiple\",\n     \"value\": 15,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"90th percentile volume-to-depth multiple\",\n     \"value\": 235,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Books trading over 50 times their depth within 1%\",\n     \"value\": 29.4,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Books trading over 100 times their depth within 1%\",\n     \"value\": 19.8,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Books trading over 250 times their depth within 1%\",\n     \"value\": 9.7,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Books trading over 500 times their depth within 1%\",\n     \"value\": 5.6,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Books trading over 1000 times their depth within 1%\",\n     \"value\": 3.2,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"CoinGecko top-2,000 coins with usable turnover data\",\n     \"value\": 1885,\n     \"unitText\": \"coins\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median 24h turnover, all coins\",\n     \"value\": 2.9,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Coins with turnover under 1%\",\n     \"value\": 36,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median turnover, market cap Under $5M\",\n     \"value\": 1.7,\n     \"unitText\": \"percent\",\n     \"description\": \"220 coins\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median turnover, market cap $5M to $25M\",\n     \"value\": 2.0,\n     \"unitText\": \"percent\",\n     \"description\": \"950 coins\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median turnover, market cap $25M to $100M\",\n     \"value\": 4.1,\n     \"unitText\": \"percent\",\n     \"description\": \"458 coins\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median turnover, market cap $100M to $1B\",\n     \"value\": 4.3,\n     \"unitText\": \"percent\",\n     \"description\": \"192 coins\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median turnover, market cap Over $1B\",\n     \"value\": 5.5,\n     \"unitText\": \"percent\",\n     \"description\": \"65 coins\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"KAIA\/USDT peak hour volume on Binance, 9 October 2026 08:00 UTC\",\n     \"value\": 7.9,\n     \"unitText\": \"USD million\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"KAIA peak hour against its previous hourly mean\",\n     \"value\": 218,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"KAIA day volume against the prior 20-day average\",\n     \"value\": 26,\n     \"unitText\": \"times\",\n     \"description\": \"Day incomplete at measurement, 15:04 UTC\"\n    }\n   ],\n   \"image\": [\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-01\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-02\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-03\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-04\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-05\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-06\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-07\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-08\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-09\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-retention\",\n   \"name\": \"Median daily volume as a multiple of day one, by day after the first session, 823 Gate listings\",\n   \"description\": \"Days after first session: Day 7; Listings: 823; 25th percentile: 0.17x; Median: 0.48x; 75th percentile: 1.51x. Days after first session: Day 14; Listings: 817; 25th percentile: 0.11x; Median: 0.38x; 75th percentile: 1.23x. Days after first session: Day 30; Listings: 804; 25th percentile: 0.06x; Median: 0.20x; 75th percentile: 0.70x. Days after first session: Day 60; Listings: 788; 25th percentile: 0.03x; Median: 0.12x; 75th percentile: 0.49x. Days after first session: Day 90; Listings: 775; 25th percentile: 0.02x; Median: 0.09x; 75th percentile: 0.41x. Days after first session: Day 180; Listings: 719; 25th percentile: 0.01x; Median: 0.06x; 75th percentile: 0.21x. Days after first session: Day 365; Listings: 604; 25th percentile: 0.01x; Median: 0.03x; 75th percentile: 0.16x.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-01\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-round-trip-cost\",\n   \"name\": \"Cost of a $1,000 round trip by 24-hour volume, 2,902 Gate and MEXC order books, 9 October 2026\",\n   \"description\": \"24-hour volume: Under $50K; Books: 1,259; Median 24h volume: $6,764; Median spread: 57 bps; Median depth within 1%: $294; Median $1K round trip: 656 bps; 75th percentile $1K round trip: 3,455 bps. 24-hour volume: $50K to $250K; Books: 1,257; Median 24h volume: $76,577; Median spread: 20 bps; Median depth within 1%: $4,613; Median $1K round trip: 89 bps; 75th percentile $1K round trip: 293 bps. 24-hour volume: $250K to $1M; Books: 213; Median 24h volume: $436,995; Median spread: 11 bps; Median depth within 1%: $27,055; Median $1K round trip: 34 bps; 75th percentile $1K round trip: 80 bps. 24-hour volume: $1M to $5M; Books: 111; Median 24h volume: $2,063,075; Median spread: 7 bps; Median depth within 1%: $82,269; Median $1K round trip: 20 bps; 75th percentile $1K round trip: 32 bps. 24-hour volume: Over $5M; Books: 62; Median 24h volume: $9,809,646; Median spread: 3 bps; Median depth within 1%: $263,704; Median $1K round trip: 7.7 bps; 75th percentile $1K round trip: 14 bps.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-07\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-evidence\",\n   \"name\": \"Evidence on manufactured volume and the response to it, 2019 to 2026\",\n   \"description\": \"Date: 2019; Source: Bitwise analysis for the US SEC, as reported by Cointelegraph; What it found or did: About 95% of reported bitcoin volume was not real. Of 83 exchanges examined, 10 showed real volume. Date: 2023; Source: Cong, Li, Tang and Yang, Management Science; What it found or did: Wash trading averaged over 70% of reported volume on unregulated exchanges, across 29 exchanges. Date: 9 Oct 2024; Source: US Department of Justice, Massachusetts; What it found or did: 18 individuals and entities charged over market manipulation, including Gotbit, ZM Quant, CLS Global and MyTrade MM, with more than $25 million of crypto seized. Date: 30 Dec 2024; Source: MiCA Title VI; What it found or did: Market abuse rules apply, with Article 91 prohibiting market manipulation. Date: 2 Apr 2025; Source: CLS Global FZC LLC; What it found or did: Sentenced after guilty pleas to conspiracy to commit market manipulation and wire fraud, with three years' probation and a bar from US crypto markets during probation. Date: 12 Jun 2025; Source: Gotbit and its founder; What it found or did: Sentenced after guilty pleas (US Department of Justice release dated 13 June). The founder received eight months in prison and Gotbit forfeited about $23 million. Date: 25 Mar 2026; Source: Binance; What it found or did: Published six market maker red flags, including volume that does not match price behaviour and unbalanced volume and liquidity. Date: 30 Mar 2026; Source: US Attorney's Office, Northern District of California; What it found or did: Charges against ten people in three indictments. Two have pleaded guilty and been sentenced; the other eight are presumed innocent.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-15\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-scorecard\",\n   \"name\": \"Weekly volume health scorecard: seven numbers with TDMM reference values\",\n   \"description\": \"Number: 1. Turnover; How to calculate it: 24-hour volume divided by market cap; Reference from TDMM data: Median 1.7% under $5M, 2.0% at $5M to $25M, 4.1% at $25M to $100M, 4.3% at $100M to $1B, 5.5% over $1B; When to ask questions: Under 1% for weeks, or far above your tier's 75th percentile (19%, 14%, 12%, 13% and 10%) with no news. Number: 2. Spread; How to calculate it: Best ask minus best bid, over the mid price, in basis points; Reference from TDMM data: Median 57 bps under $50K of daily volume, 20 bps to $250K, 11 bps to $1M, 7 bps to $5M, 3 bps above; When to ask questions: Wider than the median for your volume bucket. Number: 3. Depth within 1%; How to calculate it: Bids plus offers within 1% of mid, in dollars; Reference from TDMM data: Median $294, $4.6K, $27K, $82K and $264K across the same buckets; When to ask questions: A thin book while volume is high. Number: 4. Volume-to-depth multiple; How to calculate it: 24-hour volume divided by depth within 1%; Reference from TDMM data: Median 15x; 20% of books above 100x; When to ask questions: Above 100x without an explanation. Number: 5. Round-trip cost; How to calculate it: Cost of a $1,000 market buy then sell, in basis points; Reference from TDMM data: Median 656, 89, 34, 20 and 7.7 bps across the volume buckets; When to ask questions: Cost rising while volume rises. Number: 6. Volume retention; How to calculate it: Median daily volume now against the first week; Reference from TDMM data: Median 0.20x of day one at day 30 and 0.09x at day 90; bottom quarter 0.06x at day 30; When to ask questions: Below 0.06x at day 30. Number: 7. Concentration; How to calculate it: Share of the month's volume on its five busiest days; Reference from TDMM data: Median 17.9% over days 31 to 180; 26% of listings above 25%; When to ask questions: Above 25% for a quarter.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-12\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-cex-market-making\",\n   \"name\": \"CEX market making by TDMM\",\n   \"url\": \"https:\/\/tdmm.io\/\",\n   \"serviceType\": [\n    \"Crypto market making\",\n    \"CEX market making\"\n   ],\n   \"description\": \"Continuous two-sided quoting on centralised exchange order books from one reference price, with spread, depth and uptime committed and reported per exchange.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-dex-market-making\",\n   \"name\": \"DEX market making by TDMM\",\n   \"url\": \"https:\/\/tdmm.io\/\",\n   \"serviceType\": [\n    \"Crypto market making\",\n    \"DEX market making\",\n    \"Liquidity management\"\n   ],\n   \"description\": \"Management of pools, concentrated ranges and on-chain order books across chains, held on the same reference price as CEX order books, with range position, depth and fee reporting.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-token-launch-market-making\",\n   \"name\": \"Market making for new token launches by TDMM\",\n   \"url\": \"https:\/\/tdmm.io\/\",\n   \"serviceType\": [\n    \"Market making for new token launches\",\n    \"TGE market making\",\n    \"Listing support\"\n   ],\n   \"description\": \"Pre-TGE and launch market making with two-sided quotes on every venue from the first second of trading.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-post-tge-market-making\",\n   \"name\": \"Market making after TGE by TDMM\",\n   \"url\": \"https:\/\/tdmm.io\/\",\n   \"serviceType\": [\n    \"Market making after TGE\",\n    \"Post-listing market making\",\n    \"Unlock liquidity planning\"\n   ],\n   \"description\": \"Spread and depth held to a written standard after listing, with liquidity planned around unlocks and new listings and treasury and exit execution on the same book.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-liquidity-provision\",\n   \"name\": \"Liquidity provision for crypto projects by TDMM\",\n   \"url\": \"https:\/\/tdmm.io\/\",\n   \"serviceType\": [\n    \"Liquidity provider for crypto projects\",\n    \"Liquidity provisioning\"\n   ],\n   \"description\": \"Liquidity provisioning across CEX order books and DEX pools, scoped to managed pool liquidity alone where that is all a project needs.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#organization\",\n   \"name\": \"TDMM\",\n   \"legalName\": \"TDMM Ltd\",\n   \"alternateName\": [\n    \"TradeDog Market Maker\",\n    \"TD Market Maker\",\n    \"TDMM Market Maker\"\n   ],\n   \"url\": \"https:\/\/tdmm.io\/\",\n   \"foundingDate\": \"2015\",\n   \"slogan\": \"CEX and DEX market making for crypto projects\",\n   \"logo\": {\n    \"@type\": \"ImageObject\",\n    \"@id\": \"https:\/\/tdmm.io\/#logo\",\n    \"url\": \"https:\/\/tdmm.io\/images\/logo.png\",\n    \"contentUrl\": \"https:\/\/tdmm.io\/images\/logo.png\",\n    \"width\": 1514,\n    \"height\": 540\n   },\n   \"description\": \"TDMM (TradeDog Market Maker) is the market making and token market management arm of TradeDog Group: CEX and DEX market making, liquidity provisioning, listing support, treasury and exit management for crypto token projects. Active since 2015, with more than $10 billion traded, 100+ CEX and DEX integrations and 200+ markets.\",\n   \"parentOrganization\": {\n    \"@type\": \"Organization\",\n    \"name\": \"TradeDog Group\"\n   },\n   \"numberOfEmployees\": {\n    \"@type\": \"QuantitativeValue\",\n    \"minValue\": 30\n   },\n   \"knowsAbout\": [\n    \"how to manage trading volume after listing\",\n    \"trading volume after token listing\",\n    \"post-listing volume retention\",\n    \"volume spikes and wash trading\",\n    \"crypto market making\",\n    \"CEX market making\",\n    \"DEX market making\",\n    \"liquidity provision for crypto projects\",\n    \"market maker KPIs\",\n    \"token listing support\",\n    \"exit management\"\n   ],\n   \"makesOffer\": [\n    {\n     \"@type\": \"Offer\",\n     \"itemOffered\": {\n      \"@id\": \"https:\/\/tdmm.io\/#service-cex-market-making\"\n     }\n    },\n    {\n     \"@type\": \"Offer\",\n     \"itemOffered\": {\n      \"@id\": \"https:\/\/tdmm.io\/#service-dex-market-making\"\n     }\n    },\n    {\n     \"@type\": \"Offer\",\n     \"itemOffered\": {\n      \"@id\": \"https:\/\/tdmm.io\/#service-token-launch-market-making\"\n     }\n    },\n    {\n     \"@type\": \"Offer\",\n     \"itemOffered\": {\n      \"@id\": \"https:\/\/tdmm.io\/#service-post-tge-market-making\"\n     }\n    },\n    {\n     \"@type\": \"Offer\",\n     \"itemOffered\": {\n      \"@id\": \"https:\/\/tdmm.io\/#service-liquidity-provision\"\n     }\n    }\n   ],\n   \"sameAs\": [\n    \"https:\/\/www.linkedin.com\/company\/tdmarketmaker\/\",\n    \"https:\/\/x.com\/tdmarketmaker\",\n    \"https:\/\/www.instagram.com\/tdmarketmaker\/\",\n    \"https:\/\/www.binance.com\/en-IN\/square\/profile\/tdmarketmaker\",\n    \"https:\/\/coinmarketcap.com\/community\/profile\/tdmarketmaker\/\",\n    \"https:\/\/www.reddit.com\/user\/TDMM_tdmarketmaker\/\",\n    \"https:\/\/www.crunchbase.com\/organization\/tradedog-market-maker\",\n    \"https:\/\/pitchbook.com\/profiles\/company\/560286-55\",\n    \"https:\/\/www.rootdata.com\/Projects\/detail\/TDMM?k=Njk1MA%3D%3D\"\n   ]\n  },\n  {\n   \"@type\": \"Person\",\n   \"@id\": \"https:\/\/tdmm.io\/#vaibhav-singh\",\n   \"name\": \"Vaibhav Singh\",\n   \"worksFor\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"url\": \"https:\/\/www.linkedin.com\/in\/vaibhav-singh-growth-hacker\/\",\n   \"sameAs\": [\n    \"https:\/\/www.linkedin.com\/in\/vaibhav-singh-growth-hacker\/\"\n   ],\n   \"knowsAbout\": [\n    \"crypto market making\",\n    \"token liquidity\",\n    \"trading volume\",\n    \"token launches\"\n   ]\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-wintermute\",\n   \"name\": \"Wintermute\",\n   \"url\": \"https:\/\/www.wintermute.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-gsr\",\n   \"name\": \"GSR\",\n   \"url\": \"https:\/\/www.gsr.io\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-keyrock\",\n   \"name\": \"Keyrock\",\n   \"url\": \"https:\/\/keyrock.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-flowdesk\",\n   \"name\": \"Flowdesk\",\n   \"url\": \"https:\/\/www.flowdesk.co\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-b2c2\",\n   \"name\": \"B2C2\",\n   \"url\": \"https:\/\/www.b2c2.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-arrakis-finance\",\n   \"name\": \"Arrakis Finance\",\n   \"url\": \"https:\/\/arrakis.finance\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-binance\",\n   \"name\": \"Binance\",\n   \"url\": \"https:\/\/www.binance.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-gate\",\n   \"name\": \"Gate\",\n   \"url\": \"https:\/\/www.gate.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-mexc\",\n   \"name\": \"MEXC\",\n   \"url\": \"https:\/\/www.mexc.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-coinmarketcap\",\n   \"name\": \"CoinMarketCap\",\n   \"url\": \"https:\/\/coinmarketcap.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-coingecko\",\n   \"name\": \"CoinGecko\",\n   \"url\": \"https:\/\/www.coingecko.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-upbit\",\n   \"name\": \"Upbit\",\n   \"url\": \"https:\/\/www.upbit.com\/\"\n  },\n  {\n   \"@type\": \"GovernmentOrganization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-us-doj\",\n   \"name\": \"United States Department of Justice\",\n   \"url\": \"https:\/\/www.justice.gov\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-cointelegraph\",\n   \"name\": \"Cointelegraph\",\n   \"url\": \"https:\/\/cointelegraph.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-4pillars\",\n   \"name\": \"4Pillars\",\n   \"url\": \"https:\/\/4pillars.io\/en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#mainImage\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/00-cover-how-to-manage-trading-volume-after-listing.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/00-cover-how-to-manage-trading-volume-after-listing.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/00-cover-how-to-manage-trading-volume-after-listing-300x169.png\",\n   \"name\": \"By Vaibhav Singh, TDMM (TradeDog Market Maker). Published 9 October 2026. Listing data from Gate daily candles; order book snapshot captured on 9 October 2026, 14:44 to 14:53 UTC\",\n   \"caption\": \"By Vaibhav Singh, TDMM (TradeDog Market Maker). Published 9 October 2026. Listing data from Gate daily candles; order book snapshot captured on 9 October 2026, 14:44 to 14:53 UTC.\",\n   \"description\": \"Cover image for TDMM's guide on how to manage trading volume after a token listing, showing 823 listings and 2,902 order books measured, the 20% of day-one volume left at day 30 and the 218 times volume spike on KAIA.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": true,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-01\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-volume-retention-after-listing-300x169.png\",\n   \"name\": \"Median daily volume against day one, with the middle half of listings shaded. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026\",\n   \"caption\": \"Median daily volume against day one, with the middle half of listings shaded. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026.\",\n   \"description\": \"Line chart of median daily volume as a multiple of day-one volume for 823 Gate listings on a log scale, with markers at 0.48 times on day 7, 0.20 times on day 30, 0.09 times on day 90 and 0.06 times on day 180, and tiles showing 58% of 90-day volume traded in month one.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-02\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-typical-daily-volume-after-listing-300x169.png\",\n   \"name\": \"What normal looks like in dollars. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026; median of a seven-day window around each checkpoint\",\n   \"caption\": \"What normal looks like in dollars. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026; median of a seven-day window around each checkpoint.\",\n   \"description\": \"Bar chart on a log scale of median daily volume by checkpoint, $744K at day 7, $408K at day 30, $163K at day 90 and $96K at day 180, with a table of 25th and 75th percentiles and shares of listings under $50K and over $1M.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-03\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-volume-spike-decay-300x169.png\",\n   \"name\": \"Median volume around a spike, as a multiple of the 14-day pre-spike median. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026\",\n   \"caption\": \"Median volume around a spike, as a multiple of the 14-day pre-spike median. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026.\",\n   \"description\": \"Line chart of median volume around 7,701 spikes as a multiple of the pre-spike baseline: 1.30 times the day before, 4.34 times on the spike day, 2.79 times a day later, 1.96 times after two days, 1.74 times after three, 1.50 after five, 1.43 after seven and 1.22 after 14 days, with tiles showing 72% of listings had a spike and 53% of spikes lose half their excess by the next day.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-04\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-concentration-top-five-days-300x169.png\",\n   \"name\": \"How much of a listing's volume arrives on its five busiest days. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026\",\n   \"caption\": \"How much of a listing's volume arrives on its five busiest days. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026.\",\n   \"description\": \"Histogram of the share of days 31 to 180 volume traded on the five busiest days for 719 listings, with a median of 17.9% against 3.3% for an even spread, and tiles showing 26% of listings above 25% and 12% below 10%.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-05\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-volume-retention-and-price-300x169.png\",\n   \"name\": \"Share of listings still above their first close, by how much volume they held. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026; 775 listings with 91 or more sessions\",\n   \"caption\": \"Share of listings still above their first close, by how much volume they held. Source: TDMM analysis of Gate USDT spot daily candles, 9 October 2026; 775 listings with 91 or more sessions.\",\n   \"description\": \"Bar chart of the share of listings above their first close 90 days later by volume retention third: 10% for low retention, 21% for the middle third and 33% for high retention, with a table of median volume held and median price against first close.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-06\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-turnover-by-market-cap-tier-300x169.png\",\n   \"name\": \"Median daily turnover by market cap tier, CoinGecko's top 2,000 coins. Source: TDMM analysis of CoinGecko markets and global data, 9 October 2026\",\n   \"caption\": \"Median daily turnover by market cap tier, CoinGecko's top 2,000 coins. Source: TDMM analysis of CoinGecko markets and global data, 9 October 2026.\",\n   \"description\": \"Bar chart on a log scale of median daily turnover by market cap tier, 1.7% under $5M, 2.0% at $5M to $25M, 4.1% at $25M to $100M, 4.3% at $100M to $1B and 5.5% over $1B, with a whole-market line at 3.9% and tiles showing 36% of coins under 1%.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-07\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-round-trip-cost-by-volume-300x169.png\",\n   \"name\": \"Median cost of buying and selling $1,000 at market, by 24-hour volume of the pair. Source: TDMM snapshot of 2,902 USDT order books on Gate and MEXC, 9 October 2026. Fees excluded\",\n   \"caption\": \"Median cost of buying and selling $1,000 at market, by 24-hour volume of the pair. Source: TDMM snapshot of 2,902 USDT order books on Gate and MEXC, 9 October 2026. Fees excluded.\",\n   \"description\": \"Bar chart on a log scale of the median cost of a $1,000 round trip by 24-hour volume: 656 basis points under $50K, 89 at $50K to $250K, 34 at $250K to $1M, 20 at $1M to $5M and 7.7 over $5M, with a table of spread, depth and 75th percentile cost.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-08\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-volume-to-depth-multiple-300x169.png\",\n   \"name\": \"Volume as a multiple of visible depth. Source: TDMM snapshot of Gate and MEXC USDT books, 9 October 2026. A high multiple is a question, not a verdict\",\n   \"caption\": \"Volume as a multiple of visible depth. Source: TDMM snapshot of Gate and MEXC USDT books, 9 October 2026. A high multiple is a question, not a verdict.\",\n   \"description\": \"Bar chart of the share of 2,902 order books whose 24-hour volume exceeds a multiple of depth within 1% of the price: 29.4% over 50 times, 19.8% over 100 times, 9.7% over 250 times, 5.6% over 500 times and 3.2% over 1,000 times, with tiles showing the median book at 15 times and the 90th percentile at 235 times.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-09\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-kaia-upbit-live-volume-spike-300x169.png\",\n   \"name\": \"Hourly KAIA\/USDT volume on Binance after Upbit's listing notice. Source: TDMM analysis of Binance public market data, pulled 15:04 UTC on 9 October 2026; Upbit timing per PANews\",\n   \"caption\": \"Hourly KAIA\/USDT volume on Binance after Upbit's listing notice. Source: TDMM analysis of Binance public market data, pulled 15:04 UTC on 9 October 2026; Upbit timing per PANews.\",\n   \"description\": \"Bar chart on a log scale of KAIA\/USDT hourly volume on Binance on 9 October 2026, from $15K at 04:00 UTC to $7.9M at 08:00, $6.1M at 09:00, $3.8M at 10:00 and $868K at 14:00, with tiles showing 26 times the 20-day average, 218 times the old hourly mean at peak and 11% of the peak at 14:00.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-10\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-trading-volume-numbers-panel-300x169.png\",\n   \"name\": \"Nine numbers behind managing volume after a listing. Sources as dated in the panel\",\n   \"caption\": \"Nine numbers behind managing volume after a listing. Sources as dated in the panel.\",\n   \"description\": \"Panel of nine numbers behind trading volume after a listing, including 823 listings measured, 20% of day-one volume left at day 30, 58% of 90-day volume in month one, the 218 times KAIA spike, and the 6.6% round-trip cost in thin books.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-11\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-healthy-vs-hollow-volume-300x169.png\",\n   \"name\": \"Seven tests of whether volume is real. Method: TDMM, drawing on the detection approaches in the sources\",\n   \"caption\": \"Seven tests of whether volume is real. Method: TDMM, drawing on the detection approaches in the sources.\",\n   \"description\": \"Table comparing healthy and hollow trading volume across who trades, depth left behind, link to price, timing, spread during volume, venue pattern and cost to a real trader, with a check for each.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-12\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-volume-health-scorecard-300x169.png\",\n   \"name\": \"The weekly volume health scorecard. Reference values from TDMM's Gate cohort and 9 October 2026 order book snapshot\",\n   \"caption\": \"The weekly volume health scorecard. Reference values from TDMM's Gate cohort and 9 October 2026 order book snapshot.\",\n   \"description\": \"Table of seven numbers to track after a listing, with how to calculate each, the TDMM reference value and when to ask questions: turnover, spread, depth within 1%, volume-to-depth multiple, round-trip cost, volume retention and top-five-day concentration.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-13\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-volume-levers-compared-300x169.png\",\n   \"name\": \"Six levers compared. Method: TDMM\",\n   \"caption\": \"Six levers compared. Method: TDMM.\",\n   \"description\": \"Table comparing six levers for building trading volume after a listing, two-sided market making, additional venues, trading campaigns and incentives, product use and catalysts, data and listing hygiene, and community and education, by what each changes, how fast, how long it lasts, cost shape and main risk.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-14\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-volume-spike-playbook-300x169.png\",\n   \"name\": \"A spike playbook in three phases. Method: TDMM. Reference values from 7,701 spikes in TDMM's Gate cohort\",\n   \"caption\": \"A spike playbook in three phases. Method: TDMM. Reference values from 7,701 spikes in TDMM's Gate cohort.\",\n   \"description\": \"Three-column table of a volume spike playbook with actions before, during and after: build depth and inventory ahead of known catalysts, keep two-sided quotes and widen rather than withdraw during the spike, and measure retention at 24 hours, seven days and 14 days afterwards.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-15\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-wash-trading-evidence-and-enforcement-300x169.png\",\n   \"name\": \"Evidence on manufactured volume and the response to it. Charges are allegations unless a plea or sentence is stated. Sources as listed\",\n   \"caption\": \"Evidence on manufactured volume and the response to it. Charges are allegations unless a plea or sentence is stated. Sources as listed.\",\n   \"description\": \"Timeline table of evidence on manufactured volume and the response to it, from Bitwise's 2019 analysis and a 2023 Management Science paper to the US Department of Justice cases of 2024 and 2025, MiCA's market abuse rules and Binance's March 2026 red flags.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-16\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-who-reads-your-trading-volume-300x169.png\",\n   \"name\": \"Five readers of a token's volume and what each tests. Sources as listed in the Sources section\",\n   \"caption\": \"Five readers of a token's volume and what each tests. Sources as listed in the Sources section.\",\n   \"description\": \"Table of who reads a token's trading volume: CoinMarketCap with its Liquidity Score and Confidence Indicator, CoinGecko with its exchange Trust Score, Binance with ongoing listing reviews and market maker red flags, holders and traders through spread and slippage, and regulators under MiCA and US market manipulation law.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-17\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-ninety-day-volume-plan-300x169.png\",\n   \"name\": \"A volume plan across the first 180 days. Source: TDMM; reference values from the Gate cohort\",\n   \"caption\": \"A volume plan across the first 180 days. Source: TDMM; reference values from the Gate cohort.\",\n   \"description\": \"Five-window timeline for managing volume from 30 days before listing to day 180, with what volume typically does in each window, what to do and what to measure.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-18\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-weekly-volume-report-template-300x169.png\",\n   \"name\": \"Fields for a weekly volume report. Template: TDMM\",\n   \"caption\": \"Fields for a weekly volume report. Template: TDMM.\",\n   \"description\": \"Table of the fields a weekly volume report should carry: venue, 24-hour volume and median day, spread, depth within 1%, uptime, volume-to-depth multiple, round-trip cost and top-five-day share, each with what to compare it with.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-19\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-ways-to-manage-volume-compared-300x169.png\",\n   \"name\": \"Five ways of managing volume compared. Source: TDMM. TDMM appears in the comparison and has an interest in it\",\n   \"caption\": \"Five ways of managing volume compared. Source: TDMM. TDMM appears in the comparison and has an interest in it.\",\n   \"description\": \"Table comparing five ways of managing volume after a listing, doing it yourself, a volume package or bot, a campaign or incentive, a token-loan desk and a full-lifecycle market maker such as TDMM, across resting depth, real volume, disclosure to exchanges, reporting and main risk.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-20\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-tdmm-volume-management-coverage-300x169.png\",\n   \"name\": \"One book across exchanges and DEXs, and what TDMM does and does not do about volume. Source: TDMM company information\",\n   \"caption\": \"One book across exchanges and DEXs, and what TDMM does and does not do about volume. Source: TDMM company information.\",\n   \"description\": \"TDMM coverage panel for volume management: active since 2015, more than $10 billion in trading volume reported, more than 100 CEX and DEX integrations, more than 200 markets and 24\/7 operations, with what TDMM does and does not do after a listing.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-readers\",\n   \"name\": \"Who reads your trading volume: five readers, what each tests and what it means for a token team\",\n   \"description\": \"Reader: CoinMarketCap; What it tests: A Liquidity Score from 0 to 1,200, built by simulating orders of different sizes against the book, and a Confidence Indicator that estimates expected volume from liquidity, web traffic and time-and-sales data (High above 75%, Moderate 50% to 75%, Low below 50%); What it means for a token team: Low-confidence pairs carry less weight in exchange rankings. CoinMarketCap says a Low result is not proof of wash trading, but volume that the book cannot support looks less credible. Reader: CoinGecko; What it tests: A Trust Score for each exchange built from liquidity, cybersecurity, regulation, incident history and proof of reserves, with liquidity weighted most, recalculated weekly; What it means for a token team: It grades the venue, not your token, so the exchanges you list on affect how your volume is read. Reader: Binance; What it tests: Ongoing listing reviews that weigh trading volume and liquidity among other criteria, a Monitoring Tag, and six market maker red flags published on 25 March 2026; What it means for a token team: A persistently thin market is a listing risk. On 10 July 2026 Binance removed ALCX, ARDR, NFP and POND after its reviews. Reader: Holders and traders; What it tests: Spread, depth and the cost of a real order; What it means for a token team: They pay for thin volume every time they trade, and they leave a market where that cost is high. Reader: Regulators and prosecutors; What it tests: MiCA Article 91 prohibits market manipulation, and Title VI of MiCA has applied since 30 December 2024. US prosecutors have charged and convicted market makers for wash trading; What it means for a token team: Manufactured volume is a legal exposure for the firm that makes it and for a project that commissions it.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-16\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-ways-compared\",\n   \"name\": \"Five ways to manage trading volume compared: trade it yourself, volume package or bot, campaign or incentive, token-loan desk and a full-lifecycle market maker (TDMM)\",\n   \"description\": \"What you need: Resting two-sided depth; Trade it yourself: Only what the team posts; Volume package or bot: No, trades without resting depth; Campaign or incentive: No; Token-loan desk: Yes; Full-lifecycle market maker (TDMM): Yes, on every venue. What you need: Volume from real traders; Trade it yourself: Yes, small; Volume package or bot: No; Campaign or incentive: Yes, while the reward runs; Token-loan desk: Indirectly, through cost; Full-lifecycle market maker (TDMM): Indirectly, through cost and reach. What you need: Disclosable to an exchange; Trade it yourself: Yes, the team's own account; Volume package or bot: No; Campaign or incentive: Yes; Token-loan desk: Varies; Full-lifecycle market maker (TDMM): Yes, written for disclosure. What you need: Spread, depth and uptime reporting; Trade it yourself: None; Volume package or bot: Volume only; Campaign or incentive: Participation figures; Token-loan desk: Varies; Full-lifecycle market maker (TDMM): Per venue, against the public book. What you need: CEX and DEX on one reference price; Trade it yourself: Rarely; Volume package or bot: No; Campaign or incentive: Single venue; Token-loan desk: Across exchanges; Full-lifecycle market maker (TDMM): Across order books and pools. What you need: Main risk; Trade it yourself: Conflict between treasury and market; Volume package or bot: Prosecution, delisting; Campaign or incentive: Volume leaves with the reward; Token-loan desk: Option cost of the loan; Full-lifecycle market maker (TDMM): Needs a measurable mandate.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-19\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#table-tdmm-answers\",\n   \"name\": \"How TDMM answers what managing volume after a listing needs\",\n   \"description\": \"What managing volume needs: Quotes live from the first second; How TDMM answers it: Inventory funded on every venue before go-live, with order book quotes and pool ranges set from one reference price. What managing volume needs: A standard that holds through the fade; How TDMM answers it: Spread, depth and uptime written per venue into the mandate and reported against the public order book. What managing volume needs: Preparation for catalysts; How TDMM answers it: Depth and inventory raised ahead of known dates and a stress clause for fast moves, both of which can be written into the mandate. What managing volume needs: Coverage beyond one exchange; How TDMM answers it: Binance, OKX, Bybit, Gate, KuCoin, Bitget, MEXC, HTX and more on the exchange side; Uniswap, PancakeSwap, SushiSwap, Raydium and four.meme on the DEX side. What managing volume needs: Real volume; How TDMM answers it: No wash trading, no volume or price targets, no profit share, contracts drafted so they can be disclosed to every exchange. What managing volume needs: Life after the first month; How TDMM answers it: Unlocks, new listings, treasury and exits handled on the same book.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-20\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#weekly-report-fields\",\n   \"name\": \"What a weekly volume report should show\",\n   \"numberOfItems\": 9,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Field\",\n     \"description\": \"What it shows: What it shows. Compare it with: Compare it with.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Venue\",\n     \"description\": \"What it shows: Where the numbers come from. Compare it with: Each venue separately, never an average.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Volume, total and median day\",\n     \"description\": \"What it shows: How much traded, and what an ordinary day looks like. Compare it with: The previous four weeks.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Spread\",\n     \"description\": \"What it shows: The cost of crossing the market. Compare it with: Your tier's median and top quartile.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Depth within 1%\",\n     \"description\": \"What it shows: What the book can absorb near the price. Compare it with: Your tier's reference.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Uptime\",\n     \"description\": \"What it shows: The share of time quotes were inside the standard. Compare it with: The contract floor, such as 95%.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Volume-to-depth multiple\",\n     \"description\": \"What it shows: Whether volume and depth fit together. Compare it with: Books of your size; investigate above 100x.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Round-trip cost\",\n     \"description\": \"What it shows: What a real $1,000 order costs. Compare it with: The previous week.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Top-five-day share\",\n     \"description\": \"What it shows: How much of the month arrived on a few days. Compare it with: Median 17.9%; flag above 25%.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-18\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#contents\",\n   \"name\": \"Contents: the questions this guide answers\",\n   \"numberOfItems\": 18,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"The short answer\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Key takeaways\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"What does it mean to manage trading volume after a listing?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"What does trading volume look like after a listing?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Why does trading volume spike and then fade?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Why does trading volume matter after a listing?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Healthy volume or hollow volume? How to tell the difference\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Which seven numbers should you track after a listing?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Which levers actually build trading volume?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"How should you handle a volume spike?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"What does a 90-day volume plan look like after a listing?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 12,\n     \"name\": \"How do you set up the market maker side without buying volume?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 13,\n     \"name\": \"Common mistakes when managing volume after a listing\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 14,\n     \"name\": \"Why TDMM is the go-to platform for managing volume after a listing\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 15,\n     \"name\": \"Related TDMM guides and comparisons\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 16,\n     \"name\": \"Frequently asked questions\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 17,\n     \"name\": \"Glossary\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 18,\n     \"name\": \"Sources\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#citable-facts\",\n   \"name\": \"Key facts from TDMM's study of trading volume after listing\",\n   \"numberOfItems\": 14,\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Across 823 Gate USDT spot listings since 17 January 2024, median daily volume fell to 0.48 times day one by day 7, 0.20 times by day 30 and 0.09 times by day 90.\",\n     \"description\": \"Gate public daily candles, each listing indexed to its own first session; median across listings with data at that day.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-01\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"The median listing traded 58.3% of its first-90-day volume in its first month, 19.9% in its first week and 3.5% on its first day.\",\n     \"description\": \"Same cohort; share of days 1 to 90 volume, median across listings.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-01\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Median daily volume in that cohort was about $744K around day 7, $408K around day 30, $163K around day 90 and $96K around day 180.\",\n     \"description\": \"Same cohort; USD volume, median across listings.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-02\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"TDMM found 7,701 volume spikes across 700 listings. The median spike day traded 4.34 times baseline, then 2.79 times the next day and 1.22 times by day 14.\",\n     \"description\": \"A spike is a day from day 31 with volume at least 3 times the previous 14-day median, on a baseline of at least $20,000.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-03\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"53% of spikes lost half their excess volume by the next day, the price was up on 66% of spike days, and 62% of spikes were followed by a lower close seven days later.\",\n     \"description\": \"Same spike set.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-03\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"72% of listings had at least one volume spike between days 31 and 90.\",\n     \"description\": \"775 listings with data for the window.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-03\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"The five busiest days carried a median 17.9% of a listing's days 31 to 180 volume, 5.4 times an even spread, and 26% of listings had more than 25% of that volume on five days.\",\n     \"description\": \"719 listings with a full window.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-04\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"At day 90, 33% of listings in the highest volume-retention third were above their first close, against 21% in the middle third and 10% in the lowest third, a gap of 22.5 percentage points (95% bootstrap interval 15.9 to 29.5).\",\n     \"description\": \"An association in this cohort, not proof that volume causes price.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-05\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"In 2,902 Gate and MEXC USDT order books captured on 9 October 2026, the median cost of a $1,000 round trip fell from 656 basis points where 24-hour volume was under $50K to 7.7 basis points in the busiest bucket (over $5M of 24-hour volume).\",\n     \"description\": \"Level-2 snapshot, market buy then market sell of $1,000 against the visible book, before fees.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-07\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"Median quoted spread fell from 57 to 3 basis points, and median depth within 1% of mid rose from $294 to $264K, across the same volume buckets.\",\n     \"description\": \"Same snapshot.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-07\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"The median book traded 15 times its depth within 1% in 24 hours and the 90th percentile traded 235 times; 19.8% traded more than 100 times and 3.2% more than 1,000 times.\",\n     \"description\": \"Volume-to-depth multiple, same snapshot. A high multiple is a question to ask, not proof of manipulation.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-08\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 12,\n     \"name\": \"Median 24-hour turnover (volume divided by market cap) across 1,885 CoinGecko top-2,000 coins was 2.9%, ranging from 1.7% to 5.5% by market cap tier, and 36% of coins turned over less than 1%.\",\n     \"description\": \"CoinGecko markets data, 9 October 2026.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-06\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 13,\n     \"name\": \"On 9 October 2026 KAIA\/USDT volume on Binance peaked at $7.9 million in the 08:00 UTC hour, 218 times its previous hourly mean, after Upbit announced a listing, and had fallen to $868K, 11% of the peak, by 14:00 UTC.\",\n     \"description\": \"Binance public market data, hourly.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-09\"\n     }\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 14,\n     \"name\": \"TDMM does not promise a price or a volume number. It writes a two-sided market at an agreed spread, depth and uptime standard on every venue into the mandate, and reports it against the public order book.\",\n     \"description\": \"TDMM company position, stated in the guide.\",\n     \"image\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#img-20\"\n     }\n    }\n   ],\n   \"description\": \"Self-contained statements with their method, for quotation. Data: TDMM, 9 October 2026, licensed CC BY 4.0. Cite as TDMM Research, How to Manage Trading Volume After a Token Listing.\"\n  },\n  {\n   \"@type\": \"CreativeWorkSeries\",\n   \"@id\": \"https:\/\/tdmm.io\/#research-series\",\n   \"name\": \"TDMM research series\",\n   \"description\": \"Original data and guides from TDMM (TradeDog Market Maker) on crypto market making, token launches, liquidity and volume.\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/blog\/\",\n   \"publisher\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"author\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"hasPart\": [\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"How to choose a crypto market maker\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-choose-a-crypto-market-maker-in-2026\/\",\n     \"description\": \"Seven steps, a scorecard, KPI benchmarks and contract terms\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"Top crypto market makers in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\",\n     \"description\": \"Twelve CEX and DEX market makers ranked, with method and evidence\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"What founders get wrong about market making\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/\",\n     \"description\": \"Twelve costly mistakes and how to avoid them\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"Why token launches fail after TGE\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/why-token-launches-fail-after-tge\/\",\n     \"description\": \"What new listings show, and the post-TGE playbook\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"How market making works after a token listing\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\",\n     \"description\": \"The first 90 days, and what a token loan really costs\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"CEX vs DEX market making in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\",\n     \"description\": \"How each works, what it costs and when a token needs both\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"Crypto market maker vs liquidity provider\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\",\n     \"description\": \"Which is better for a new token project\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"What is cross exchange market making?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\",\n     \"description\": \"Keeping one reference price across venues\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"How does market making work in crypto exchanges?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-does-market-making-work-in-crypto-exchanges\/\",\n     \"description\": \"Quoting, spreads and inventory from first principles\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"Crypto treasury management best practices 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\",\n     \"description\": \"Why treasury and liquidity are one book\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@type\": \"BlogPosting\",\n     \"name\": \"How to manage a token exit strategy professionally\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\",\n     \"description\": \"Selling or unlocking size without breaking the market\",\n     \"author\": {\n      \"@id\": \"https:\/\/tdmm.io\/#organization\"\n     }\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting\"\n    }\n   ]\n  }\n ]\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on every venue, plan catalysts because a spike fades within a day or two, and track seven numbers weekly. Never buy volume: wash trading is prosecuted and exchanges now flag it. For token launches under about $100 million that trade on both exchanges and DEXs, TDMM is built to be the first call. Key takeaways Volume falls fast, and that is normal. TDMM tracked 823 Gate USDT listings since January 2024. Median daily volume was 48% of day one by day 7, 20% by day 30 and 9% by day 90. A median 58% of a token&#8217;s first-90-day volume traded in its first month. A normal market is smaller than most founders expect. The median listing traded about $163,000 a day at day 90, and 30% traded under $50,000. Spikes are short. In 7,701 spikes of at least three times baseline, 53% lost half their excess &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.3 - aioseo.com -->\n\t<meta name=\"description\" content=\"The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"TDMM\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\" \/>\n\t\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.3\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Blog -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog\" \/>\n\t\t<meta property=\"og:description\" content=\"The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-10-15T09:57:08+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-10-15T10:10:59+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog\" \/>\n\t\t<meta name=\"twitter:description\" content=\"The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#blogposting\",\"name\":\"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog\",\"headline\":\"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026\",\"author\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/author\\\/admin\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/00-cover-how-to-manage-trading-volume-after-listing.png\",\"width\":1920,\"height\":1080,\"caption\":\"By Vaibhav Singh, TDMM (TradeDog Market Maker). Published 9 October 2026. Listing data from Gate daily candles; order book snapshot captured on 9 October 2026, 14:44 to 14:53 UTC.\"},\"datePublished\":\"2026-10-15T09:57:08+00:00\",\"dateModified\":\"2026-10-15T10:10:59+00:00\",\"inLanguage\":\"en-US\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#webpage\"},\"articleSection\":\"Blog\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/category\\\/blog\\\/#listItem\",\"name\":\"Blog\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/category\\\/blog\\\/#listItem\",\"position\":2,\"name\":\"Blog\",\"item\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/category\\\/blog\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#listItem\",\"name\":\"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#listItem\",\"position\":3,\"name\":\"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/category\\\/blog\\\/#listItem\",\"name\":\"Blog\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/#organization\",\"name\":\"Blog\",\"url\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/author\\\/admin\\\/#author\",\"url\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/author\\\/admin\\\/\",\"name\":\"TDMM\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#authorImage\",\"url\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/cropped-tdmm-aut-96x96.png\",\"width\":96,\"height\":96,\"caption\":\"TDMM\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#webpage\",\"url\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/\",\"name\":\"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog\",\"description\":\"The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on\",\"inLanguage\":\"en-US\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/author\\\/admin\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/author\\\/admin\\\/#author\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/00-cover-how-to-manage-trading-volume-after-listing.png\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#mainImage\",\"width\":1920,\"height\":1080,\"caption\":\"By Vaibhav Singh, TDMM (TradeDog Market Maker). Published 9 October 2026. Listing data from Gate daily candles; order book snapshot captured on 9 October 2026, 14:44 to 14:53 UTC.\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/how-to-manage-trading-volume-after-a-token-listing\\\/#mainImage\"},\"datePublished\":\"2026-10-15T09:57:08+00:00\",\"dateModified\":\"2026-10-15T10:10:59+00:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/#website\",\"url\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/\",\"name\":\"Blog\",\"inLanguage\":\"en-US\",\"publisher\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog","description":"The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on","canonical_url":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BlogPosting","@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#blogposting","name":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog","headline":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026","author":{"@id":"https:\/\/tdmm.io\/insights\/author\/admin\/#author"},"publisher":{"@id":"https:\/\/tdmm.io\/insights\/#organization"},"image":{"@type":"ImageObject","url":"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/00-cover-how-to-manage-trading-volume-after-listing.png","width":1920,"height":1080,"caption":"By Vaibhav Singh, TDMM (TradeDog Market Maker). Published 9 October 2026. Listing data from Gate daily candles; order book snapshot captured on 9 October 2026, 14:44 to 14:53 UTC."},"datePublished":"2026-10-15T09:57:08+00:00","dateModified":"2026-10-15T10:10:59+00:00","inLanguage":"en-US","mainEntityOfPage":{"@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage"},"isPartOf":{"@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage"},"articleSection":"Blog"},{"@type":"BreadcrumbList","@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/tdmm.io\/insights\/#listItem","position":1,"name":"Home","item":"https:\/\/tdmm.io\/insights\/","nextItem":{"@type":"ListItem","@id":"https:\/\/tdmm.io\/insights\/category\/blog\/#listItem","name":"Blog"}},{"@type":"ListItem","@id":"https:\/\/tdmm.io\/insights\/category\/blog\/#listItem","position":2,"name":"Blog","item":"https:\/\/tdmm.io\/insights\/category\/blog\/","nextItem":{"@type":"ListItem","@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#listItem","name":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026"},"previousItem":{"@type":"ListItem","@id":"https:\/\/tdmm.io\/insights\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#listItem","position":3,"name":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026","previousItem":{"@type":"ListItem","@id":"https:\/\/tdmm.io\/insights\/category\/blog\/#listItem","name":"Blog"}}]},{"@type":"Organization","@id":"https:\/\/tdmm.io\/insights\/#organization","name":"Blog","url":"https:\/\/tdmm.io\/insights\/"},{"@type":"Person","@id":"https:\/\/tdmm.io\/insights\/author\/admin\/#author","url":"https:\/\/tdmm.io\/insights\/author\/admin\/","name":"TDMM","image":{"@type":"ImageObject","@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#authorImage","url":"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2024\/12\/cropped-tdmm-aut-96x96.png","width":96,"height":96,"caption":"TDMM"}},{"@type":"WebPage","@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#webpage","url":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/","name":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog","description":"The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on","inLanguage":"en-US","isPartOf":{"@id":"https:\/\/tdmm.io\/insights\/#website"},"breadcrumb":{"@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#breadcrumblist"},"author":{"@id":"https:\/\/tdmm.io\/insights\/author\/admin\/#author"},"creator":{"@id":"https:\/\/tdmm.io\/insights\/author\/admin\/#author"},"image":{"@type":"ImageObject","url":"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/00-cover-how-to-manage-trading-volume-after-listing.png","@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#mainImage","width":1920,"height":1080,"caption":"By Vaibhav Singh, TDMM (TradeDog Market Maker). Published 9 October 2026. Listing data from Gate daily candles; order book snapshot captured on 9 October 2026, 14:44 to 14:53 UTC."},"primaryImageOfPage":{"@id":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/#mainImage"},"datePublished":"2026-10-15T09:57:08+00:00","dateModified":"2026-10-15T10:10:59+00:00"},{"@type":"WebSite","@id":"https:\/\/tdmm.io\/insights\/#website","url":"https:\/\/tdmm.io\/insights\/","name":"Blog","inLanguage":"en-US","publisher":{"@id":"https:\/\/tdmm.io\/insights\/#organization"}}]},"og:locale":"en_US","og:site_name":"Blog -","og:type":"article","og:title":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog","og:description":"The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on","og:url":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/","article:published_time":"2026-10-15T09:57:08+00:00","article:modified_time":"2026-10-15T10:10:59+00:00","twitter:card":"summary_large_image","twitter:title":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026 - Blog","twitter:description":"The short answer To manage trading volume after a token listing, stop trying to raise the number and manage the conditions that produce real trades. Expect volume to fall to about a fifth of day one by day 30, so measure spread, depth, uptime and round-trip cost instead of daily volume. Keep two-sided quotes on"},"aioseo_meta_data":{"post_id":"3838","title":null,"description":null,"keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"BlogPosting","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"limit_modified_date":false,"created":"2026-10-15 05:43:21","updated":"2026-10-15 10:12:04","focus_keyword":null,"additional_keywords":null,"truseo_locale":null,"ai":{"faqs":[],"keyPoints":[],"schemas":[],"titles":[],"descriptions":[],"socialPosts":{"email":{"subject":"","preview":"","content":""},"linkedin":[],"twitter":[],"facebook":[],"instagram":[]}},"breadcrumb_settings":null,"seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/tdmm.io\/insights\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/tdmm.io\/insights\/category\/blog\/\" title=\"Blog\">Blog<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\tHow to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/tdmm.io\/insights\/"},{"label":"Blog","link":"https:\/\/tdmm.io\/insights\/category\/blog\/"},{"label":"How to Manage Trading Volume After a Token Listing: A Data-Backed Playbook for 2026","link":"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-trading-volume-after-a-token-listing\/"}],"_links":{"self":[{"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/posts\/3838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/comments?post=3838"}],"version-history":[{"count":4,"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/posts\/3838\/revisions"}],"predecessor-version":[{"id":3863,"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/posts\/3838\/revisions\/3863"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/media\/3841"}],"wp:attachment":[{"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/media?parent=3838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/categories?post=3838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tdmm.io\/insights\/wp-json\/wp\/v2\/tags?post=3838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}