In recent weeks, Bitcoin has been hovering around the $60,000 mark, reigniting debates among investors: Is "HODLing" still the best strategy in this market phase? While long-term holders remain confident, a new battleground is emerging—not in price charts, but in user acquisition. Major crypto exchanges are launching aggressive campaigns to capture market share, leveraging everything from meme coin airdrops to high-profile gaming giveaways.
With the approval of spot Bitcoin and Ethereum ETFs fueling broader adoption, the number of cryptocurrency holders is projected to grow from 580 million at the end of 2023 to 617 million by June 2024—a 6.4% increase according to Crypto.com. As the industry matures, competition among exchanges has intensified, shifting from simple token listings to sophisticated user engagement strategies.
This new era of exchange competition reflects what many are calling the "stock competition" phase—where growth is no longer driven by market expansion alone, but by capturing existing users through innovative incentives. In this article, we’ll explore the latest customer acquisition trends shaping the crypto exchange landscape.
The Rise of Meme Coin Listings: DOGS and the TON Ecosystem Boom
One of the most visible trends in 2025 is the strategic listing of viral meme coins, particularly those tied to large social ecosystems. A prime example is DOGS, a meme token built on the TON (The Open Network) blockchain and inspired by Telegram’s iconic black-and-white dog mascot, Spotty.
On August 21, Binance launched a launchpool for DOGS, allowing users to stake BNB and FDUSD to earn DOGS tokens. The move followed massive organic growth—DOGS had already amassed over 50 million platform users and more than 12 million subscribers across Telegram channels, ranking fifth globally in channel popularity.
👉 Discover how platforms leverage viral trends to drive user growth.
The success of DOGS highlights a broader shift: exchanges are no longer just listing projects—they’re racing to onboard tokens with pre-existing communities. By aligning with high-engagement ecosystems like Telegram, exchanges tap into ready-made user bases, reducing customer acquisition costs and boosting participation rates.
The "100 Subsidy" Strategy: Bybit’s Bold Move Shakes the Market
While Binance capitalized on DOGS through its launchpool, Bybit took a more direct approach—offering a "100 subsidy" campaign that sent shockwaves through the community. Overnight, Chinese KOLs began promoting a deal: new users who registered and deposited $100 would receive 150,000 DOGS tokens.
At a presale price of ~$0.004 per token, this amounted to a $600 reward—far exceeding typical referral bonuses. Even if the token value halved, users stood to gain $300 risk-free. The offer sparked a frenzy, with both retail traders and KYC-verified accounts rushing to claim rewards.
Although Bybit later clarified that the promotion was limited to select KOL communities and operated on a first-come-first-served basis, the campaign succeeded in generating massive buzz. It exemplifies a new playbook: high-value, time-limited incentives designed to trigger urgency and virality.
This approach differs from traditional marketing—it’s less about brand awareness and more about immediate conversion. By targeting active crypto communities with tangible rewards, exchanges can rapidly onboard users who are already predisposed to trading activity.
Gaming Meets Crypto: Bitget’s “Black Myth: Wukong” Giveaway
Another innovative tactic gaining traction is the fusion of gaming culture and crypto incentives. The release of Black Myth: Wukong, China’s first globally acclaimed 3A game, provided the perfect opportunity.
On August 20—the game’s official launch date—Bitget launched a high-visibility campaign offering 1,000 free deluxe edition game keys via lottery. The giveaway required either new account registration or DOGS token deposits, effectively combining user acquisition with ecosystem engagement.
Given the strong overlap between gamers and crypto users—both demographics value digital ownership, in-game assets, and community-driven experiences—the campaign was a strategic masterstroke. Bitget didn’t just attract new users; it positioned itself at the intersection of two booming digital economies.
This synergy underscores a key insight: cultural relevance accelerates adoption. When exchanges align with trending cultural moments—from viral games to meme coins—they increase their chances of breaking through the noise in an overcrowded market.
Why Exchanges Are Fighting for Every User
Behind these flashy campaigns lies a deeper industry challenge: liquidity fragmentation. With spot ETF approvals siphoning institutional capital into regulated products, exchanges face shrinking liquidity pools. Meanwhile, new retail inflows remain limited.
As a result, the crypto industry—particularly centralized exchanges—has entered a “stock competition” era, reminiscent of the mobile internet battles of the 2010s. Growth is no longer about capturing new markets; it’s about retaining and converting existing users more efficiently than competitors.
To succeed, exchanges must master three core capabilities:
- Precision targeting – Reaching high-intent users through KOL partnerships and community-specific promotions.
- Operational agility – Launching campaigns quickly in response to trends like DOGS or Black Myth: Wukong.
- Content-driven engagement – Producing or amplifying high-quality content that influences user decisions.
👉 See how top platforms turn trends into user growth engines.
Key Ingredients for Successful User Acquisition
What separates successful campaigns from failed experiments? Data suggests a winning formula:
- Representative figures (e.g., influential KOLs or beloved game IPs)
- Process-based activities (e.g., staking pools, lotteries, referral tiers)
- Strategic timing (launching during peak interest windows)
When these elements align—such as Bitget launching during Black Myth: Wukong’s debut or Bybit tapping into DOGS’ hype—the results can be explosive. More importantly, these campaigns generate not just users, but active liquidity providers who engage with trading pairs, staking options, and ecosystem tokens.
Frequently Asked Questions (FAQ)
Q: What is the "100 subsidy" campaign?
A: It refers to promotional offers where users deposit $100 (or equivalent) to receive substantial rewards—like 150,000 DOGS tokens. These are typically time-limited and targeted at specific communities.
Q: Why are meme coins like DOGS so effective for user acquisition?
A: Meme coins often have large, passionate communities before hitting exchanges. By listing them early, platforms tap into existing excitement and drive immediate user engagement.
Q: How do gaming giveaways benefit crypto exchanges?
A: Games like Black Myth: Wukong attract millions of digitally native users who are already comfortable with online transactions and digital assets—making them ideal crypto onboarding candidates.
Q: Is HODLing still viable amid these aggressive exchange tactics?
A: Yes. While trading activity surges during campaigns, long-term holding remains a sound strategy for those confident in Bitcoin and Ethereum fundamentals.
Q: Are these user acquisition methods sustainable?
A: Short-term giveaways aren’t sustainable alone—but when paired with strong product experiences, they can convert trial users into long-term customers.
Q: What role does content play in exchange marketing?
A: High-quality content builds trust and influences decisions. Whether educational guides or viral social posts, content amplifies campaign reach and credibility.
The era of passive growth is over. In 2025, exchanges must be agile, creative, and culturally aware to stand out. Whether through meme coin mania or blockbuster game tie-ins, the race for users is accelerating—and only those who combine smart incentives with seamless experiences will win.
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Keywords: crypto exchange user acquisition, DOGS token campaign, meme coin listing strategy, Black Myth Wukong giveaway, 100 subsidy promotion, exchange liquidity growth, HODL strategy 2025