Momentum's MMT token listed on Binance in November 2025 and has fallen about 96 percent from its November 4 high of $4.03, to near $0.17 on October 7, 2026. DeFiLlama shows the Sui-based DEX with $4.05 million locked, down from a $562.3 million peak in October 2025.

Where it stands

Binance still trades MMT/USDT and MMT/TRY, and Bithumb and Upbit both carry MMT markets. We could not find the dates of those Korean listings. Upbit's BTC-MMT market last traded on September 29 and showed no 24-hour volume on October 7, while Bithumb's KRW-MMT market traded about 713 million won. CoinGecko lists LBank, Binance, WhiteBIT and OKX as the largest venues by volume. It shows a market cap of $34.9 million, 204.1 million MMT in circulation and an all-time low of $0.0995 on June 6, 2026.

The one bright stretch came in August. Coin Gabbar reported that MMT jumped about 40 percent in 24 hours to $0.2288 around August 8, with a market cap of $46.74 million and 24-hour volume of $318.55 million, up 451 percent. It tied the move to a Binance trading tournament offering up to 2 million MMT in prizes and to about $924,220 of liquidations on both sides. Binance had also completed MMT integration on the BEP20 network in early August.

The liquidity drain is the larger story. DeFiLlama records Momentum's value locked on Sui at $562.3 million on October 10, 2025 and $4.05 million on October 7, 2026. It carried a notice, valid until March 1, 2026, that unproductive positions could inflate the figure. DEX volume was $40.3 million over the last 30 days and $31.06 billion since launch.

Momentum value locked on Sui
$0M $200M $400M $600M Oct 10, 2025: $562.3M $562.3MOct 10, 2025 Sep 16, 2026: $4.07M $4.07MSep 16, 2026 Oct 7, 2026: $4.05M $4.05MOct 7, 2026
Figure 01Total value locked in Momentum, as recorded by DeFiLlama on three dates. The October 2025 peak may include incentive-driven positions.

Why the ve(3,3) design cuts both ways

Momentum uses a ve(3,3) design, descended from the Solidly lineage. Lock MMT, vote emissions toward pools, and collect the fees those pools generate. That makes the token the control panel for the DEX's liquidity, and its price follows the protocol's health.

Figure 02The ve(3,3) loop. The last box feeds the first, so the loop compounds in both directions.

The design was meant to fix a known problem. Classic liquidity mining rents liquidity: mercenary capital arrives for the emissions and leaves when they slow, taking the chart with it. Vote-escrow ties the emissions budget to people who locked the token for months or years.

The loop cuts both ways. Falling volume means falling fees, falling fees weaken the case for locking, and weaker locks thin the bribes that direct liquidity. A ve token is levered to its own protocol's momentum, and Figure 01 shows what the downward turn looks like. Our listings guide explains why exchanges list tokens that arrive with demand already measured, as MMT did.

Risks and what to watch

The listing followed the standard pattern. A token meets its first deep liquidity at the moment of peak attention, with airdropped and early supply ready to sell. CoinGecko dates the high to November 4, 2025, so buyers near the Binance debut are down by most of that 96 percent.

Supply is concentrated. Coin Gabbar reported that the three largest wallets controlled more than 55 percent of supply in August. Tournament volume is rented attention that tends to fade once the incentive ends, and CryptoRank keeps the vesting schedule for the remaining supply. The five-minute tokenomics read applies in full.

Three public numbers decide whether MMT recovers. Fees earned against emissions paid, because a flywheel that pays out more than it collects is a countdown. Lock rate and average lock duration, because they show whether holders still believe in the loop. And Sui's own volumes, because a chain-dominant DEX is a leveraged position on its chain.

What to watch:

  • DeFiLlama's value locked for Momentum, now $4.05 million.
  • Any Binance announcement that changes the MMT pairs or adds a risk tag.
  • The dates of the Bithumb and Upbit listings, which we could not confirm.

This page describes mechanisms and risks. It is not advice to buy or sell.

Not financial advice Listings often spike and then fade once the first wave of buyers is done. Nothing here is a suggestion to buy this token. Check dates on the exchange's own announcement page before trading: schedules slip. Our listing reaction data shows how new listings have typically traded.