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The announcement from that leading exchange is indeed vague. It doesn't clearly specify which chain's popular ranking list they are referring to, which easily leads people to assume it's the overall chain ranking. A quick search shows that all the results are SOL-based tokens.
I don't have much opinion on $XDOG; it's just that the market competition landscape is there, and the opponents are indeed very strong. If you were to heavily allocate to tokens in the SOL ecosystem, how would you respond to this situation?
But honestly, this exchange has experienced all kinds of rumors over the years and is no stranger to it. Looking at the wording of that announcement, it's actually quite clear—they are making decisions based on data from a popular DEX ranking list. That's the mechanism, and everyone who understands the market knows it.