I see. So can we prove that you hold a real coin when you buy it on an Exchange? You can not see an address or txID when you buy X/BTC on an Exchange. Even though you can't know that the seller is a bot or a real one, how do you believe you hold real coins on your wallet?
There is a solution for prove that the coins on the wallet aren't fake numbers. Try to withdraw your assets(all users) to coin's own wallet then see is it all about manipulation or real blockchain. There are 50M Xcoin on the user's wallet but what if they decided to withdraw 50M Xcoins from the Exchanges to their own wallet? Don't say 'Exchanges match sellers and buyers bla bla' me please.
Try creating a Bitcoin exchange that only works with on-chain txs. See how many customers you'll have when they find out they have to pay dozens of bucks per trade during congested mempool. This is why exchanges do the trades off-chain. On-chain, things would fail from the start.
I'm still waiting for a proper example of an exchange having more liquidity than the existing supply of a coin..