Dog tokens dominate Uniswap v3’s trading rankings

Shiba Inu tokens account for half of Uniswap v3’s transaction fees and total number of transactions.

Dog tokens dominate Uniswap v3's trading rankings

Despite the sharp drop in dogcoin following Elon Musk’s guest appearance on the popular U.S. variety show Saturday Night Live, many of the dog tokens that have recently lent their influence to dogcoin have risen several-fold in just a few weeks after reaching billions of dollars in trading volume on Uniswap v3.

Despite its limited utility, Shiba Inu (SHIB), which describes itself as an “experiment in decentralized spontaneous community building,” has dominated the Uniswap v3 rankings since its May 5 launch on DEX.

Since the launch of Uniswap v3, the WETH/SHIB pair has ranked first with $2.4 million in total fees and nearly 57,000 trades, beating out the second-ranked WETH/USDT, which generated $750,000 in fees on nearly 8,500 trades.

WETH/SHIB currently ranks third on Uniswap v3 with $243.2 billion in total transaction volume, behind WETH/USDT’s $29.9 billion and WETH/USDC’s $256.7 billion.

Other less useful tokens have been equally popular during the dog token trading boom, with Akita Inu (Akita) currently ranking eighth by fees generated, fifth by number of transactions and thirteenth by volume on Uniswap v3. Dogelon Mars (ELON) has also performed impressively on Uniswap, ranking sixth by number of transactions ranked sixth by number of trades and thirteenth by fees generated.

Cointelegraph’s Joseph Young also noted that dogcoin also topped the volume charts, with the DOGE/USDT perpetual contract on Binance Futures surpassing bitcoin as the top pair on the platform.

Daily trading volume for the DOGE/USDT perpetual contract on Binance Futures surpassed that of bitcoin.
15 billion USD.
What’s really happening?
–Joseph Young (@iamjosephyoung) May 9, 2021
Dogecoin is up roughly 111% in the last 14 days, SHIB is up 973%, AKITA’s is up 347%, and ELON’s price is up 479% in the same period.

Posted by:CoinYuppie,Reprinted with attribution to:
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