SlumDOGE millionaires: Dog tokens dominate Uniswap v3’s rankings
Despite DOGE’s dramatic crash following the highly anticipated episode of Saturday Night Live hosted by SpaceX founder and hypothetical Dogecoin CEO, Elon Musk, many dog-tokens that recently rode DOGE’s coat-tails are still up several-hundred percent in just a couple of weeks after driving billions in trade volume on Uniswap v3.
In spite of its limited utility, the self-described “experiment in decentralized spontaneous community building,” Shiba Inu (SHIB), has dominated Uniswap v3’s rankings since the DEX’s May 5 launch.
Since Uniswap v3’s launch, the WETH/SHIB pairing ranks as the top pairing by both total fee generation with $2.4 million and number of trades with nearly 57,000, beating out second-ranked WETH/USDT with $750,000 generated over nearly 8,500 trades.
WETH/SHIB is currently third by total trade volume on Uniswap v3 with $243.2 billion, ranking behind WETH/USDT’s $299 billion and WETH/USDC’s $256.7 billion.
Other tokens of little utility have similarly surged in popularity amid the dog-token trading craze, with Akita Inu (AKITA) currently ranking eighth by fee generation, fifth by total number of trades, and 13th by total volume on Uniswap v3. Dogelon Mars (ELON) also produced an impressive performance on Uniswap, ranking sixth by total number of trades and 13th by fee generation.
Cointelegraph’s Joseph Young also noted that Dogecoin was also topping the trade volume charts, with the DOGE/USDT perpetual contract on Binance Futures overtaking Bitcoin to rank as the top trading pairing on the platform.
Dogecoin overtook Bitcoin in daily volume on Binance Futures [USDT pair].— Joseph Young (@iamjosephyoung) May 9, 2021
What is even going on. pic.twitter.com/DPCpWUNyeL
While DOGE is up roughly 111% over the past 14 days, SHIB has gained 973%, AKITA’s is up 347%, and ELON’s price has increased 479% over the same period.
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