PEPE Memecoin Liquidity Pool Becomes Most Active on Uniswap
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Sage D. Young is a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
PEPE, the hype-fueled memecoin that jumped more than 2100% in price since it debuted last month, has been buzzing with interest on decentralized exchange Uniswap, becoming one of the most researched coins on data platform Nansen.
Uniswap’s V2 and V3 liquidity pools for PEPE-WETH have been the most active liquidity pool contracts by number of transactions in the past seven days with more than 82,750 and 72,950 transactions, respectively, according to Nansen data.
These two liquidity pools have garnered a combined total of nearly $900,000 in accrued fees in the same time period. The only two liquidity pools that had more accrued fees were the USDC-WETH and WETH-WETH liquidity pools, highlighting the recent obsession of pepe tokens.
Despite a recent increase in liquidity pool activity, traders were stung at the weekend by an absence of liquidity that resulted in significant slippage for those attempting to convert large amounts of PEPE for other currencies like ether (ETH).
PEPE, which has been listed on several centralized exchanges such as OKX, MEXC and Huobi, has also seen its trading volume surpass those of the dogecoin (DOGE) and shiba inu (SHIBA), the largest memecoins in the crypto ecosystem.
The frog-based memecoin is among the top trending cryptocurrencies on price tracker CoinGecko and remains the most researched token across each of blockchain analytics firm Nansen’s lite, standard and VIP subscription tiers.
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Sage D. Young is a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
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Sage D. Young is a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
