PEPE Meme Coin Liquidity Pool Becomes Most Active on Uniswap

The new token based on “pepe the frog” meme remains one of the most researched tokens for users of blockchain analytics firm Nansen and price tracker CoinGecko.

AccessTimeIconMay 3, 2023 at 3:22 p.m. UTC
Updated May 9, 2023 at 4:13 a.m. UTC

PEPE, the hype-fueled meme coin that jumped more than 2,100% 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 version (v)2 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 such as 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 (SHIB), the largest meme coins in the crypto ecosystem.

The frog-based meme coin 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.

Edited by Oliver Knight.


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Sage D. Young

Sage D. Young was 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.