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Choose the three largest meme tokens on Sushiswap. Was there ever a time when the swap volume of these tokens soared? What, if any, is the cause of this sudden increase in swap volume?
Introduction
The concept of meme coins has become one of the most talked-about investment opportunities in the crypto space, with shiba inu’s 50,000,000% price gain in the last 12 months serving as a reminder of the potential profitability of these internet trend-inspired coins [1].
Mems coins are usually crypto projects built around meme-worthy themes and animals. For instance, dogecoin (DOGE), the first-ever meme coin, was inspired by the Shiba Inu (a breed of hunting dog developed in Japan) meme sensation (a picture of a presumably smiling Shiba Inu dog) that swept the internet in the early 2010s [1].
Method
We are going to look at swappable meme's coins on the Sushiswap platform.
There is no precise criteria for determining meme coins. With the help of references 2 and 3, we choose 5 large meme coins in terms of marketcap that can be swap in Sushiswap.
The selected meme coins are as follows:
1- Shiba Inu (SHIBA)
2- Dogelon Mars (ELON)
3- Hoge Finance (HOGE)
4- Woofy (WOOFY)
5- Kishu Inu (KISHU)
According to the above figures, it can be said that sudden changes in swap volume and price are usually related. So that the largest swap volume occurred on days when the price was at a local maximum or minimum.
The table below shows the number of swaps performed over time for each token
For better insight, we show the swap volume of each token in a separate chart.
In addition the price of each token is shown over time
Finally, we compare the swap volume for the Sushiswap platform swap and other platforms with the following two figures.
Conclusion
We selected the top 5 meme tokens in terms of marketcap. We showed the volume of swaps and their prices over time. We have observed that sudden changes in swap volume usually occur on days when the token price is at a local maximum or minimum. Finally, we show the swap volume for the swap Sushiswap platform and other platforms.