Dogecoin and Shiba Inu have been identified as two of the most traded cryptocurrencies on MetaMask. These meme-inspired tokens ranked among the top five assets swapped on the platform over the past week.
MetaMask’s latest activity report confirmed this trend, showcasing the growing prominence of meme-based cryptocurrencies. Pepe (PEPE), a frog-themed token, took the top spot, while Doge came in second. Solana (SOL), known for its fast blockchain, ranked third, followed by Shrub (SHRUB) and Shiba Inu.
MetaMask’s Swap Feature Enhances Token Accessibility
These rankings were determined by user activity on the Ethereum mainnet using MetaMask’s swap feature. Introduced in October 2020, the feature allows direct token swaps within the wallet, eliminating the need for centralized exchanges. Initially launched for desktops, the service was extended to mobile platforms, making it easier for users to trade tokens.
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Growing Market Influence of Doge and SHIB
The strong market performance of Dogecoin and Shiba Inu underscores their rising influence in the cryptocurrency landscape. Increased trading activity has been observed for both tokens, partly attributed to external factors like political developments.
Dogecoin’s price has surged by 17% in the past week, currently trading at $0.4295. Its trading volume initially increased by 126.5% to reach $19.23 billion before settling at $12.21 billion.
Shiba Inu’s (SHIB) Recent Market Gains
Shiba Inu has also demonstrated strong performance, breaking the $0.000025 resistance level last week. The token peaked at $0.00002704, reflecting an 8.78% increase within 24 hours.
Its trading volume grew by 113.82%, totalling $3 billion, further highlighting its sustained market relevance. At present, SHIB is trading at $0.00002575.
Meme Tokens Gain Recognition in the Crypto Market
Including Dogecoin and Shiba Inu among the top swapped tokens on MetaMask emphasizes their significance in the digital asset ecosystem.
The growing popularity of meme-based cryptocurrencies reflects changing user preferences and market dynamics. With increased trading volumes and strong performance, Doge and SHIB play a vital role in cryptocurrency.
