Shiba Inu has been a meme coin that intends to break from the lack of use cases most meme coins experience. With that, ShibaSwap has now overtaken Uniswap V3 in terms of social signal.
The Use of Social Signals as a Metric
Social signal is an indicator mostly used to determine the amount of interest surrounding a certain project. When it comes to DEXs or decentralized exchanges, this metric is extremely useful since it correlates to token price and on-chain performance.
Social signal, however, does not directly point towards the number of users on the DEX and as seen on the list, PancakeSwap remains the DEX with the highest volume in the last 24 hours with 305.92 thousand users.
The Proper Use of Social Signals as a Metric
Shiba Swap, however, only came in with 694 users during the past 24 hours, coming in third to last in comparison to Crypto.com and Leonicorn Swap with the number of users on LZ Swap remaining "not available."
As per an article on Medium by Dapp.com, they have discovered that there is a "correlation between a project's on-chain performance and its token price."
As tweeted out by Ben GCrypto, Shiba Swap has taken the top spot with Uniswap V3 and Uniswap V2 following in second and third place. Other notable DEXs on the list include PancakeSwap, SushiSwap, Biswap, and more.
Here are the Top 10 DEX Dapps by Social Signals:
Shibaswap
- Social signal strength: 627,214
- Number of users in the past 24 hours: 694
- Blockchain being used: Ethereum
Uniswap V3
- Social signal strength: 53,547
- Number of users in the past 24 hours: 7.84 thousand
- Blockchain being used: Ethereum
Uniswap V2
- Social signal strength: 50,446
- Number of users in the past 24 hours: 21.12 thousand
- Blockchain being used: Ethereum
Leonicorn Swap
- Social signal strength: 48,686
- Number of users in the past 24 hours: 30
- Blockchain being used: Binance
PancakeSwap
- Social signal strength: 34,850
- Number of users in the past 24 hours: 305.92 thousand
- Blockchain being used: Binance
Crypto.com
- Social signal strength: 34,434
- Number of users in the past 24 hours: 204
- Blockchain being used: Ethereum
Biswap
- Social signal strength: 24,160
- Number of users in the past 24 hours: 204
- Blockchain being used: Ethereum
SushiSwap
- Social signal strength: 22,673
- Number of users in the past 24 hours: 6.49 thousand
- Blockchain being used: Binance
SunSwap
- Social signal strength: 21,765
- Number of users in the past 24 hours: 6,92 thousand
- Blockchain being used: TRON
LZ Swap
- Social signal strength: 19,963
- Number of users in the past 24 hours: Not available
- Blockchain being used: Binance
Read Also: 555.55 Carat 'Space Diamond' Purchased by Founder of HEX.com for Over $4.2 Million Worth of Crypto
Top 10 Decentralized Exchanges Dapps by Social Signal
https://t.co/IQJnWxx1sU$SHIB $UNI $LEOS $CAKE $CRO $LZ $BSW pic.twitter.com/Po538KYIpL
- Ben GCrypto (@GCryptoBen) February 11, 2022
The data above was reportedly provided by Dapp.com, which also shows how certain Dapps increased and decreased in terms of social signal.
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Written by Urian B.
