PancakeSwap’s native token, CAKE, surged 15%, making it one of the top-performing assets in the decentralized exchange (DEX) market. The price spike followed a major milestone—PancakeSwap overtook Uniswap and Raydium in daily trading volume, reaching $1.64 billion.
PancakeSwap Becomes the Top DEX by Volume
PancakeSwap Surpasses Uniswap
According to DefiLlama, PancakeSwap recorded $1.639 billion in daily trading volume on March 17, surpassing:
- Uniswap: $1.021 billion
- Raydium: $334.98 million
This shift highlights growing user activity on PancakeSwap, pushing it to the top spot among decentralized exchanges.
Memecoins Drive Trading Activity
A key factor behind this surge is Binance founder Changpeng Zhao’s indirect promotion of memecoins. Zhao recently sparked interest in BNB Chain-based memecoin MUBARAK, posting about it on social media.
Shortly after, analysts discovered that a crypto wallet linked to Zhao had spent 1 BNB to buy MUBARAK. While it’s unclear how much influence Zhao had, MUBARAK skyrocketed 270% in a week.
On PancakeSwap V3, MUBARAK quickly became the third most traded asset, trailing only Tether (USDT) and Wrapped BNB (WBNB).
PancakeSwap’s Growth Continues
Historical Trading Volume Crosses $1 Trillion
Earlier in February, PancakeSwap’s total trading volume jumped 60% to $28.23 billion, marking its best performance since November 2021.
The exchange also crossed $1 trillion in historical trading volume, a major milestone in decentralized finance (DeFi).
PancakeSwap’s Revenue Soars
Higher trading volume has also led to a sharp increase in fees:
- $64 million in total fees collected in 2024
- $274 million in fees over the past 12 months
This positions PancakeSwap as one of the most profitable players in DeFi, reinforcing its dominance in the market.
Final Thoughts
PancakeSwap’s explosive growth in trading volume and CAKE’s price surge signal strong market momentum. As memecoins continue to drive activity, PancakeSwap remains a dominant force in the DEX ecosystem.