PancakeSwap’s native token CAKE surged by 15% as the trading platform emerged as the leading decentralized exchange in daily trading volume, achieving a remarkable $1.64 billion.
PancakeSwap’s native token, CAKE, experienced a 15% increase as the platform became the most active decentralized exchange by daily trading volume.
According to analytics data, PancakeSwap recorded an impressive $1.639 billion in trading volume within 24 hours, surpassing competitors Uniswap and Raydium, which reported $1.021 billion and $334.98 million, respectively.
The rise in trading volume appears to be fueled by renewed interest in memecoins, following promotion from a leading figure in the crypto space who highlighted a BNB Chain-based memecoin, MUBARAK, on social media platforms.
A few days later, on-chain analysts revealed that a notable crypto address acquired MUBARAK, although the extent of its influence on trading activity remains uncertain. MUBARAK’s value surged by over 270% in just a week.
PancakeSwap’s data indicates that after the promotion of MUBARAK, it became the third most traded asset on the platform, following Tether (USDT) and Wrapped BNB.
Earlier this year, reports indicated that PancakeSwap’s total volume increased by over 60% to reach $28.23 billion, marking the exchange’s best performance since November 2021. Furthermore, PancakeSwap surpassed a significant milestone with its historical trading volume exceeding $1 trillion.
This increase in DEX volume has resulted in elevated fees for the exchange, with total fees this year climbing to $64 million, contributing to a 365-day total of $274 million, positioning PancakeSwap as one of the most profitable entities in the decentralized finance sector.
