PancakeSwap Surges Ahead of Competitors in Trading Volume
PancakeSwap, a decentralized exchange on Binance Smart Chain, has the largest trading volume over the past 24 hours—beating even Ethereum-based competitor Uniswap. And according to CoinGecko, all that volume has sent the price of its CAKE token surging as much as 40% in the past day. This comes after Binance delisted Tether from its centralized exchange, prompting an increase in Tether volume on PancakeSwap, and an unrelated surge of interest in meme coins on Binance Smart Chain.
CAKE is up 37% over the past 24 hours, and 57% up on the week, pushing it to $2.49 as the 99th largest cryptocurrency by market cap according to CoinGecko. Equally, PancakeSwap is leading the pack of decentralized exchanges with $647 million worth of trading volume over the past 24 hours—with nearly 61% of DEX market share over this period.
Much of this volume could be motivated by Binance, the centralized exchange that created the Binance Smart Chain, announcing that it would delist Tether’s USDT, and a few other stablecoins, at the end of the month. The company cited compliance issues in the EU for the delistings.
Now, PancakeSwap has processed more than $346 million worth of trading volume for USDT over the past 24 hours, according to CoinGecko. That amounts to roughly 54% of trading volume on the exchange. This is likely because Binance users are taking their USDT off the exchange and onto Binance Smart Chain to avoid being affected by the delisting at the end of the month.
On top of this, it appears that Binance Smart Chain meme coins are seeing a resurgence. Back in 2021, the network was one of the cultural hubs for meme coins due to its low gas fees. At one point, the SafeMoon meme coin skyrocketed to a market cap of $6 billion. However, the trenches have been more focused on Solana for speculative meme coin trading—largely due to the creation of launchpad Pump.fun.
According to DappBay, most Binance Smart Chain meme coins have found themselves in the green over the past 24 hours. In fact, the BSC meme coin market capitalization has jumped 48% over the past week to $2.71 billion. This has likely been helped along by the launch of SpringBoard, a token launchpad akin to Pump.fun, on Binance Smart Chain at the end of last year.
One of the best performing tokens is Mubarak (MUBARAK), a token referencing the Islamic term to celebrate the end of Ramadan, which has jumped 56% on the day—at one point nearly touching a market cap of $150 million. With this, Mubarak accounts for over 12% of daily trading volume on PancakeSwap.
As a result of all of this newfound interest, Binance Smart Chain processed the second most decentralized app volume of the top blockchains this week, according to DappRadar, with $9.26 billion. The network is now second only to Ethereum, which has seen $77.25 billion worth of volume in the past week.
Edited by Stacy Elliott.