PancakeSwap Surpasses Uniswap in Daily Trading Volume, CAKE Price Increases by 15%

The native token of PancakeSwap, CAKE, experienced a 15% increase as the trading platform surpassed other decentralized exchanges in daily trading volume, reaching $1.64 billion.

PancakeSwap’s token (CAKE) saw a 15% rise as it emerged as the most active decentralized exchange based on daily trading volume.

According to data from the analytics platform DefiLlama, PancakeSwap logged $1.639 billion in 24-hour trading volume on Monday, March 17, overtaking Uniswap (UNI) and Raydium (RAY), which had trading volumes of $1.021 billion and $334.98 million, respectively.

https://twitter.com/cz_binance/status/1900114634121601493

This spike in trading volume appears to have been fueled by Binance founder Changpeng Zhao, who reignited interest in memecoins and indirectly promoted the BNB Chain-based memecoin MUBARAK through his social media accounts.

https://twitter.com/ai_9684xtpa/status/1901228953857298777

Shortly thereafter, on-chain analysts noted that a crypto address linked to Zhao utilized 1 Binance Coin (BNB) to buy MUBARAK, although it’s uncertain how significantly Zhao’s promotion influenced the token’s activity. As of the latest update, MUBARAK has surged over 270% in the past week.

Data from PancakeSwap V3 indicates that after Zhao’s mention of MUBARAK, the token became the third most traded asset on the platform, only behind Tether (USDT) and Wrapped BNB.

Earlier in February, crypto.news reported a more than 60% jump in PancakeSwap’s total trading volume to $28.23 billion, marking its strongest performance since November 2021. The exchange also achieved a major milestone, with its historical trading volume surpassing $1 trillion.

The growth in PancakeSwap’s DEX volume has resulted in increased fees for the exchange, with total fees this year climbing to $64 million, bringing the yearly total to $274 million, establishing it as one of the most profitable entities in the decentralized finance sector.