The native token of PancakeSwap, CAKE, experienced a 15% increase as the trading platform claimed the top spot among decentralized exchanges in terms of daily trading volume, hitting $1.64 billion.
PancakeSwap’s native token (CAKE) surged by 15% as the platform emerged as the leading decentralized exchange based on daily trading activity.
According to data from an analytics platform, PancakeSwap achieved a remarkable $1.639 billion in 24-hour trading volume on Monday, March 17, surpassing rivals Uniswap (UNI) and Raydium (RAY), which managed $1.021 billion and $334.98 million, respectively.
This increase in trading activity seems to stem from the renewed interest in memecoins, sparked by Changpeng Zhao, the founder of Binance, who indirectly promoted the BNB Chain-based memecoin MUBARAK via social media.
Shortly after, blockchain analysts noted that a wallet linked to Zhao purchased 1 Binance Coin (BNB) to acquire MUBARAK, although it remains uncertain how significantly his promotion impacted the token’s activity. As of the latest update, MUBARAK had surged over 270% in the last week.
Data from PancakeSwap V3 indicates that following Zhao’s mention of MUBARAK, the token became the third most traded asset on the platform, trailing only Tether (USDT) and Wrapped BNB.
Earlier in February, it was reported that PancakeSwap’s overall volume skyrocketed by more than 60% to reach $28.23 billion, marking its strongest performance since November 2021. The exchange also celebrated crossing a significant milestone, with its total historical trading volume exceeding $1 trillion.
The heightened trading volume on PancakeSwap has led to increased revenue for the exchange, with total fees for the year rising to $64 million, contributing to an impressive annual total of $274 million, establishing it as one of the most profitable platforms in the decentralized finance sector.