PancakeSwap’s native token, CAKE, surged 15% after the platform outpaced other decentralized exchanges (DEXs) in daily trading volume, hitting $1.64 billion.
PancakeSwap Becomes the Leading DEX
According to DefiLlama data, PancakeSwap recorded $1.639 billion in 24-hour trading volume on March 17, surpassing Uniswap and Raydium, which registered $1.021 billion and $334.98 million, respectively. This marks a significant milestone for PancakeSwap as it solidifies its dominance in the DEX space.
The surge in trading activity coincides with renewed interest in memecoins, fueled by Binance founder Changpeng Zhao. Zhao indirectly promoted the BNB Chain-based memecoin MUBARAK on social media, reigniting enthusiasm within the crypto community.
CZ’s Influence and the Rise of MUBARAK
A few days after Zhao’s posts, on-chain analysts identified a crypto wallet linked to him that reportedly spent 1 Binance Coin (BNB) to purchase MUBARAK. While it remains uncertain how much Zhao’s promotion influenced the token’s price action, MUBARAK skyrocketed over 270% in the past week.
Data from PancakeSwap V3 further revealed that following Zhao’s mention, MUBARAK became the third most traded asset on the platform, trailing only Tether (USDT) and Wrapped BNB (WBNB).
PancakeSwap’s Expanding Influence in DeFi
This recent success builds on PancakeSwap’s momentum. In February, PancakeSwap’s total trading volume surged over 60% to $28.23 billion, marking its best performance since November 2021. Additionally, the exchange reached a major milestone by surpassing $1 trillion in historical trading volume.
With its rising DEX volume, PancakeSwap has also increased its fee revenue. The exchange has generated $64 million in fees this year alone, bringing its 365-day total to $274 million—establishing itself as one of the most profitable players in the decentralized finance (DeFi) sector.
As PancakeSwap continues to attract traders and dominate the DEX landscape, the platform’s growing influence in DeFi could signal further gains for CAKE and increased adoption of BNB Chain-based assets.
