PancakeSwap's CAKE token has surged 37% in the past 24 hours, reaching $2.49, and has seen a 57% increase over the past week.
PancakeSwap's CAKE token has surged 37% in the past 24 hours, reaching $2.49, and has seen a 57% increase over the past week. This jump comes as the decentralized exchange, which operates on Binance Smart Chain (BNB Chain), benefits from two major developments: the delisting of Tether (USDT) by Binance and a resurgence in meme coins on the network. The delisting, scheduled for March 31, is due to Binance's non-compliance with the EU’s Markets in Crypto Assets (MiCA) regulations. As a result, many Binance users are moving their USDT holdings to PancakeSwap, which has processed over $346 million in USDT volume in just 24 hours, accounting for around 54% of the total trading volume on the exchange.
PancakeSwap has seen its market position rise dramatically, with the platform handling $647 million in trading volume over the past day, securing 61% of the decentralized exchange (DEX) market share. This has made PancakeSwap the leader in DEX trading volume, surpassing competitors like Ethereum-based Uniswap. The CAKE token's strong performance has also pushed its market capitalization into the top 100 cryptocurrencies, currently ranked 99th.
In addition to the Tether-related surge, meme coins on Binance Smart Chain are experiencing a revival. The meme coin market on the network has grown by 48% in the past week, reaching a capitalization of $2.71 billion. One of the standout performers has been Mubarak (MUBARAK), a meme coin inspired by the Islamic term celebrating the end of Ramadan. It saw a 56% increase in just one day, briefly hitting a market cap of $150 million, and now makes up over 12% of PancakeSwap’s daily trading volume.
The broader BNB Chain ecosystem has also seen a rise in decentralized app (DApp) volume, processing $9.26 billion over the past week, second only to Ethereum. This growth is driven in part by the combination of low gas fees on the BNB Chain, the renewed interest in meme coins, and Tether’s delisting. PancakeSwap’s dominance in this space is likely to be further reinforced by the upcoming Pascal Hardfork upgrade on March 20, which is expected to reduce gas fees and attract even more activity to the platform.
As the most prominent DEX on BNB Chain, PancakeSwap continues to benefit from both the Tether delisting and the resurgence of meme coins, propelling it to the top of the market. With increasing trading volumes and user activity, PancakeSwap shows no signs of slowing down.
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