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The spike in volume follows Binance’s decision to delist Tether’s stablecoin USDT from its centralized exchange and an uptick in meme coin trading on the Binance Smart Chain.
PancakeSwap, a decentralized exchange (DEX) on Binance Smart Chain, has recorded the highest trading volume among all DEXs over the past 24 hours – surpassing Ethereum-based competitor Uniswap (UNI) and cross-chain protocol THORChain (RUNE).
The surge in trading activity has pushed the price of PancakeSwap’s native CAKE token up nearly 9% in the past day, extending its rally to over 80% for the week, according to CoinGecko data.
CAKE’s price briefly touched $2.93, its highest level in over a month.
PancakeSwap currently accounts for more than half of the total DEX trading volume, processing $1 billion worth of trades in the past 24 hours.
The spike in volume follows Binance’s decision to delist Tether’s stablecoin USDT (USDT) from its centralized exchange. It cited compliance issues in the EU as the reason behind the delisting, which will take effect at the end of the month.
The move has led some traders to shift their stablecoin transactions to PancakeSwap, where USDT can still be exchanged freely.
Beyond stablecoin flows, Binance Smart Chain is experiencing a resurgence in meme coins, many of which are traded on Pancakeswap.
In recent months, much of the speculative trading was happening on Solana (SOL), fueled by the rise of launchpad platforms like Pump.fun.
Now, Binance Smart Chain’s meme coin market is showing signs of revival. According to DappBay, most BSC meme tokens have posted gains over the past 24 hours, with the total market capitalization of these coins climbing over 50% over the past week to reach $3.2 billion.
On Stocktwits, retail sentiment around PancakeSwap’s CAKE token remained in the ‘extremely bullish’ zone, accompanied by a surge in chatter to ‘extremely high’ levels.
According to platform data, CAKE has seen one of the biggest jumps in retail sentiment among cryptocurrencies over the last week.
However, while the CAKE token's price has rallied, the broader crypto market remains under pressure.
Bitcoin (BTC) is trading 23% below its all-time high of nearly $109,000, reached in January. The total cryptocurrency market capitalization has dipped below $3 trillion amid concerns over tariffs, geopolitical tensions, and evolving regulatory policies.
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Read also: ETH Struggles Below $2K While Standard Chartered Slashes Price Target Citing More Weakness Ahead – Retail’s Wary Too
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