CAKE by PancakeSwap Experiences a Major Price Surge, Jumping 37-45%

PancakeSwap's native token CAKE has experienced a major price surge, jumping between 37-45% in the past 24 hours. The token reached $2.49, marking a weekly increase of approximately 57-59%.

PancakeSwap's native token CAKE has seen a huge price surge of 37-45% in the past 24 hours. The token reached $2.49, also showing a weekly increase of approximately 57-59%.

The decentralized exchange built on Binance Smart Chain (BNB Chain) has also overtaken Ethereum-based competitor Uniswap in trading volume. PancakeSwap processed $647 million worth of trades over the past day.

This surge has now placed CAKE as the 99th largest cryptocurrency by market capitalization according to CoinGecko data. The token hit a daily high of $2.69 after recovering from recent lows of $1.38.

PancakeSwap now holds nearly 61% of decentralized exchange (DEX) market share over this period. This places the BNB Chain DEX ecosystem in the top spot with a total trading volume of $1.64 billion in 2024.

Delisting Factor

A major factor driving PancakeSwap's performance is Binance's recent announcement to delist Tether (USDT) and eight other stablecoins for users in the European Economic Area (EEA).

The delisting, set for March 31, is to comply with the EU's Markets in Crypto Assets (MiCA) regulations. Other affected tokens include FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC and PAXG.

This regulatory move has seen many Binance users move their USDT to PancakeSwap. The DEX has seen more than $346 million in USDT trading volume over 24 hours, forming approximately 54% of its total volume.

Meme Coins Back?

Another key factor in CAKE's rise is the resurgence of meme coins on the BNB Chain. Once a cultural hub for meme coins in 2021 due to its low gas fees, the network is now seeing interest in the sector again.

The BNB Chain meme coin market capitalization has seen a 48% surge over the past week to $2.71 billion. This revival follows the launch of SpringBoard, a token launchpad similar to Solana's Pump.fun, at the end of last year.

One standout performer is Mubarak, a token referencing the Islamic term for celebrating the end of Ramadan. It has seen a 56-95% surge in a single day, nearly reaching a market cap of $150 million and forming over 12% of daily trading volume on PancakeSwap.

This activity has predictably boosted the entire BNB ecosystem. Binance's native BNB token is up 7%, outperforming other top 10 cryptocurrencies.

The BNB Chain saw $9.26 billion in decentralized app volume over the past week. This places it second only to Ethereum, which recorded $77.25 billion in weekly volume.

The network is also preparing for a major technical upgrade. The Pascal Hardfork, scheduled for March 20, will implement EIP-7702 on the mainnet.

This upgrade will allow Externally Owned Accounts to temporarily act as smart contracts within a single transaction. The change cancels out the need for BNB to pay for gas fees.

Instead, gas fees can be sponsored by a paymaster (another wallet or service). This removes a major barrier for new users who must currently hold BNB to pay transaction fees.

With its rising trading volume, token price, and upcoming technical improvements, PancakeSwap and the broader BNB Chain ecosystem appear to be entering a new phase of growth.