CAKE price surges 15% as PancakeSwap overtakes Uniswap and Raydium in daily trading volume

PancakeSwap saw its native token (CAKE) surged 15% as the platform became the most active decentralized exchange by daily trading volume.

PancakeSwap’s native token CAKE surged 15% as the trading platform overtook other decentralized exchanges in daily trading volume, reaching $1.64 billion.

Data from analytics platform DefiLlama shows that PancakeSwap recorded $1.639 billion in 24-hour trading volume on Monday, Mar. 17, overtaking Uniswap (UNI) and Raydium (RAY), which saw $1.021 billion and $334.98 million, respectively.

The surge in trading volume apparently comes after Binance founder Changpeng Zhao reignited interest in memecoins, implicitly promoting BNB Chain-based memecoin MUBARAK on his social media profiles.

Zhao shared a post on Monday showing a user compiling a list of "best memecoins." He replied to the post saying "send candidates." Several users then recommended MUBARAK in the comments.

A few days later, on-chain analysts reported that a crypto address commonly associated with Zhao had placed a trade for 1 Binance Coin (BNB) to buy MUBARAK. However, it’s unclear how much Zhao-backed promotion affected activity around the token.

As of press time, MUBARAK soared over 270% in the past seven days. It is currently trading at $0.578, according to data from CoinGecko.

Data from PancakeSwap V3 shows that following Zhao’s mentioning of MUBARAK, the token soared to the third most traded asset on the platform, behind only Tether (USDT) and Wrapped BNB.

Earlier in February, crypto.news reported that PancakeSwap’s total volume jumped over 60% to $28.23 billion, marking its best performance since November 2021. The exchange also crossed a major milestone, with its historical trading volume surpassing $1 trillion.

PancakeSwap’s DEX volume has also translated to higher fees for the exchange as its total fees this year rose to $64 million, bringing the 365-day total to $274 million, becoming one of the most profitable players in the decentralized finance industry.