PancakeSwap (CAKE) Gains 57% as Binance.US Delisting of Tether (USDT) Drives New Users

Binance's announcement regarding the delisting of Tether (USDT) by March 30 has significantly influenced decentralized exchange activity.

Recent market developments have resulted in substantial gains for PancakeSwap, with its native CAKE token experiencing a 57% increase over the past week and a 37% rise in just 24 hours, bringing its value to $2.49. The token’s market capitalization has consequently entered the top 100 cryptocurrencies list, currently positioned at 99th place.

Regulatory Impact and Exchange Migration

Binance’s announcement regarding the delisting of Tether (USDT) by March 31 has significantly influenced decentralized exchange activity. This regulatory adjustment stems from the platform’s inability to comply with the European Union’s Markets in Crypto Assets (MiCA) regulations. In response to this development, numerous Binance users have transferred their USDT holdings to PancakeSwap, a decentralized exchange operating on Binance Smart Chain (BNB Chain).

The migration has resulted in PancakeSwap processing approximately $346 million in USDT volume within a 24-hour period. This figure represents about 54% of the platform’s total trading activity during this timeframe. The increased traffic has strengthened PancakeSwap’s position in the decentralized finance ecosystem.

Market Leadership and Volume Expansion

The trading volume on PancakeSwap has reached $647 million over a recent 24-hour period, enabling the platform to secure 61% of the decentralized exchange (DEX) market share. This performance has positioned PancakeSwap ahead of competing platforms, including Ethereum-based Uniswap. The considerable increase in trading activity correlates directly with the platform’s growing prominence.

The broader BNB Chain ecosystem has similarly demonstrated significant growth, processing $9.26 billion in decentralized application (DApp) volume over the past week. This places the network second only to Ethereum in terms of transaction volume. Contributing factors to this expansion include the network’s low gas fees, increased interest in meme-based cryptocurrencies, and the aforementioned regulatory changes affecting Tether.

Meme Coin Resurgence on BNB Chain

The meme coin sector within the BNB Chain has expanded by 48% in the past week, achieving a total market capitalization of $2.71 billion. This revival has further contributed to PancakeSwap’s growing trading volumes and market dominance.

A notable performer within this category has been Mubarak (MUBARAK), a meme coin whose name references the Islamic celebration marking Ramadan’s conclusion. This token recorded a 56% value increase in a single day and briefly achieved a market capitalization of $150 million. Currently, MUBARAK transactions constitute over 12% of PancakeSwap’s daily trading activity.

Those interested in delving deeper into the technical aspects of Solaxy, such as its Layer 2 solution and the role of the SOLX token, can visit the official Solaxy website for comprehensive information and the latest updates.