PancakeSwap (CAKE) Price Has Led the Broader Market Gains This Saturday, Soaring Nearly 10%

PancakeSwap price has led the broader market gains this Saturday, soaring nearly 10% amid renewed market interest. The protocol's trading volume in the past 24 hours topped $2.5 billion, overtaking Uniswap and securing the pole position in terms of trading volume on DEXs. Notably, this market upswing is fueled by the recent BSC meme frenzy, per DeFiLlama statistics.

PancakeSwap price is heating up as the protocol’s trading volume in the past 24 hours went over $2.5 billion, to outpace Uniswap and claim the top spot among DEXs.

According to DeFiLlama’s data at press time, PancakeSwap was the biggest DEX in terms of 24-hour trading volume with $2.542 billion. This volume is over double the second-largest DEX Uniswap, according to on-chain statistics.

The weekly trading volume for the same came in at $15.46 billion, up 73% in the last seven days. Overall, the massive boost in volumes is attributed to the BSC meme frenzy, noted a recent report by Wu Blockchain on X.

In the interim, CoinGape discovered that DeFiLlama’s 24-hour showed that BNB Chain projects are largely contributing to the market. At present, PancakeSwap is the only DEX to have a weekly trading volume of over 10 billion, highlighting a milestone feat.

As an upshot, the DEX’s native coin, also known as Pancakeswap token price saw an upswing of nearly 10%.

PancakeSwap Price Overview

The native coin CAKE price saw gains of 9.88% in the 24-hour period and traded at $2.62 at press time. The crypto saw a 24-hour low and high of $2.36 and $2.83.

Optimism among market participants was evident as the native coin’s 24-hour trading volume soared by 86% to reach $483.18 million.

As mentioned above, this bullish action is showcasing the increasing market interest in the asset, which is accompanied by burgeoning volumes.

Derivatives Market Adds Optimism

On the other hand, the derivatives market also witnessed a substantial money influx, offering support to the DEX project. CAKE futures OI gained nearly 15% over the day, reaching $85.36 million. Also, the derivatives volume rose by 146% to $867 million today. This signaled heightened interest in PancakeSwap price actions.

Overall, on-chain and market data collectively suggest a bullish sentiment for the token among traders and investors. This optimism is largely driven by the BSC meme frenzy, which might correspond to the recent rise of meme coins like MUBARAK and BabyDoge Coin, among others.