PancakeSwap’s native token, CAKE, just had a wild ride, shooting up nearly 30% in a single day. It’s now sitting at $2.59 after a massive 26.38% surge in 24 hours. The platform’s market cap also jumped 25.55% to hit $758.26 million, while its 24-hour trading volume exploded by 437.95%, crossing the $1 billion mark.
The reason? PancakeSwap is now leading the decentralized exchange (DEX) race in daily trading volume. According to DefiLlama, it recorded a whopping $2.528 billion in 24-hour trades on Mar. 17, overtaking Uniswap, which stood at $1.02 billion, and Raydium, which had $334.98 million.
A big part of this sudden spike seems to be linked to Binance founder Changpeng Zhao. He recently stirred up the memecoin scene by mentioning the BNB Chain-based token MUBARAK on his social media.
Shortly after, on-chain analysts found that a crypto address tied to Zhao spent 1 BNB to buy MUBARAK. Though it’s unclear how much influence he had, the token skyrocketed over 270% in a week.
Following Zhao’s posts, MUBARAK became the third most traded asset on PancakeSwap V3, only behind Tether and Wrapped BNB. With all this action, PancakeSwap is making it clear it’s not backing down in the DEX battle.
Also Read: CAKE Price Pumps 15% As Pancakeswap Leads in DEX Volumes
