PancakeSwap, a decentralized exchange on Binance Smart Chain, has the largest trading volume over the past 24 hours—beating even Ethereum-based competitor Uniswap.
According to CoinGecko’s data, this volume has pushed the CAKE token up by as much as 40 percent in the last day. The increase is due to Binance’s delisting of Tether. This has led to an increased Tether trading volume on PancakeSwap and a surge in interest for meme coins at Binance Smart Chain.
CAKE has risen 37% in the last 24 hours and by 57% on the previous week. It is now the 99th most valuable cryptocurrency according to CoinGecko. Equally, PancakeSwap is leading the pack of decentralized exchanges with $647 million worth of trading volume over the past 24 hours—with nearly 61% of DEX market share over this period.
Binance’s announcement that they would be delisting Tether USDT and other stablecoins at the end the month, could have been a major factor in this increase. Delistings were attributed to compliance problems in the EU by the company.
CoinGecko says that PancakeSwap’s USDT volume has reached $346,000,000 in just the last 24 hour. This is approximately 54% of the trading volume at the exchange. Binance users have likely moved their USDT from the exchange to Binance Smart Chain so as not to be affected by delisting.
Binance Smart Chain meso coins also seem to be resurging.
In 2021, due to the low cost of gas on the network, it was a cultural center for memes. SafeMoon’s market cap soared to $6 billion in one instance. However, the trenches have been more focused on Solana for speculative meme coin trading—largely due to the creation of launchpad Pump.fun.
DappBay says that the majority of Binance Smart Chain meme coin have been in the black over the past 24-hours. BSC’s meme coin has seen its market cap jump 48% to $2.71billion in just one week. It is likely that the Binance Smart Chain launch at the beginning of the year of SpringBoard – a token launchpad similar to Pump.fun – has helped in this regard.
One of the best performing tokens is Mubarak (MUBARAK), a token referencing the Islamic term to celebrate the end of Ramadan, which has jumped 56% on the day—at one point nearly touching a market cap of $150 million. Mubarak is responsible for 12% daily trading volumes on PancakeSwap.
DappRadar says that due to this surge in interest, Binance Smart Chain, which processes $9.26bn of volume, processed the second highest decentralized app volumes of top blockchains during the week. This network has now surpassed Ethereum in terms of the volume it processed over the last week, with $77.25 Billion.
Stacy Elliott edited this article.
