The native token of PancakeSwap (CAKE) has experienced significant growth in the past 24 hours, reaching around $2.5 with a 40% increase. Alongside this surge, its daily trading volume has soared by 280% to over $555 million. This price hike is due to PancakeSwap surpassing other decentralized exchanges in terms of daily trading volume. Currently, its daily trading volume has reached $1.64 billion, surpassing Uniswap ($1.021 billion) and SushiSwap ($334.98 million) according to DeFiLlama data. One of the factors driving PancakeSwap’s trading volume increase is users’ renewed interest in meme coins following recent activities by Changpeng Zhao, Binance’s founder. Zhao indirectly promoted a Binance Smart Chain-based meme coin named Mubarak (MUBARAK) on his social media platforms. A few days later, on-chain analysts reported an address associated with Zhao spending 1 Binance Coin (BNB) to buy this token. Although the direct impact of this action is unclear, Mubarak’s price has surged by over 270% in the past seven days. After Zhao’s mention of this meme coin, Mubarak became the third most traded asset on PancakeSwap, following USDT and Wrapped BNB. The growth in PancakeSwap’s trading volume has also increased its revenue. The total fees collected by PancakeSwap in the current year have reached $64 million, and its total revenue has increased to $274 million in the last 365 days. This has turned PancakeSwap into one of the most profitable decentralized exchanges.
