PancakeSwap, a number one decentralized change (DEX) working on 9 blockchain networks, set a brand new file for buying and selling exercise in January and February 2025. It has achieved the best month-to-month buying and selling quantity since 2021.
This file was pushed by the restoration of the BNB Chain and the meme motion on the chain. However, the March market is exhibiting indicators that might problem the DEX’s potential to keep up this quantity.
Total Cumulative Volume on PancakeSwap Exceeds $1.1 Trillion
Data from Dune signifies that PancakeSwap’s buying and selling quantity began to rise sharply in December final 12 months. By January, the DEX reached $78.4 billion in buying and selling quantity, and in February, it surpassed $81 billion. This marks the best month-to-month buying and selling quantity since 2021.
This file helped push PancakeSwap’s whole cumulative quantity past $1.1 trillion.
The surge in buying and selling quantity was primarily because of the revival of the BNB Chain ecosystem.
“As a key player in the BNB Chain ecosystem, PancakeSwap continues to benefit from BNB Chain’s increasing resurgence,” learn an excerpt in a press launch shared with BeInCrypto.
Additionally, Dune data exhibits that PancakeSwap holds over 90% of the DEX market share on the BNB Chain. This highlights the shut relationship between BNB Chain and PancakeSwap.
Since early February, CZ—the previous CEO of Binance—has promoted Four.meme by launching the Test (TST) token. Four.meme acts as a “gateway” for introducing new tokens to PancakeSwap. The surge in exercise on Four.meme could have contributed to PancakeSwap’s elevated buying and selling quantity, as new tokens attracted customers and merchants.
Despite PancakeSwap’s sturdy buying and selling quantity in early 2025, its month-to-month energetic customers remained round 2 million. This represents a 63% drop from the height in 2021 and a 30% decline from the best stage in 2024. The change has but to draw a big variety of new merchants.
Additionally, data from DefiLlama exhibits that each day DEX buying and selling quantity on BNB Chain has been progressively declining since mid-February, dropping from over $6 billion per day to only $1.5 billion per day.
Moreover, the market capitalization of meme coins in March dropped nearly 60% from the December peak, falling from $137 billion to $55 billion. The meme coin buying and selling frenzy on DEXs can be weakening. This may pose a problem for PancakeSwap in the approaching months.
According to BeInCrypto knowledge, PancakeSwap (CAKE) is buying and selling round $1.74 on the time of writing, down 60% from its current excessive of $4.5 in December final 12 months.
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