PancakeSwap, a major distributed exchange (DEX) operated by nine blockchain networks, set a new record for trading activities in January and February 2025. Since 2021, we have achieved the highest monthly trading volume.
This record was led by the recovery of the BNB chain and the meme movement of the chain. But March Market shows signs of challenge the DEX’s ability to maintain this book.
The total cumulative volume of PancakeSwap exceeds $ 1 trillion
According to Dune’s data, PancakeSwap’s trading volume began to rise rapidly in December last year. Until January, Dex reached $ 78.4 billion in trading volume and exceeded $ 8.1 billion in February. This is the highest monthly trading volume since 2021.
This record helped to push the cumulative volume of PancakeSwap to more than $ 1 trillion.
The surge in trading volume is mainly due to the revival of the BNB chain ecosystem.
Read the excerpt from the press release shared with Beincrypto.
In addition, according to Dune Data, PancakeSwap has more than 90% of the DEX market share in the BNB chain. This emphasizes the close relationship between the BNB chain and the PancakeSwap.
Binance’s former CEO, Binance, launched a test (TST) token and promoted Four.Meme. Four.meme acts as a “gateway” to introduce a new token to PancakeSwap. As new tokens attracted users and traders, 4. MEME’s activity may have contributed to the increase in pancake Wei’s trading volume.
Despite the powerful trading volume of PancakeSwap in early 2025, the monthly active users maintained about 2 million. This decreased 63% in the peak in 2021 and decreased by 30% at the highest level in 2024, which has not yet attracted many new traders.
In addition, according to DEFILLAMA’s data, the Daily DEX trading volume of the BNB chain has gradually decreased since mid -February, and $ 6 billion a day is $ 1.5 billion a day.
Moreover, the market cap of MEME COINS in March decreased almost 60% in the peak in December, down from $ 137 billion to $ 5.5 billion. Meme Coin Trading Frenzy of Dexs is also weakened. This can challenge PancakeSwap in the next few months.
According to Beincrypto data, PancakeSwap (CAKE) is trading about $ 1.74 at the time of a 60% decrease from $ 4.5 in December last year.
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