PancakeSwap’s Record-Breaking Volume: A Tale of BNB Chain’s Recovery and Meme Madness

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Attention, dear reader! PancakeSwap, the leading decentralized exchange (DEX) operating on nine blockchain networks, has just set a new record for trading activity in January and February 2025. It has achieved the highest monthly trading volume since 2021.

This record was driven by the recovery of the BNB Chain and the meme movement on the chain. However, the March market is showing signs that could challenge the DEX’s ability to maintain this volume.

Total Cumulative Volume on PancakeSwap Exceeds $1.1 Trillion

Data from Dune indicates that PancakeSwap’s trading volume started to rise sharply in December last year. By January, the DEX reached $78.4 billion in trading volume, and in February, it surpassed $81 billion. This marks the highest monthly trading volume since 2021.

This record helped push PancakeSwap’s total cumulative volume beyond $1.1 trillion.

The surge in trading volume was mainly due to the revival of the BNB Chain ecosystem.

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Since early February, CZ—the former 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 activity on Four.meme may have contributed to PancakeSwap’s increased trading volume, as new tokens attracted users and traders.

Despite PancakeSwap’s strong trading volume in early 2025, its monthly active users remained around 2 million. This represents a 63% drop from the peak in 2021 and a 30% decline from the highest level in 2024. The exchange has yet to attract a significant number of new traders.

Additionally, data from DefiLlama shows that daily DEX trading volume on BNB Chain has been gradually declining since mid-February, dropping from over $6 billion per day to just $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 trading frenzy on DEXs is also weakening. This could pose a challenge for PancakeSwap in the coming months.

According to BeInCrypto data, PancakeSwap (CAKE) is trading around $1.74 at the time of writing, down 60% from its recent high of $4.5 in December last year.

🍰📈 PancakeSwap’s Record-Breaking Volume: A Tale of BNB Chain’s Recovery and Meme Madness

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2025-03-07 15:40