Pancakeswap's native token cakes surged 15% as trading platforms surpassed other decentralized exchanges in daily trading volumes, reaching $1.64 billion.
Pancakeswap's native tokens (cakes) skyrocketed 15% as the platform became the most active diversified exchange due to daily trading volume.
Data from Analytics Platform Defillama shows that Pancakeswap recorded a 24-hour trading volume of $1.639 billion on Monday, March 17th, overtaking Uniswap (UNI) and Raydium (Ray) respectively.
mubarak 🌜 https://t.co/RFGoixxlCb
— CZ 🔶 BNB (@cz_binance) March 13, 2025
The surge in trading volume comes clearly after Binance founder Changpeng Zhao governed his interest in Memecoin and indirectly promoted BNB chain-based Memecoin Mubarak on his social media profile.
「CZ 捐款钱包」竟然还有后续😲
过去 15 分钟，@cz_binance 花费各 1 $BNB 买入了 9161 枚 $TST 和 20155 枚 $mubarak，价值 1200 美元；受此影响，TST 和 mubarak 均出现不同幅度的上涨📈
本文由 #Gateio | @Gateio_zh 赞助 https://t.co/yQo993qWXP pic.twitter.com/WYv4TIfn8N
— Ai 姨 (@ai_9684xtpa) March 16, 2025
A few days later, on-chain analysts reported that the crypto address associated with Zhao used 1 binance coin (BNB) to purchase Mubarak, but it is unclear how much Zhao-backed promotions have affected activities around the token. As of press time, Mubarak has skyrocketed over 270% over the past seven days.
Data from Pancakeswap V3 shows that after Zhao mentioned Mubarak, the tokens surged to the third most traded asset on the platform, spiked behind Tether (USDT) and Lap BNB.
At the beginning of February, Crypto.News reported that Pancakeswap total volume exceeded 60% to over $28.23 billion, delivering its best performance since November 2021.
Pancakeswap's Dex volume has seen its total fees rise to $64 million this year, bringing its 365-day total of $274 million, making it one of the most profitable players in the decentralized finance industry, and increasing exchange fees.
