Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
PancakeSwap Surpasses $80 Billion in Monthly Volume, Thanks to BNB Chain’s Recovery

PancakeSwap Surpasses $80 Billion in Monthly Volume, Thanks to BNB Chain’s Recovery

BeInCryptoBeInCrypto2025/03/07 03:56
By:Nhat Hoang

PancakeSwap set a new trading volume record in early 2025, surpassing $1.1 trillion in total volume. However, a decline in meme coin interest and daily DEX volume could challenge its momentum in the coming months.

PancakeSwap, a leading decentralized exchange (DEX) operating on nine blockchain networks, 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.

PancakeSwap Surpasses $80 Billion in Monthly Volume, Thanks to BNB Chain’s Recovery image 0PancakeSwap DEX Monthly Volume and Trader. Source: Dune

The surge in trading volume was mainly due to 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,” read an excerpt in a press release shared with BeInCrypto.

Additionally, Dune data shows that PancakeSwap holds over 90% of the DEX market share on the BNB Chain. This highlights the close relationship between BNB Chain and PancakeSwap.

PancakeSwap Surpasses $80 Billion in Monthly Volume, Thanks to BNB Chain’s Recovery image 1DEX Marketshare on BNB Chain. Source: Dune

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.

PancakeSwap Surpasses $80 Billion in Monthly Volume, Thanks to BNB Chain’s Recovery image 2DEX Volume on BNC Chain. Source: DefiLlama

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.

PancakeSwap Surpasses $80 Billion in Monthly Volume, Thanks to BNB Chain’s Recovery image 3PancakeSwap (CAKE) Price Performance. Source: BeInCrypto

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!