PancakeSwap Price Rallies As Trading Volume Tops $2.5B; What’s Happening?

PancakeSwap price has led the broader market gains this Saturday, soaring nearly 10% amid renewed market interest. The protocol’s trading volume in the past 24 hours topped $2.5 billion, overtaking Uniswap and securing the pole position in terms of trading volume on DEXs. Notably, this market upswing is fueled by the recent BSC meme frenzy, per DeFiLlama statistics.

PancakeSwap Price Soars As Trading Volume Tops $2.5B; Here’s Everything

According to DeFiLlama data on March 22, PancakeSwap was the top DEX in terms of intraday trading volume, boasting $2.542 billion. This massive volume is more than double the second-largest DEX Uniswap, per on-chain statistics.

The weekly trading volume for the same came in at $15.46 billion, up 73% in the last seven days. Overall, the massive boost in volumes is attributed to the BSC meme frenzy, according to Wu Blockchain on X.

In the interim, CoinGape found that DeFiLlama’s intraday data also underscored rising volumes due to BNB Chain projects. Currently, PancakeSwap is the only DEX with a weekly trading volume of more than 10 billion, underlining a milestone feat and price gains. In an upshot, the DEX’s native coin witnessed an upswing of nearly 10%.

CAKE Price Overview

PancakeSwap coin’s price witnessed gains worth 10% intraday and exchanged hands at $2.62. The crypto bottomed and peaked at $2.36 and $2.83 in the past 24 hours.

Market participants also appear to be optimistic about price movements, as indicated by the native coin’s intraday trading volume surge of 86% to $483.18 million. As mentioned above, this bullish action reflects rising market interest in the asset, escorted by burgeoning volumes.

Derivatives Market Adds Market Optimism

On the other hand, the derivatives market also saw a substantial money influx, offering market support to the DEX project. CAKE futures OI gained nearly 15% over the day, reaching $85.36 million. Also, the derivatives volume rose by 146% to $867 million today. This data signaled heightened market interest in PancakeSwap price actions.

Altogether, on-chain and market data collectively indicate a highly bullish sentiment for the token prevailing among traders and investors. This optimism is primarily dominated by BSC meme frenzy, potentially corresponding to the recent rise of meme coins like MUBARAK and BabyDoge Coin, among others.