PancakeSwap Sees Record Monthly Trading Volume Surpassing $80 Billion, Driven by BNB Chain Resurgence
PancakeSwap, a prominent decentralized exchange (DEX) operating across nine blockchains, saw record monthly trading volumes in January and February 2025. This is the highest number the DEX has achieved since 2021.
This growth is largely due to the strong recovery of the BNB Chain ecosystem and the explosion of the on-chain meme coin market. However, signals from the March market suggest that there may be challenges in maintaining this impressive trading volume.
PancakeSwap Total Volume Surpasses $1.1 Trillion
Data from Dune Analytics shows that PancakeSwap's trading volume began to increase sharply since December last year. By January 2025, the exchange recorded a trading volume of $78.4 billion and surpassed $81 billion in February. This is the highest level that PancakeSwap has achieved since 2021.
This breakthrough has helped push PancakeSwap's cumulative total volume to surpass $1.1 trillion, marking an important milestone in the development history of this DEX.
PancakeSwap's trading volume mainly comes from the recovery of BNB Chain
PancakeSwap continues to benefit greatly from the revival of BNB Chain, a blockchain platform that plays an important role in the DEX ecosystem. According to the press release, PancakeSwap has benefited significantly from this growth.
Data from Dune also shows that PancakeSwap is occupying more than 90% of the DEX market share on BNB Chain, demonstrating the close connection between the BNB Chain ecosystem and PancakeSwap.
The surge in activity from meme coins on BNB Chain has also contributed significantly to the growth of PancakeSwap. Since early February 2025, Four.meme, a new token launch platform on PancakeSwap, has helped increase trading volume by promoting new tokens, attracting the interest of users and traders.
Despite the strong trading volume, the number of active users on PancakeSwap has not yet reached its peak. Statistics show that this exchange has about 2 million monthly users, down 63% from 2021 and down 30% from 2024.
Data from DefiLlama shows that the daily trading volume on BNB Chain has dropped from $6 billion to about $1.5 billion since mid-February.
Meme coin plunges, PancakeSwap faces challenges
Another factor that could affect PancakeSwap's trading volume is the sharp decline in meme coin market capitalization. Since December last year, the market capitalization of meme coins has decreased by 60%, from $137 billion to $55 billion in March this year. This could pose a big challenge for this DEX in the near future.
At the time of writing, PancakeSwap (CAKE) is trading at $1.74, down 60% from its high of $4.5 in December 2024, according to data from BeInCrypto.
