PancakeSwap Surges Past Uniswap as Memecoin Hype Fuels Trading Volume

PancakeSwap, a leading decentralized exchange (DEX) on BNB Chain, has surpassed Uniswap in daily and weekly trading volume, driven by increased interest in memecoins. According to DeFiLlama, PancakeSwap recorded over $3 billion in 24-hour volume and $21 billion weekly, while its native token, CAKE, soared 40% in a day and doubled in value over the week.

The surge follows Binance Founder Changpeng “CZ” Zhao’s engagement with the memecoin community. CZ hinted at launching a memecoin inspired by his Belgian Malinois after interacting with users on social platform X, announcing he would share his pet’s photo on Thursday at 8 p.m. Dubai time.

Speculation intensified after CZ mentioned TST, a test memecoin created by the BNB Chain team for their Four.meme platform. Initially not meant for public trading, TST skyrocketed over 2,000% to $0.56 after CZ’s comment, before settling around $0.15 following a Binance listing.

This memecoin frenzy marks a shift from CZ’s previous stance in November, when he warned against excessive focus on memecoins, advocating for real blockchain applications.

Harrison Seletsky, SPACE ID’s director of business development, believes the TST buzz could spark a new memecoin season on BNB Chain, boosting liquidity and attracting users. Analysts attribute PancakeSwap’s volume spike to increased trading activity around TST and excitement over CZ’s hinted memecoin.

The rapid growth in CAKE’s value reflects the market’s bullish sentiment toward PancakeSwap and the BNB Chain ecosystem. As memecoin speculation drives user engagement, PancakeSwap is solidifying its position as a top DEX.

The cryptocurrency market’s embrace of narrative-driven projects like TST highlights its volatility and potential for rapid trends, with the BNB Chain positioned to benefit from increased liquidity and user activity.