PancakeSwap, a decentralized exchange on Binance Smart Chain, has the largest trading volume over the past 24 hours—beating even Ethereum-based competitor Uniswap.
And according to CoinGecko, all that volume has sent the price of its CAKE token surging as much as 40% in the past day. This comes after Binance delisted Tether from its centralized exchange, prompting an increase in Tether volume on PancakeSwap, and an unrelated surge of interest in meme coins on Binance Smart Chain.
CAKE is up 37% over the past 24 hours, and 57% up on the week, pushing it to $2.49 as the 99th largest cryptocurrency by market cap according to CoinGecko. Equally, PancakeSwap is leading the pack of decentralized exchanges with $647 million worth of trading volume over the past 24 hours—with nearly 61% of DEX market share over this period.
Much of this volume could be motivated by Binance, the centralized exchange that created the Binance Smart Chain, announcing that it would delist Tether’s USDT, and a few other stablecoins, at the end of the month. The company cited compliance issues in the EU for the delistings.
Binance to Delist Tether and Other Stablecoins for EEA Users, Due to MiCA Regulations
Binance, the biggest centralized crypto exchange in the world, will delist nine stablecoins for those in the European Economic Area (EEA), including coins issued by Tether, as they are not compliant with the EU’s Markets in Crypto Assets (MiCA) regulations. Starting March 31, the assets affected will be USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC and PAXG, the crypto exchange said in an announcment. Binance will continue to allow anyone to withdraw or deposit these coins but encourages EEA use...
Now, PancakeSwap has processed more than $346 million worth of trading volume for USDT over the past 24 hours, according to CoinGecko. That amounts to roughly 54% of trading volume on the exchange. This is likely because Binance users are taking their USDT off the exchange and onto Binance Smart Chain to avoid being affected by the delisting at the end of the month.
On top of this, it appears that Binance Smart Chain meme coins are seeing a resurgence.
Back in 2021, the network was one of the cultural hubs for meme coins due to its low gas fees. At one point, the SafeMoon meme coin skyrocketed to a market cap of $6 billion. However, the trenches have been more focused on Solana for speculative meme coin trading—largely due to the creation of launchpad Pump.fun.
What Happened to SafeMoon and Why Is Its Price Sinking So Fast?
SafeMoon was one of this spring’s cryptocurrency meme sensations, as the Binance Smart Chain-based coin came out of nowhere and rapidly blasted to a market cap above $6 billion in May. As the wider market stumbled, so too did SafeMoon’s price in the weeks that followed. But while other coins are now rebounding, SafeMoon is only sinking further. According to CoinGecko, SafeMoon’s price is down 16% today alone, currently sitting at $0.00000155 per token. It’s down more than 27% on the week, and th...
According to DappBay, most Binance Smart Chain meme coins have found themselves in the green over the past 24 hours. In fact, the BSC meme coin market capitalization has jumped 48% over the past week to $2.71 billion. This has likely been helped along by the launch of SpringBoard, a token launchpad akin to Pump.fun, on Binance Smart Chain at the end of last year.
One of the best performing tokens is Mubarak (MUBARAK), a token referencing the Islamic term to celebrate the end of Ramadan, which has jumped 56% on the day—at one point nearly touching a market cap of $150 million. With this, Mubarak accounts for over 12% of daily trading volume on PancakeSwap.
As a result of all of this newfound interest, Binance Smart Chain processed the second most decentralized app volume of the top blockchains this week, according to DappRadar, with $9.26 billion. The network is now second only to Ethereum, which has seen $77.25 billion worth of volume in the past week.
Edited by Stacy Elliott.
