PancakeSwap volume soars, overtakes Uniswap as top DEX
PancakeSwap, a decentralized exchange (DEX), recorded a surge in trading volume, surpassing Uniswap and becoming the leading DEX in terms of daily and weekly trading volume.
This increase in activity was observed amid a broader interest in memecoins, particularly following Binance Founder Changpeng “CZ” Zhao's engagement with the meme token community.
CZ recently interacted with a user on the social platform X, where he hinted at the potential launch of a new memecoin inspired by his pet dog, a Belgian Malinois. He announced plans to share a photo of his pet on Thursday around 8 p.m. Dubai time, fueling speculation and excitement within the cryptocurrency community.
The BNB Chain team had previously created a Test (TST) memecoin as part of a tutorial on their Four.meme platform. Although it was not intended for public trading, CZ's mention of TST on Monday led to a dramatic price increase of over 2,000%, peaking at $0.56 before stabilizing around $0.15 following its listing on Binance.
This playful engagement with the memecoin market contrasts with CZ's previous stance from November, where he expressed concerns about the growing eccentricity of memecoins, emphasizing the need to focus on building real applications using blockchain technology.
PancakeSwap's 24-hour trading volume has exceeded $3 billion, with a weekly total surpassing $21 billion, according to DeFiLlama data. The platform's native token, CAKE, has also experienced significant growth, rising 40% in one day and more than doubling in value over the past week.
Analysts have linked PancakeSwap's increased trading volume to the speculative interest in TST and the potential memecoin associated with CZ's pet. Harrison Seletsky, SPACE ID director of business development, noted that the launch of TST and the subsequent buzz could lead to an uptick in memecoin trading on the BNB Chain. He views this as a positive development for the network, as it could draw more liquidity and attract new users.
Seletsky remarked on the unexpected popularity of TST, highlighting the cryptocurrency market's tendency to embrace projects that resonate with organic interest and narrative. He also suggested that TST might trigger a new memecoin season on BNB Chain, which would benefit the ecosystem by increasing user engagement and liquidity.
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