PancakeSwap Surges as DEX Leader Despite Token Price Dip
PancakeSwap has become the top player in the decentralized exchange space. The platform, backed by Binance, has overtaken Uniswap and Raydium, recording over $116 billion in monthly transactions. It also amassed millions in fees and revenue.
though,there’s a twist. The price of CAKE, its token, which acts as its governance and utility coin, fell sharply. It dropped from a peak of $2.95 to around $2.30. This price retreat has brought its market cap down to $745 million.
DeFi Llama data supports PancakeSwap’s dominance in the industry. In the last 24 hours, it handled transactions worth over $4.16 billion, a notable increase from previous levels. In contrast, Uniswap managed $1.6 billion while Raydium processed $529 million.
PancakeSwap’s growth spurt occurred in May. Its monthly volume soared past $98 billion, marking a substantial increase from $31 billion in the previous month.This surge in activity led to a notable rise in fees and revenue.
The CAKE price peaked at $2.94 on May 26 but has since fallen. It remains above key support levels but carries a risk. A break below these levels could lead to further depreciation, possibly reaching $2, a 13% drop from its current value.
To check the latest updates, you can visit the DeFi Llama website.
