CAKE Surges 40% as PancakeSwap’s Daily Volume Outpaces Uniswap

PancakeSwap, the leading decentralized exchange (DEX) on BNB Chain, is outperforming Uniswap due to a spike in memecoin activity on the chain.

The parabolic rise makes CAKE the best-performing large-cap cryptocurrency over the last day and week. CAKE is up 41% in the last 24 hours and 67% in the last seven days.

The DEX has also flipped Uniswap by 60% to become the top DEX by 24-hour volume, processing $1.64 billion compared to Uniswap’s $1 billion. However, Uniswap still leads in terms of weekly metrics with $15.25 billion in seven-day volume compared to PancakeSwap’s $10 billion.

The activity surge is driven by increased memecoin volume on the chain, as speculators continue to actively leave Solana, showcased by the Raydium DEX’s 27% reduction in volume over the last week.

The standout meme on the chain so far has been MUBARAK, which launched on March 13 and rallied as high as a $150 million market capitalization in just four days. The token currently trades at a $140 million valuation with roughly 18,000 holders.

MUBARAK is a memecoin related to the recent $2 billion investment in Binance from UAE-based investment group MGX. MGX was founded by the Mubadala sovereign wealth fund and its CEO, Khaldoon Al Mubarak.

The meme has garnered attention from both of Binance’s co-founders, Yi He and Changpeng Zhao (CZ), potentially helping catalyze the token’s success.

BNB, the Binance Smart Chain’s native token, has also been surging as a result, up 4% in the last 24 hours and 15% over the last week.