PancakeSwap CAKE Jumps 37% Amid Meme Coin Resurgence and Binance Tether Delisting

Pancakeswap, a decentralized exchange on Binance Smart Chain, has the largest trading volume in the last 24 hours of its competitor Uniswap-based competitor.

And according to CoenteckoAll that volume has risen no less than 40% the price of his cake token in the past day. This is after Binance Drailed Tether has turned his centralized exchange, which leads to an increase in the tether volume on pancake wap and a non -related increase in interest in meme coins on Binance Smart Chain.

Cake has risen 37% over the past 24 hours and 57% higher in the week, so that it pushes to $ 2.49 as the 99th largest cryptocurrency per market capitalization Coentecko. Similarly, Pancakeswap leads the peloton of decentralized trade fairs with $ 647 million in trade volume in the last 24 hours – with almost 61% of the DEX market share in this period.

Much of this part can be motivated by Binance, the centralized exchange that the Binance Smart Chain created, announced that it would delete the USDT of Tether, and a few other stablecoins, at the end of the month. The company mentioned compliance issues in the EU for the deletion.

Now, according to the last 24 hours, Pancakeswap has processed more than $ 346 million in trade volume for USDT, according to Coentecko. That amounts to around 54% of the trade volume on the stock exchange. This is probably because Binance users get their USDT from the exchange and to Binance Smart Chain to prevent them from being hit by the deletion at the end of the month.

Moreover, it seems that Binance smart chain meme -coins see a revival.

In 2021 the network was one of the cultural hubs for meme coins due to the low gas costs. At one point the Safemoon Meme Coin rose to a market capitalization of $ 6 billion. However, the trenches are more focused on Solana for speculative coin trade – large because of the creation of Launchpad Pump.Fun.

According to DappbayMost Binance Smart Chain Meme Coins have been in the Green for the past 24 hours. In fact, the BSC Meme Coin Market capitalization has risen by 48% to $ 2.71 billion in the past week. This was probably helped by the launch of Springboard, a token launchpad related to Pump.Fun, on Binance Smart Chain at the end of last year.

One of the best performing tokens is Mubarak (Mubarak), a token that refers to the Islamic term to celebrate the end of Ramadan, which rose 56% on the day – at a point that almost hit a market capitalization of $ 150 million. This makes Mubarak good for more than 12% of the daily trade volume on pancake wap.

As a result of all this new interest, Binance Smart Chain processed the second most decentralized app volume of the best block chains this week, according to Roof gadarwith $ 9.26 billion. The network is now only in the second place in Ethereum, which has seen for $ 77.25 billion in volume last week.

Published by Stacy Elliott.