PancakeSwap Sets New Trading Volume Record

PancakeSwap, a leading decentralized exchange (DEX) operating on nine blockchain networks, set a new record for trading activity in January and February 2025, achieving the highest monthly trading volume since 2021.

This record was spurred by the recovery of the BNB Chain and the meme movement on the chain. However, March shows potential challenges for the DEX to maintain this volume.

Total Cumulative Volume Exceeds $1.1 Trillion

Data from Dune indicates that PancakeSwap’s trading volume rose sharply in December last year. By January, the DEX reached $78.4 billion, and in February, it surpassed $81 billion, marking the highest monthly trading volume since 2021. This record drove PancakeSwap’s total cumulative volume beyond $1.1 trillion.


The trading volume surge was primarily due to the revival of the BNB Chain ecosystem.

> “As a key player in the BNB Chain ecosystem, PancakeSwap continues to benefit from BNB Chain’s increasing resurgence,” reads a press release shared with BeInCrypto.

Additionally, data from Dune shows that PancakeSwap holds over 90% of the DEX market share on the BNB Chain, highlighting its close relationship with the chain.


Since early February, CZ—the former CEO of Binance—has promoted Four.meme by launching the Test (TST) token, which serves as a “gateway” for new tokens on PancakeSwap. The activity surge on Four.meme likely contributed to the increased trading volume, attracting new users and traders.

Despite the strong trading volume in early 2025, PancakeSwap’s active users remain around 2 million, showing a 63% drop from the peak in 2021 and a 30% decline from the highest level in 2024, indicating difficulty in attracting new traders.


Additionally, data from DefiLlama shows a gradual decline in daily DEX trading volume on BNB Chain since mid-February, dropping from over $6 billion per day to just $1.5 billion per day.

Market capitalization of meme coins in March dropped nearly 60% from the December peak of $137 billion to $55 billion, weakening the meme coin trading frenzy on DEXs. This may pose challenges for PancakeSwap in the coming months.


According to BeInCrypto data, PancakeSwap (CAKE) is trading around $1.74, down 60% from its recent high of $4.5 in December 2024.