PancakeSwap, a leading decentralized exchange (DEX) operating on nine blockchain networks, set a new record for trading activity in January and February 2025. It has achieved the highest monthly trading volume since 2021.
This record was driven by the recovery of the BNB Chain and the meme movement on the chain. However, the March market is showing signs that could challenge the DEX’s ability to maintain this volume.
Total Cumulative Volume on PancakeSwap Exceeds $1.1 Trillion
Data from Dune indicates that PancakeSwap’s trading volume started to rise sharply in December last year. By January, the DEX reached $78.4 billion in trading volume, and in February, it surpassed $81 billion. This marks the highest monthly trading volume since 2021.
This record helped push PancakeSwap’s total cumulative volume beyond $1.1 trillion.
PancakeSwap DEX Monthly Volume and Trader. Source: Dune
The surge in trading volume was mainly 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,” read an excerpt in a press release shared with BeInCrypto.
Additionally, Dune data shows that PancakeSwap holds over 90% of the DEX market share on the BNB Chain. This highlights the close relationship between BNB Chain and PancakeSwap.
DEX Marketshare on BNB Chain. Source: Dune
Since early February, CZ—the former CEO of Binance—has promoted Four.meme by launching the Test (TST) token. Four.meme acts as a “gateway” for introducing new tokens to PancakeSwap. The surge in activity on Four.meme may have contributed to PancakeSwap’s increased trading volume, as new tokens attracted users and traders.
Despite PancakeSwap’s strong trading volume in early 2025, its monthly active users remained around 2 million. This represents a 63% drop from the peak in 2021 and a 30% decline from the highest level in 2024. The exchange has yet to attract a significant number of new traders.
DEX Volume on BNC Chain. Source: DefiLlama
Additionally, data from DefiLlama shows that daily DEX trading volume on BNB Chain has been gradually declining since mid-February, dropping from over $6 billion per day to just $1.5 billion per day.
Moreover, the market capitalization of meme coins in March dropped nearly 60% from the December peak, falling from $137 billion to $55 billion. The meme coin trading frenzy on DEXs is also weakening. This could pose a challenge for PancakeSwap in the coming months.
PancakeSwap (CAKE) Price Performance. Source: BeInCrypto
According to BeInCrypto data, PancakeSwap (CAKE) is trading around $1.74 at the time of writing, down 60% from its recent high of $4.5 in December last year.
