PancakeSwap’s daily trading volume rockets to $1.27b after SpringBoard launch
PancakeSwap’s daily trading volume reached $1.27 billion on Dec. 4, the highest single-day trading volume the decentralized exchanged has seen since March of this year.
According to data from PancakeSwap, BNB (BNB) Chain’s largest decentralized exchange saw its daily trading volume skyrocket by more than 60% from the previous day after the DEX launched its token launch platform PancakeSwap SpringBoard on Dec. 4.
PancakeSwap currently ranks second on DeFi Llama’s DEX leaderboard by trading volume, beating out Raydium, Orca and Aerodrome. In the past 24 hours, the platform has accumulated $2.32 billion worth in crypto trading volume.
Since March 2024, the DEX has not been able to break through the $1 billion threshold until yesterday when it announced the release of a launch platform for BNB-powered meme coins, which many have considered similar to pump.fun, the Solana-powered token launch platform famous for being a “meme coin marketplace.”
According to data from Dune analytics, pump.fun’s daily trading volume fell by nearly 13%, from $230.4 million on Dec. 3 to $201.4 million on Dec. 4. At the time of writing, the platform has launched a total of 4.3 million tokens.
Pump.fun has been credited with popularizing Solana (SOL)-powered meme coins in the crypto sphere. As previously reported by crypto.news, pump.fun contributed to 62.3% of Solana’s DEX transactions in November.
PancakeSwap Springboard could boost Binance Coin by providing users with a platform where they could create and trade BNB Chain meme coins without coding necessary. After the launch of PancakeSwap Springboard, BNB reached a new all-time high of $782.
Not only that, BNB’s market cap even surpassed Solana to become the fifth largest cryptocurrency with a market cap of $113 billion on Dec. 4.
Though, it remains to be seen whether this trend will continue. At the time of writing, BNB has gone down by 4.78% in the past 24 hours, according to data from crypto.news. The token is currently trading hands at $734.21. BNB’s market cap has also gone down to $106 billion.
