As a seasoned researcher with a keen eye for trends and a knack for deciphering the intricacies of the crypto world, I must admit that the meteoric rise of PancakeSwap and Binance Coin (BNB) has left me both impressed and amused. The daily trading volume of $1.27 billion on Dec. 4 is a testament to the enduring appeal of decentralized finance (DeFi) and the power of meme coins in driving mass adoption.
On December 4, PancakeSwap recorded its largest daily trading volume to date this year, amounting to an impressive $1.27 billion, a figure not surpassed on the decentralized exchange since March.
Based on figures from PancakeSwap, it was noted that the primary decentralized exchange on BNB Chain witnessed a significant increase in daily trading volume, surging over 60% compared to the previous day. This surge followed the launch of PancakeSwap SpringBoard, its token launch platform, which went live on December 4.
At this moment, PancakeSwap is holding the second position on DeFi Llama’s Decentralized Exchange (DEX) leaderboard based on trading volume. It surpasses Raydium, Orca, and Aerodrome in this category. Over the past 24 hours, an impressive $2.32 billion in cryptocurrency trading volume has been amassed on this platform.
Beginning from March 2024, the DEX had been unable to surpass the $1 billion mark until yesterday, when it unveiled the rollout of a launch platform for BNB-backed meme tokens. This development has drawn comparisons with pump.fun, a well-known Solana-based token launch platform known as a “meme coin marketplace.
As per Dune Analytics’ data, the daily trading volume for pump.fun saw a decrease of approximately 13% between December 3 and 4, going from $230.4 million to $201.4 million. At this moment in time, the platform has issued a total of 4.3 million tokens.
It’s been noted that Pump.fun played a significant role in making meme coins built on the Solana (SOL) platform more well-known within the cryptocurrency industry. As crypto.news previously reported, Pump.fun accounted for approximately 62.3% of all decentralized exchange (DEX) transactions on the Solana network during 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.
Moreover, it’s worth noting that on December 4th, the market capitalization of BNB not only matched but actually exceeded that of Solana, placing BNB as the fifth-largest cryptocurrency with a staggering market cap of $113 billion.
As I pen this analysis, it’s uncertain whether the current trend of BNB will persist. Per latest data from crypto.news, BNB has experienced a 4.78% dip over the past 24 hours, and at present, trades are being made at approximately $734.21. Furthermore, its market cap has decreased to around $106 billion.
Read More
- Hrithik Roshan’s ex-wife Sussanne Khan shares beautiful birthday wish with pic ft actor’s GF Saba Azad: ‘The best of your talent…’
- ’28 Days Later’ Gets Official Streaming Date From Sony
- Dragon Ball Z’s Spinoff Daima Is Officially Available In English, And I Think Fans Should Be Watching For One Major Reason
- Yami Gautam flaunts her ‘Monday morning happiness’ as she resumes shoot after son Vedavid’s birth; See PIC to find out 2nd reason for her smile
- Deva: Shahid Kapoor starrer’s director Rosshan Andrrews reveals idea behind his character; ‘he has a ‘don’t care’ attitude
- Dexter: Original Sin Made Me Holler At My TV When That Killer Easter Egg Appeared, And The Creator Shared His Own Excitement
- Wolf Man” Director Declares “Invisible Man
- Raj Babbar’s daughter Juhi Babbar shares at what age father told her about his second wife, Smita Patil; any guesses?
- ‘Violent Night 2’ Writers Discuss Who Could Star as Mrs. Claus
- Top gainers and losers
2024-12-05 12:52