PancakeSwap reclaims the top spot in global DEX rankings, achieving over $1400000000 in weekly trading volume.

According to CoinMarketCap data, PancakeSwap (CAKE) has seen an impressive 58.04% increase in activity over the past week.

PancakeSwap has claimed the top position in global decentralized exchange (DEX) rankings, achieving over $14 billion in weekly trading volume, according to CoinMarketCap data.

The BNB (BNB) Chain-based DEX has seen an impressive 58.04% increase in activity over the past week, while Uniswap faced a 50.56% decrease in weekly trading volume. The trading volume has dropped to $8.611 billion despite maintaining a higher TVL of $3.93 billion.

Solana-based Raydium saw a 24.75% drop in weekly trading volume. The platform's TVL has also decreased by 32.48%, and the price of its native token, RAY, fell by 27.30%.

While PancakeSwap gained trading volume, other major platforms experienced substantial declines. Meteora dropped by 33.03%, and Fluid saw a 52.76% decrease in weekly activity.

The exchange's success could be because of multiple factors, including BNB Chain's lower transaction fees compared to Ethereum, faster confirmation times, and the platform's user-friendly interface. The exchange has particularly benefited from surging interest in BNB Chain-based meme coins.

Among the top trending tokens on PancakeSwap:

However, not all assets fared well. BUBB dropped 24.99%, and Tell A Tale declined 19.56% over the same period.

The exchange's native token, CAKE, has also shown strong performance, with recent price data indicating a 40.6% increase over the past week and 56.2% over the two weeks. However, the coin has experienced a minor pullback of 0.5% in the daily timeframe. The token also maintained a positive 3.1% gain over the 30 days.

The platform has expanded beyond simple token swaps to include perpetual trading, prediction markets, NFT marketplaces, and lottery systems. This expansion has created a large DeFi ecosystem that has helped to bring in both retail and institutional users.