PancakeSwap hit a record $205.3 billion in trading volume in Q1 2025, a 921% surge from 2023, with 5.83 million unique traders and 114.4 million transactions. Despite the growth and the launch of CAKE Tokenomics 3.0, the CAKE token price remains sluggish around $2, down 36.2% year-on-year and 95.6% from its all-time high. The mismatch between platform usage and token performance has sparked debate. While some argue CAKE is undervalued, others remain skeptical of its future.