$CAKE Here’s why Pancakeswap’s CAKE surged over 20% today

CAKE formed a God candle on March 18, jumping 23% to hit an intraday high of $2.63 while pushing its weekly gains close to 70%.

The altcoin’s daily trading volume tripled to around $1.12 billion while its market cap neared $760 million.

The rally coincided with a strong interest from derivative traders. CoinGlass data shows that open interest shot up 73% over the past day to $96 million, more than tripling from $30 million seen at the start of 2025.

Pancakeswap’s (CAKE) gains today come amid investor hype as Pancakeswap became the most active decentralized exchange by daily trading volume for two straight days.

Data from DefiLlama shows that PancakeSwap hit nearly $1.64 billion in 24-hour trading volume on Tuesday, March 18, surpassing Uniswap and Raydium, which saw $1.021 billion and $334.98 million, respectively.

PancakeSwap now holds over 30% of the decentralized exchange market share for that period.

PancakeSwap’s impressive performance is being driven by a few key factors. One big reason is Binance’s decision to delist Tether Tether

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Tether and eight other stablecoins for users in the European Economic Area (EEA) set for March 31 due to compliance with the EU’s MiCA regulations.

Because of this, many Binance users seem to have moved their USDT to PancakeSwap, leading to a surge in trading volume. The DEX processed over $352.4 million in USDT trades in 24 hours, making up about 31% of its total volume.

Another boost came from Binance founder Changpeng Zhao, who reignited interest in memecoins after a tweet inspired the creation of BNB Chain-based MUBARAK. The token has since surged over 270% in the past week.

According to PancakeSwap V3 data, after Zhao mentioned MUBARAK, it became the third most traded asset on the platform, trailing only USDT and Wrapped BNB (WBNB).