BNB Chain Hits $1.64 Billion in Daily Trading Volume

BNB Chain is taking the lead in decentralized exchange (DEX) volume after an impressive surge, surpassing Ethereum and Solana. According to data from DefiLlama, the platform’s daily trading volume climbed to $1.64 billion on March 16.

PancakeSwap, the leading DEX on the BNB Chain, emerged as the dominant platform for this impressive increase, bringing about $1.47 billion to the network.

BNB’s notable increase in trading activity propelled it to overtake Solana, which has long dominated the DEX scene. On-chain data reveals that Solana’s DEX volume decreased by 28.8%, reaching a low of $1.07 billion in the past week. Ethereum also fell by 12.1% in DEX volume within the same period, now at $1.01 billion.

Memecoins Fuels Surge in Trading Volume

The recent surge in trading volume on BNB Chain DEX can be attributed to the trending digital asset, MUBARAK, a memecoin inspired by a significant financial move from Abu Dhabi. Within 24 hours, this token has surged by over 270%, hitting $99.09 million market capitalization. It reached an all-time high of $0.15 and settled at $0.13 at press time while forming more bullish candles.

Moreover, Changpeng Zhao (CZ), the founder of Binance, has also attracted significant attention to the memecoin following his purchase of $600 or 1 BNB worth of the token. Many early investors have secured significant profits from the MUBARAK memecoin. According to Lookonchain, a trader recently profited $1.5 million in just 4 days of holding the token. This development highlights growing interest and activity within the BNB Chain ecosystem, fueled by the rapid adoption of memecoins.

Effect on BNB Price 

Meanwhile, the recent uptick in trading volume has influenced BNB’s price in the last 24 hours. It recorded a 5.4% increase and is trading at $631.28 at the time of writing. Another bullish driver for the platform could be the record-breaking $2 billion investment from Abu Dhabi-based investment firm MGX in Binance last week. The token’s value increased by over 10% since the announcement.

While BNB Chain has dethroned Solana in DEX trading volume, the latter’s proven historical performance suggests that rankings could shift again.