The price of KE is stagnating. On the 24th (local time), CryptoPotato announced that the PancakeSwap exchange recorded its highest ever performance in the first quarter of this year, with trading volume of $205.3 billion.
However, despite this track record, the price of the platform's native token, CAKE, has remained stagnant at around $2, raising questions for investors.
According to the latest Dune Analytics data, Pancake Swap's performance in the first quarter of this year is not just a simple improvement, but a real explosion.
This can be summed up as explosive growth. Trading volume soared 921% this year to $205.3 billion, up from $20.1 billion in Q1 2023. The number of unique traders is also up from two years ago.
The number of transactions also jumped from 44.1 million in the first quarter of 2023 to 114.4 million in the first quarter of 2025.
The background to this sudden rise was the CAKE token 3.0 revision plan, which was officially introduced on April 23rd.
As a result, outdated mechanisms such as CAKE staking, veCAKE, revenue sharing, and farm boosting have been abolished and a new system has been introduced that reduces the amount of CAKE issued.
However, despite the improved performance and restructuring, CAKE's price remains sluggish, with the most recent 24-hour benchmark price ranging from $1.93 to $2.05, according to CoinGecko.
It fluctuated between $1.95 and $1.50, closing at $1.95, down 3.8% on the day. On a weekly basis, it rose 8.7%, beating the average increase of the entire cryptocurrency market of 8.5%.
That's a slight increase, but it still lags behind the 12.7% surge in the Ethereum ecosystem token over the same period.
The longer-term trend is even more striking: CAKE is down 24.6% in the past month, down 20.4% on a one-year basis.
The current price is 95.6% lower than the all-time high of $43.96 recorded four years ago.
Nevertheless, PancakeSwap has a circulation of 313 million and 1.64 billion
It maintains a TVL (total assets under management) of around $100,000, and is still considered one of the strongest decentralized platforms according to DeFilama standards. However, the overall macroeconomic situation is
Amid the certainty, investor sentiment remains deflated.
2025/04/25 17:10 KST
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