PancakeSwap Flips Uniswap in Trading Volume—So Why Isn’t Its Price Celebrating?

PancakeSwap just bulldozed past Uniswap in daily trading volume—a headline grabber for the DeFi crowd. But the token’s price action? Crickets. What gives?

Volume isn’t everything. While PancakeSwap’s BNB-chain dominance and lower fees drive traffic, Uniswap’s ETH-based liquidity and institutional clout keep its market cap ahead. Classic crypto: traders chase yield, but money talks louder.

Here’s the kicker: hype moves swaps, but fundamentals move prices. And in DeFi, fundamentals are whatever Wall Street hasn’t rug-pulled yet.

PancakeSwap tops the DEX charts

This impressive feat has firmly positioned PancakeSwap as the world’s leading DEX, reflecting growing user engagement and a surge in decentralized trading activity.

Source: CryptoRank.io/X

In terms of trading activity, PancakeSwap recorded a 58.04% weekly surge, according to CoinMarketCap.

Riding this wave of momentum, PancakeSwap, native to the Binance [BNB] Chain, now accounts for 29.18% of total DEX trade activity, with a staggering $14.168 billion in weekly volume and a daily TVL of $1.67 billion.

This surge has pushed it ahead of ethereum [ETH]-based Uniswap, which, despite retaining a higher TVL of $3.93 billion, has witnessed a dramatic 50.56% drop in weekly trades, falling to $8.611 billion in volume.

What led to this flip?

This rise can be attributed to a combination of favorable factors, including BNB Chain’s lower transaction costs, quicker settlement times, and a seamless user experience.

Its surge in trading volume has also been fueled by growing enthusiasm around memecoins native to the BNB Chain.

Source: Alva/X

This shows that while other platforms like Raydium [RAY] have struggled, despite earlier bullish sentiment, PancakeSwap has capitalized on shifting market trends, cementing its dominance in the DeFi ecosystem as altcoin momentum builds.

Impact on the token’s prices

However, despite PancakeSwap’s recent dominance in trading volume, the latest price movements paint a different picture.

In terms of short-term gains, Raydium appears to be taking the lead, posting a strong 5.46% increase to reach $3.54.

Uniswap followed with a 0.90% uptick, bringing its price to $6.46, while PancakeSwap trailed slightly with a modest 0.15% rise to $2.46.

This reversal in momentum highlights the shifting dynamics within the DEX landscape, suggesting that while trading activity is one indicator of performance, price action continues to reflect changing investor sentiment and market conditions.