According to the latest statistics from CryptoRank, trading volume on PancakeSwap increased by 56% during the month of November, with Binance’s decentralized exchange coming in second in terms of turnover among DEXs and reaching 86.5 million. dollars per day
Overall, the site reports that the average monthly trading volume on the DEX increased by 110% during the month. The reason is clearly related to the loss of trust in centralized exchanges following the collapse of FTX, the CEX giant.
The FTX Crisis” has spawned a new trend towards decentralized finance. and an influx of funds and interest to all projects involved.
However, despite the large PancakeSwap volume, the price of the CAKE token has not shown a notable movement. But after the FTX event, the price of the CAKE token dropped by only 16%, trading in the $4 area and experiencing relatively minor price volatility.
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