PancakeSwap has taken center stage in the decentralized exchange (DEX) market, achieving a major milestone with its trading volume surpassing $1 trillion. Over the past week, its ecosystem saw a 64% rise in total handled volume, hitting $28.23 billion. This surge in activity positioned PancakeSwap ahead of competitors like Uniswap and Raydium, which recorded $15.3 billion and $11 billion in trading volume, respectively.

The increased trading activity translated to higher revenue for PancakeSwap, with its annualized fees now totaling $274 million. This growth was largely fueled by the booming Binance Smart Chain (BSC) meme coin market, which attracted significant trading activity. Among the standout performers was Broccoli, a meme coin inspired by Binance founder Changpeng Zhao’s dog.

This market momentum had a significant impact on the CAKE token. CAKE's price soared nearly 50% in the last week, peaking at $2.57, marking a 125% rebound from its monthly low of $1.1855. This rally was particularly notable as it confirmed a double-bottom pattern, a strong bullish signal, with a neckline at $4.5856—its December 4 high.

Technical indicators support this bullish outlook. CAKE has broken above the 50-day and 200-day Exponential Moving Averages (EMAs), reinforcing its upward trajectory. Moreover, it is forming a bullish pennant pattern, suggesting further gains. If CAKE breaks past its immediate resistance at $3.4185, the next key target would be $4.5856, aligning with the double-bottom neckline.

With rising fees, increasing market dominance, and strong technical indicators, PancakeSwap continues to solidify its position as a major DeFi player. As long as market conditions remain favorable, CAKE's bullish momentum could extend further in the coming weeks.