PancakeSwap (CAKE): price, market cap and how it did against Bitcoin
Bottom line
PancakeSwap (CAKE) closed at $2.02 on 4 November 2026, with a market capitalisation of $661M (rank 91) on 5 November 2026. On 30 October 2026 it was above its 200-day average of $1.71, which is rising. Over 90 days it is 13.2 percentage points ahead of Bitcoin. DEX as a theme is +0.6% against Bitcoin over 13 weeks.
Price
$2.02
as of 2026-11-04
Market cap
$661.0M
snapshot 2026-11-05
vs Bitcoin · 90d
+13.2 pts
as of 2026-10-30
30-day median volume
$31.5M
as of 2026-10-30
What it is · from the data we hold
What is PancakeSwap (CAKE)?
PancakeSwap (CAKE) is a crypto token that CoinGecko lists under decentralized exchange (DEX), exchange-based tokens and decentralized finance (DeFi). We place it in the DEX theme, with 38 coins. Its highest daily close since 12 November 2021 was $18.48 on 15 November 2021; its lowest was $1.05 on 19 October 2023.
01 · the tape, against its benchmark
How has PancakeSwap moved against Bitcoin?
PancakeSwap is -20.1% over one year, +36.4% over 90 days and -26.1% over 30 days. Annualised 30-day volatility is 60%. Its deepest fall from a high inside the last 90 days is 33%. It trades above its 200-day average, which is rising.
CAKE · rebasedBitcoinDEX · equal weight
All three lines rebased to 100 at the first week each has data. Bitcoin is the opportunity-cost benchmark for crypto risk; the theme line is its equal-weight index of current rated members.
02 · returns, volatility and drawdown
What do PancakeSwap's returns and risk look like?
7 days-10%
30 days-26%
90 days+36%
180 days+28%
1 year-20%
30-day volatility60% annualised
Deepest 90-day fall33%
200-day average$1.71 · above · rising
50-day average$2.34
03 · what the protocol actually earns
Does PancakeSwap generate fees or revenue?
PancakeSwap publishes 4 of the six network-economics series this site tracks: network fees, protocol revenue, total value locked, dex volume. Network fees over the last four complete quarters is $234.8M. Network activity is evidence about the protocol, not earnings owed to the token. Readings run to the Q3 2026 quarter.
Fees, last 30 days$11.6M
Revenue, last 30 days$3.9M
Fees, last 90 days$53.0M
Revenue, last 90 days$17.4M
Paid to token holders, last 30 days$2.6M
Paid to token holders, last 90 days$11.7M
DEX trading volume, last 30 days$23.8B
DEX trading volume, last 90 days$79.1B
Source: DefiLlama, daily figures summed to 2026-10-30. Fees are what users paid; revenue is the part the protocol keeps. Paid to token holders is the share of revenue DefiLlama counts as going to holders, through buybacks, burns or staking payouts. Fees and revenue are summed across 6 of its products on DefiLlama.
Network fees20 of 20 quarters
Last four quarters$234.8M-21%
Protocol revenue20 of 20 quarters
Last four quarters$75.7M-22%
Total value locked20 of 20 quarters
Latest quarter$2.2B-8.4%
DEX volume20 of 20 quarters
Last four quarters$393.5B-19%
Network fees
Protocol revenue
Total value locked
DEX volume
Complete calendar quarters only. A blank quarter is unavailable, not zero. Network activity is evidence about the protocol, not earnings owed to the token.
04 · exact additive research priority
What does the evidence say about PancakeSwap?
PancakeSwap scores 65.5 out of 100 inside DEX, ranked 2 of 30 rated coins on 95% evidence. The four displayed point contributions add exactly to the total; missing evidence pulls only the affected factor toward neutral and lowers its stated coverage. It ranks research attention within one theme, never portfolio action, and it is not comparable across themes.
PancakeSwap · CAKE
65.5/100 · Better than most · 95% evidence · rank 2 of 30 rated DEX coins
Exact sum: 24.9 + 14.8 + 14.7 + 11.1 = 65.5
What it means: The readings disagree, so the score says little either way.
24.9/35Price leadership
vs Bitcoin (90 days): +13.2 pts · vs its theme (30 days): −6.6 pts · above its 200-day average
100% evidence
14.8/30Usage growth
Fees -21.3% · revenue -21.8% · users —
83% evidence
14.7/20Value capture
Fee yield 35.51% · revenue yield 11.45%
100% evidence
11.1/15Liquidity & risk
Typical daily trading: $31.5M · price swings: 60.3% a year
100% evidence
This weakens if: The read weakens if 90-day strength against Bitcoin falls below zero with two weekly closes below the 200-day average, or native activity contracts for two complete calendar quarters.
No valuation section exists on this page, for any coin. There is no company-style P/E or PEG for a token, and historical market capitalisation is not held at all, only a dated current snapshot, so no ten-year valuation band can be built honestly. Where a protocol publishes fees or revenue, the yield against that dated snapshot is shown above instead.
05 · the theme it competes in
How does PancakeSwap compare with other DEX coins?
PancakeSwap is one of 38 DEX coins here, 30 of which carry enough evidence to be rated and ranked. PancakeSwap ranks 2 of those 30 on 95% evidence. The table below is the theme's own scorecard, in its own order, with this coin marked.
The DEX scorecard in its own order, with this coin marked. Scores are within-theme and are not comparable with coins in another theme. See the full DEX page.
Which coins are closest to PancakeSwap in market cap?
PancakeSwap is number 62 by market cap among the 604 coins with a page on this site. The 4 just larger and the 4 just smaller are listed here, each with its theme, so the comparison crosses themes. Market cap is the snapshot dated 2026-11-05.
This page names 5 ways its own evidence about PancakeSwap can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Price runs through 2026-11-04; market capitalisation is a separate snapshot dated 2026-11-05.
Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market capitalisation is a dated snapshot, not a point-in-time historical supply series, so yields computed against it inherit that lag.
No valuation band exists for any coin: historical market capitalisation is not held at all.
Funding rates, open interest, liquidations, exchange flows, unlock schedules and developer activity are not held and are not inferred.
The research score is relative to this coin's own theme only. It is not comparable across themes and is not an entry signal.
Price and technicalsPrice through 2026-11-04; moving averages and returns through 2026-10-30, from exchange closes; moving averages are computed, never scraped.
Protocol activityThrough 2026-10-30, for the series this token publishes.
Market capSnapshot dated 2026-11-05; no historical supply series is implied.
Decision useResearch priority within one theme. Not entry, exit, sizing or leverage instructions.
Questions the page should answer directly
Crypto analysis FAQs
These 9 answers cover the questions this page can settle from data it holds: what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.
What is PancakeSwap (CAKE)?
PancakeSwap (CAKE) is a crypto token that CoinGecko lists under decentralized exchange (DEX), exchange-based tokens and decentralized finance (DeFi). We place it in the DEX theme, with 38 coins. Its highest daily close since 12 November 2021 was $18.48 on 15 November 2021; its lowest was $1.05 on 19 October 2023.
What is the market cap of PancakeSwap?
PancakeSwap's market capitalisation is $661M, ranking it 91 in the top-1,000 crypto universe, read on 5 November 2026. It is refreshed separately from the daily price.
Is PancakeSwap beating Bitcoin?
Over 90 days PancakeSwap is 13.2 percentage points ahead of Bitcoin: its own return minus Bitcoin's. Its theme, DEX, is +0.6% against Bitcoin over 13 weeks. PancakeSwap trades above its 200-day average as of 4 November 2026.
What is PancakeSwap's highest price?
The highest daily close we hold for PancakeSwap is $18.48, on 15 November 2021, in records from 12 November 2021. The lowest is $1.05, on 19 October 2023. The close on 4 November 2026, $2.02, is 89% below that high.
Does PancakeSwap have a P/E ratio?
No. There is no company-style P/E or PEG for a crypto token, and no valuation band is shown on this page because the data to build one honestly does not exist: historical market capitalisation is not held, only a current snapshot. Where a protocol publishes fees or revenue, this page shows the yield against that dated snapshot instead.
What is PancakeSwap's research score?
65.5/100 within DEX, ranked 2 of 30 rated DEX coins, on 95% evidence: 24.9 + 14.8 + 14.7 + 11.1 = 65.5. It is labelled “Better than most”. The score ranks research attention inside one theme, never portfolio action.
How much PancakeSwap history does this page show?
Five years of weekly closes where they exist, plus 20 complete calendar quarters of on-chain activity for the metrics PancakeSwap actually publishes. Here that is network fees, protocol revenue, total value locked, dex volume.
How much did PancakeSwap earn in the last 30 days?
In the 30 days to 30 October 2026, DefiLlama shows $11.6M of fees and $3.9M of protocol revenue for PancakeSwap. Over 90 days: $53M of fees and $17.4M of revenue. Fees are what users paid; revenue is the part the protocol keeps.
Does PancakeSwap generate network fees?
PancakeSwap's trailing twelve-month network fees is $234.8M, down 21.3% on the year-earlier period. Network activity is not token-holder earnings: whether it accrues to the token depends on the protocol's own burn, buyback and distribution rules.