Memecoin Frenzy Pushes DEX Share to Record 37.4% — CoinGecko

CoinGecko data shows the DEX-to-CEX spot volume ratio climbed to a record 37.4% in June, with analyst Yuqian Lim pointing to heavy trading on PancakeSwap as the main driver. The spike coincided with renewed memecoin interest, which often finds liquidity and fast listings on automated market makers, boosting on-chain swapping activity versus centralized venues.

The shift matters because sustained DEX share growth signals stronger retail and on-chain trading demand, while also highlighting where new token flows are concentrating — especially on BNB Chain via PancakeSwap. Traders and platforms should note the trade-offs: increased DEX volume can mean deeper decentralized liquidity and lower listing frictions, but also higher exposure to volatility, front-running and low-quality token issuances during memecoin surges.