In today's crypto news, Binance saw a surge in trading volumes, while meme coins like Dogecoin and Shiba Inu dominated the list of most-traded cryptocurrencies. Additionally, PancakeSwap unveiled its V4 upgrade and a $3 million CAKE airdrop.

Binance's Spot Trading Volumes Hit Post-Banking Crisis High.

Crypto exchange Binance recorded its highest spot trading volume since the March 2023 banking crisis, reaching $505 billion in February 2024. This represented a 15.5% increase from the previous month, according to on-chain analytics firm CCData. Binance's market share among spot markets also rose to 35.7%, its highest since August 2023.

Derivatives trading volume on Binance increased by 2.07% to $1.53 trillion, maintaining its position as the largest trading venue with a 46.2% market share.

Meme Coins Dominate Most-Traded Cryptos

Surprisingly, three meme coins were among the ten most-traded cryptocurrencies in February, according to data from AltIndex.com. Shiba Inu (SHIB) ranked sixth with $108.8 billion in monthly trading volume, while Dogecoin (DOGE) was seventh with $105 billion.

Pepe (PEPE) rounded out the list with a 30-day trading volume of nearly $70 billion. Major meme coins like Dogecoin, Shiba Inu, Pepe, and Bonk all saw four-digit increases in trading volume last month, indicating a resurgence in investor interest.

PancakeSwap V4 Launches with $3 Million CAKE Airdrop

In other news, decentralized exchange PancakeSwap unveiled its V4 upgrade, introducing a new contract architecture for pools and a "flash accounting" system to improve efficiency and reduce costs. The platform also introduced enhanced fee tier flexibility and reintroduced native ETH support.

To celebrate the launch, PancakeSwap announced a $3 million CAKE airdrop, available on a first-come, first-served basis to incentivize users to explore the new features.

Overall Market Remains Stable

Despite the significant developments, the overall crypto market capitalization remained relatively stable, increasing by just 0.2% to $2.82 trillion. Among the top 10 coins, Bitcoin (BTC) and XRP saw modest gains, while Ethereum (ETH) and Dogecoin (DOGE) experienced slight declines.

As the crypto industry continues to evolve, traders and investors are keeping a close eye on the latest developments, from exchange volumes to the emergence of meme coins as significant trading assets.