DEX Trading Hits Record Highs as Memecoin Mania Explodes

[mendez]

Decentralized exchange (DEX) activity has surged to historic levels in 2025, driven by a wave of memecoin speculation, according to a new CoinGecko report. The DEX-to-CEX spot ratio hit an all-time high of 37.4% in June, fueled partly by PancakeSwap’s volumes being boosted by Binance Alpha order routing. After years of CEX dominance, DEXs are now capturing meaningful market share.

[Nahid Hossen]

Memecoin frenzy directly boosts DEX volume—retail energy is back.

[Rimon Khan]

High on-chain activity shows traders aren’t afraid to take risks right now.