Movers & Shakers September 2025

Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with the highest standards of clarity and precision. With this mission in mind, we are proud to share our September edition of Movers and Shakers, the monthly resource aiming to bring more transparency and credibility to the rapidly evolving crypto space.

As new assets reach a certain degree of accessibility to investors, specifically as they achieve alignment with our Market Selection Framework and the Trusted Volume Framework, Coin Metrics uses its crypto expertise to describe the assets’ context of use. The following assets are expected to reach alignment this month:

PancakeSwap (CAKE) is a decentralized exchange built on Binance Smart Chain. Users can trade tokens and provide liquidity to other trades via Automated Market Makers. PancakeSwap uses a Smart Router, which is a mechanism for aggregating the best trading prices and lowest fees, partnering with market makers outside of liquidity pools if prices are better. PancakeSwap manages liquidity through non-fungible positions. Users can adjust the range where liquidity is provided and earn fees when the exchange rate is trading in the interval. Users earn CAKE tokens which can then be staked in IFO (Initial Farm Offerings) for new protocol tokens or deposited in games including prediction markets and PancakeSwap lottery. CAKE is also used for voting on governance proposals to drive protocol development. Interactions across products burn a portion of CAKE tokens to increase scarcity and drive value to token holders.

Popcat (POPCAT) is a meme coin on Solana building a community of enthusiasts around a cat meme. Popcat originated in October 2020 as two images of a cat named “Oatmeal” opening and closing its mouth, rendered to appear to make a popping sound. Users can create memes with the popcat image to share with others and build brand awareness of the token. Interest in Popcat helps onboard users to the Solana ecosystem, increasing blockchain adoption. Popcat holders can swap tokens on exchanges and provide liquidity to DEX pools to earn trading fees.

© 2025 Coin Metrics Inc. All rights reserved. Redistribution is not permitted without consent. This newsletter does not constitute investment advice and is for informational purposes only and you should not make an investment decision on the basis of this information. The newsletter is provided “as is’ and Coin Metrics will not be liable for any loss or damage resulting from information obtained from the newsletter.

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