PancakeSwap’s CAKE token just went wild, shooting up 30% in a single day, hitting $2.59 after a massive surge in trading volume. In fact, its daily trading volume crossed $1 billion, putting the platform way ahead of Uniswap and Raydium in the DEX race. On March 17, it clocked in a mind-blowing $2.528 billion in 24-hour trades, according to DefiLlama. Talk about a flex!
But why the sudden pump in PancakeSwap?
A lot of it seems linked to Binance’s CEO, Changpeng Zhao. Zhao recently hyped up a BNB Chain-based memecoin called MUBARAK on his socials. Shortly after, on-chain analysts spotted a crypto wallet tied to him buying MUBARAK using just 1 BNB, causing the coin to skyrocket by over 270% in a week.
This little boost made MUBARAK the third most traded asset on PancakeSwap V3, just behind Tether and Wrapped BNB. As more people started trading, PancakeSwap was the place to be, making a massive statement in the decentralized exchange space.
With all this buzz, PancakeSwap’s CAKE token isn’t just about hype; it’s putting in serious work. Investors are eyeing the token as the platform continues to hold its ground, showing that it’s not just a flash in the pan. It’s safe to say that PancakeSwap is coming for the top spot in the DEX game, and people are here for it.
So, will CAKE’s rally continue, or is this a classic crypto pump-and-dump? Only time will tell, but with all the action happening on this platform, it’s definitely a DEX worth keeping an eye on.
Also Read: Bank of Korea Dismisses Bitcoin for Foreign Reserves Over Volatility Concerns
