CAKE just popped 60%, hitting $3.08, thanks to massive staking rewards and upgraded cross-chain swaps boosting investor confidence!
PancakeSwap’s native token, CAKE, recently rose 60% in a span of 24 hours to a peak of $3.08 and its market cap to $899.41 million. Its 24-hour volume also hit $1.07 billion, up by 335%.
So what is powering the CAKE rally? Partly, one large reason is the revenue-sharing program of PancakeSwap. At the start of 2024, a total of 770,527 CAKE tokens (~$1.9 million) have already been distributed to stakers, i.e., more investors are locking up their CAKE, diminishing supply while expanding demand.
Adding insult to injury, PancakeSwap has also been extremely proactive in stepping up its game with cross-chain trades and MEV protection. This has led to it drawing more liquidity providers and enhancing its DEX ecosystem. All these developments, coupled with profitable staking rewards, have further fueled the fire.
Before this, CAKE had been stuck in a long correction, which made traders skeptical. But now, with 100% growth in a week, the mood has completely shifted. With staking incentives still strong, analysts expect more momentum as long as demand holds up.
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