Tag: PancakeSwap

PancakeSwap’s CAKE Token Storms by 30%: What’s Driving the Hype

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!

PancakeSwap

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

PancakeSwap’s CAKE Surges 60% – Here’s What’s Fueling the Rally

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.

Also Read: Spiko Introduces Tokenized T-Bills on Etherlink Layer 2

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