PancakeSwap CAKE Price Surges Over 100% Amid BNB Ecosystem Momentum
Binance Coin (BNB) has experienced a bullish rebound, positively impacting associated tokens like PancakeSwap #CAKE and BakerySwap #BAKE. The shift of funds from Bitcoin to altcoins is increasing as altseason approaches. Regulatory clarity for Binance is also improving in the U.S., with a joint motion filed with the SEC to pause ongoing litigation for 60 days.
PancakeSwap Performance
- PancakeSwap has become a leading automated market maker across various chains, with approximately $1.78 billion total value locked.
- It outperformed other decentralized exchanges in net volume, recording a 24-hour average trading volume of about $3 billion compared to Uniswap's $2.1 billion.
- In the past week, PancakeSwap achieved a net traded volume of around $20 billion, while Uniswap recorded $16.9 billion.
- The increase in BNB-based memecoins has boosted trading volume on PancakeSwap.
- PancakeSwap is enhancing its protocol for liquidity and swaps across chains while attracting liquidity providers through a revenue-sharing program that distributed about $1.9 million worth of CAKE in 2024.
CAKE Price Outlook
- CAKE's price has risen over 100% in the last week, reversing previous bearish trends.
- As of February 12, CAKE trades at approximately $2.72 after a 42% increase in the past 24 hours.
- The fully diluted valuation stands at about $972 million, with a 24-hour average trading volume of about $632 million.
- Technical analysis indicates bullish momentum, with a potential inverted head and shoulders pattern forming.
- A sustained close below $1.55 could lead to bearish sentiment towards $1.1.
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