The price of PancakeSwap (CAKE) set a record, rising 310 percent in two weeks. Why is the price of CAKE rising, increasing to $13.15 on February 18.
The Binance Smart Chain (BSN) based PancakeSwap managed to hit an all-time high, rising 96 per cent on a weekly basis. Here are the developments that have raised the price of the CAKE.
PancakeSwap (CAKE) developments
Second largest decentralized exchange: PancakeSwap was the largest DEX after Uniswap with rising trading volume. The exchange 24-hour volume exceeded $600 million.
PancakeSwap for low transaction fees: DeFi protocol Mirror Protocol announced that PancakeSwap can be traded for those who complain about high gas fees in Ethereum. As a decentralized exchange and based on Binance smart chain, Pancake offers very low fees as compared to high ETH gas fees on uniswap and other decentralized exchanges.
Aleph token arrives: The ALEPH token integrated with the Binance Smart Chain. With this integration, ALEPH established a liquidity pool of BSN and PancakeSwap.
Staking Rewards listed Pancakeswap: PancakeSwap was listed on the Staking Rewards.
PancakeSwap was the most used DeFi protocol on BSN: DappRadar announced that Pancakeswap was the most used DeFi protocol on BSN. Pancakeswap’s number of users rose 36% in one week.
COMP stake: Users can earn CAKE on COMP stake in the Syrup pool.
CAKE was added to Cream Finance: PancakeSwap and Venus Protocol provided integration with the Cream Finance protocol. Users are able to do leveraged trading with CAKE.
Cake, which saw a trading volume of $190 million in 24 hours, has a market capitalization of $969 million. Cake’s total supply is unlimited, while its circulation supply is over 112 million. CAKE is priced over $13.