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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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