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Home Crypto News Analysis Tripled In Two Weeks: Why Is PancakeSwap (CAKE) Price Rising?

Tripled In Two Weeks: Why Is PancakeSwap (CAKE) Price Rising?

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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.

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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