The price of PancakeSwap (CAKE) set a record, rising 286 percent in two weeks. Why is the price of CAKE rising, increasing to $11.50 on February 18?
The Binance Smart Chain (BSN) based PancakeSwap managed to hit an all-time high, rising 76 percent 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.
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 $11.
Originally published at https://thecryptobasic.com on February 18, 2021.
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Tripled In Two Weeks: Why Is PancakeSwap (CAKE) Price Rising? was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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