Altcoin
CAKE’s reaction to PancakeSwap’s latest achievement is intriguing as…
PancakeSwap’s volume on BNB Chain reached the 20 billion mark. While this happened, CAKE’s value surged substantially.
- Apart from BNB, PancakeSwap’s performance on ETH, zkEVM, and ARB was also promising.
- CAKE was up by over 25% in the last 24 hours, but market indicators looked bearish.
PancakeSwap [CAKE] has achieved a promising milestone on a leading chain that clearly revealed how its adoption has been rising recently. The DEX’s performance on the other chains also looked pretty optimistic. While this happened, CAKE’s price gained bullish momentum as it surged in the last 24 hours.
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
PancakeSwap is performing well!
PancakeSwap on 1 November posted a tweet on X (formerly known as Twitter), highlighting a promising achievement. As per the tweet, its volume on BNB Chain [BNB] reached the $20 billion mark.
?? Thrilled to announce we've crossed the $20B trading milestone on @BNBCHAIN! Immense gratitude for your unwavering support!
? Dive in and trade now: https://t.co/Q7ytdqnNWq
? Navigate with our academy class:
: https://t.co/5i76rBDYue pic.twitter.com/2U80syTECg— PancakeSwap?Everyone's Favorite DEX (@PancakeSwap) November 1, 2023
For instance, on Ethereum [ETH], the DEX’s TVL touched nearly 62 million while its volume exceeded 7.9 million. Apart from that, PancakeSwap has remained pretty active on L2s as well, such as Arbitrum and Polygon zkEVM.
To be precise, as per the official website, PancakeSwap’s volume touched 169 thousand on zkEVM, while the same figure for Arbitrum remained at 901 thousand.
CAKE is showcasing an outstanding performance
Amidst this, CAKE’s price action gained bullish momentum as it registered double-digit gains.
As per CoinMarketCap, in just the last 24 hours, CAKE’s price surged by more than 25%. At the time of writing, CAKE was trading at $1.54 with a market capitalization of over $348 million, making it the 107th largest crypto.
While the token’s price rallied, its trading volume went up by a whopping 500% in the last 24 hours, which was a substantial increase. The uptrend in volume also gave hope for a sustained uptrend in the days to follow.
Realistic or not, here’s CAKE’s market cap in BTC terms
Though the latest data suggested that CAKE was in a comfortable zone, things might not take long to change as most of the market indicators turned bearish on the token. The token’s price touched the upper limit of the Bollinger Bands.
Its Relative Strength Index (RSI) also entered the overbought zone, which can increase selling pressure on CAKE. Nonetheless, its MACD remained in the buyers’ favor as it clearly displayed a massive bullish advantage in the market.
Source: TradingView
