PancakeSwap (CAKE) valued nearly 100% in 1 week with its steady upward momentum. CAKE broke the $ 2 threshold today and broke a record. What is PancakeSwap for, what is CAKE token?
PancakeSwap (CAKE) price refreshed consecutively with its steady rise in the last 2 weeks, and increased its price to over $ 2 with today’s increase. The CAKE price set its new record at $ 2.40. CAKE increased by 20% in 1 day with the acceleration it caught, and valued close to 100% in 1 week. The CAKE price rose more than 260% in a 1-month period.
PancakeSwap has managed to become one of the 100 most valuable cryptocurrencies, based on its market value at $ 265 million. The daily trade volume for CAKE, whose market dominance reached 0.03%, exceeded $ 49 million.
What are PancakeSwap and CAKE?
PancakeSwap, powered by Binance, is a decentralized exchange set up to swap BEP20 tokens. PancakeSwap performs its operations according to the automatic market maker (AMM) model. The stock exchange promises passive earnings in many ways with its liquidity pools as well as fast and cheap transactions to its users.
PancakeSwap DEX, another “food nozzle protocol” in the DeFi space, was created by anonymous developers. DEX, which is the BSC version of Ethereum’s SushiSwap, also offers staking mechanisms different from SushiSwap.
The local crypto currency of the decentralized exchange is announced as CAKE. Circulating supply for CAKE with unlimited supply is 109.7 million as of February 1, 2021. The CAKE token is listed on Binance, Bithumb, Hotbit, MXC.COM and BKEX exchanges other than PancakeSwap.