CAKE trading volume soars by more than 50% in 24 hours

PancakeSwap (CAKE), like any other cryptocurrency, has had its ups and downs.

  • PancakeSwap’s 24-hour transaction volume increased by more than 53%
  • PancakeSwap in Today’s Top BNB Projects
  • CAKE’s next resistance could be at $5

Just two months after its launch in September 2020, the coin hit its all-time low to date. At the time, it was trading at just $0.19.

Today, a quick look at data provided by CoinGecko shows that 68th Ranking cryptocurrencies by market capitalization $4.80. It is well below the all-time high of $43.96 set on April 30, 2021.

CAKE may have lost an impressive 89% of its trade value, but that doesn’t necessarily mean the coin isn’t generating significant interest from traders.

If anything, current data shows that Christmas is coming early for digital assets.

PancakeSwap outperforms many cryptocurrencies

The cryptocurrency market continued to grapple with bearish conditions, but CAKE achieved an impressive feat – ending the day and week in the green and outperforming many of its competitors.

Over the past 7 days, PancakeSwap’s governance token has been able to increase its value by 9.4%, making it one of the few “green” digital assets on the market today.


Source: CoinGecko

Its price recovery isn’t the only impressive thing about CAKE right now. Its 24-hour trading volume is also very strong.

In fact, the coin’s trading volume increased by 52%, even reaching over $55 million, before recovering slightly to over $51 million at the time of writing.

Even so, PancakeSwap has shown some impressive leaps over the past week.

Will the tokens be sold like real pancakes?

If its recent trading volume is any indication, from the looks of it, the digital currency is actually selling like a pancake.

After all, high trading volume often means “high retail excitement,” and in the crypto space, that can do wonders for asset prices.

Over the past week, CAKE has been at the top of the crypto investor’s watch list and is one of the hottest BNB projects.

However, PancakeSwap bulls will need to capitalize on this momentum to sustain price levels above $4.50 as this will lead to $5 as the next level of resistance.

If buyer pressure remains high, CAKE’s short-term trajectory could be a sweet one.

CAKE total market cap at $676 million on the daily chart | Source: TradingView.com

Featured image from Cryptopolitan, Chart: TradingView.com

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