July 2, 2022
  • July 2, 2022

Why DeFi Cryptocurrency PancakeSwap (CAKE) Is Soaring Today

By on April 29, 2021 0

Decentralized Funding Token (DeFi) Project PancakeSwap (CRYPTO: CAKE) based on Binance smart chain (CRYPTO: BNB) Blockchain has experienced strong growth after the successful launch of a new product.

What happened: According to CoinMarketCap The data, PancakeSwap rose more than 29% from its 24-hour low of $ 34 to a high of nearly $ 44, before correcting to just under $ 40.72 at the time of publication.

The coin set a new record price of over $ 40 tonight. This growth follows PancakeSwap has successfully launched a BETA prediction marketplace.

The newly launched service saw a volumee of 15,976 BNB in ​​the first 24 hours of operation, or over $ 9.5 million at time of printing.

PancakeSwap and Binance Chain are ecosystems capitalizing on the part of the DeFi craze that leaves Ethereum (CRYPTO: ETH) to escape its high costs and slow transaction processing.

See also: DeFi Coins PancakeSwap and UniSwap Reach All-Time Highs on Ethereum Gas Problem

According to Benzinga’s calculations, an investor who bought $ 1,000 of BNB would see their coins reach a value of over $ 13,282 as of April 20 – that figure would have risen to $ 15,750 at the time of publication.

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