The last 24 hours have seen significant growth for the PancakeSwap Network. According to data from CoinGecko, the network saw gains of 11% over a 24-hour period. In fact, CAKE was the most traded highlight token on the BNB Chain. With a sales volume of $82,772,676, CAKE was ahead of tokens such as GAL and BSW, which followed it closely with a sales volume of $55,461,497 and $10,865,393, respectively.
Additionally, the latest data from DefiLlama showed that with a total value locked (TVL) of $2.89 billion, PancakeSwap is a leading DeFi protocol on the BSC Chain. For context, the total TVL for all protocols on the BSC Network stood at $5.83 billion. Therefore, with a TVL of $2.89 billion, PancakeSwap seems to enjoy 50% of the market share.
It’s a CAKE party!!!
As many crypto-assets saw gains over the last 24 hours, CAKE tokens were not left out. Trading at $2.95 per CAKE at the time of writing, an 11% uptick in price was registered over the last 24 hours. During the trading session on 19 June, CAKE rallied by as high as $3.06. In addition, greater trading activity was spotted, with a 15% growth in trading volume.
At 12.43, the MFI indicated that CAKE was severely oversold. Following a hike in the price, this represented a bearish divergence. This revealed that buying pressure has been dropping and sellers are gearing up to take over the market.
Down since April…
On-chain analysis revealed a gradual decline in CAKE’s social dominance and social volume since April. However, just last week, the social dominance of the token saw a high of 2.23% on 15 June. It thereafter suffered a decline, forcing it to mark a spot at 0.801% at press time.
Interestingly, according to data from CoinGecko, PancakeSwap ranks high among decentralized exchanges by volume. Also, data from Nomics revealed a decline in trading volume on the platform over the last week.
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