The broader feeling from projects operating on BNB Chain still leaves something to be desired in terms of NFT market performance, but the general feeling is that this could be changing for the better very soon indeed.
PancakeSquad Pump
In a week that has seen another 1/1 Pancake Squad NFT change hands for 600 BNB, we take a closer look at PancakeSwap’s general upturn in market performance.
Pancake Squad #2653, pictured below, sold for an astonishing 600 BNB or $242,000 at the time of writing on April 17. The buyer immediately put the NFT back up for sale at an unseemly sum of 5,000 BNB. While its new price would be unimaginable, fetching somewhere upward of $2 million, it has become increasingly difficult to bet against PancakeSwap. The team has seen its premier NFT offering push past 300% in price over the last month, according to CryptoSlam.
Alvin Kan, Director of BNB Chain Data and Research, was also quick to register his excitement at the move: https://cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=96f1f04c5f4143bcb0f2e68c87d65feb&schema=twitter&url=https%3A//twitter.com/alvin_kan/status/1515725354077286401&image=https%3A//abs.twimg.com/errors/logo46x38.png
Users that have been patient and steadfastly holding their PancakeSquad NFTs may have every right to feel as though the NFT tides may be changing on Binance. The exchange has endured the scrutiny of late by NFT projects on its own chain for highlighting collections on competitive chains and neglecting its own NFT offerings. But many feel that if there is to be an improved NFT showing on the chain, then PancakeSquad would likely see the most impressive rise.
The PancakeSwap team hopes to keep seeing further interest intensify as well as the price action as they recently partnered with BNB Chain to reveal two exclusive Easter competitions worth $25,000. The team has enjoyed a busy few weeks, drawing closer ties with Binance by unveiling the all-new PancakeSwap mini-app on the exchange.
The upswing in the price of its premier NFT collection comes as PancakeSwap’s token has seen a rise. $CAKE went from just over $5.42 in mid-March to over $10 at the beginning of April before settling on $8.05 at the time of writing according to CoinMarketCap. The project is holding steady, even during a fairly unsteady general market price action.
It has been an impressive month for the PancakeSquad NFT collection, with sales, average holders, total owners, and buyers all seeing an upswing over the last thirty days, as highlighted below by data provided by CryptoSlam. BSC News will be following closely to see just how well the collection can keep doing in the coming weeks and whether an upturn in the general market sentiment could have a catalyzing effect.
What is PancakeSwap:
PancakeSwap is a Decentralized Exchange (DEX) built on BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on BNB Chain.
Where to find PancakeSwap:
Source : bsc.news
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