If you had invested in CAKE a week ago at $10.55 apiece, you would now be selling it for a 65% profit. This is a very large increase and yet only 17% from the ATH price according to CoinGecko.
PancakeSwap is another DeFi protocol based on Binance Smart Chain. It has instantly become the largest and most popular project bringing together token pairs and Stake pools. This decentralized exchange based on BEP-20 tokens is incredibly gathering users and gaining more and more prestige in the DeFi market.
Every few days new stackable tokens are added and sometimes new token pairs are found in which we earn CAKE token.
So why such a price explosion? It is probably due to the ever growing popularity of DeFi protocols. Another reason is probably seeing the potential of the PancakeSwap token which naturally makes the price go up. Demand for this token also increased, which resulted in a volume increase of over 20%.
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