CAKE has recently experienced a remarkable increase of 53%, raising its weekly gains to more than 100%. This surge suggests a bullish sentiment in the market, although potential corrections could follow.

Despite clearing significant resistance at 2.414 and 2.816, CAKE struggled with the 3.217 level. The Relative Strength Index (RSI) currently sits at 75.24, suggesting potential overvaluation and a price drop could occur.

PancakeSwap’s Total Value Locked (TVL) rose by 15.91% to $1.857 billion, fueled by strong trading activity bringing in $50.04 million in fees. Changpeng Zhao’s memecoin initiative may further enhance interest in CAKE.