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Information about PancakeSwap (CAKE)
PancakeSwap is essentially a decentralized exchange (DEX) that allows users to exchange BEP20 tokens (the latest token standard from Binance Smart Chain), stake tokens to receive rewards, and participate in voting that governs decisions on the system based on the amount of tokens they hold.
Currently, PancakeSwap is one of the most prominent decentralized exchanges on the Binance Smart Chain (BSC) network. According to data from CoinmarketCap on Yield Farming platforms, PancakeSwap is at the top in terms of total value locked on the platform (Total Value Locked). In addition, according to statistics from the website DappRadar, PancakeSwap is currently one of the leading applications in terms of volume and number of users on the BSC network.
CAKE is the internal token of the DEX PancakeSwap exchange. This is a token developed using the BEP20 standard of Binance Smart Chain to operate.
News
PancakeSwap (CAKE) reported an 11% decrease from its local high, signaling a possible additional 7% drop. Despite this, trading indicators show a resilient bullish market, with strong trading volume confirming a potential rebound.
The critical support levels to monitor are at 2.22 USD and 2.15 USD. A strong response at these levels could indicate profitability for bulls aiming for upward momentum in CAKE’s upcoming performance.
In the latest metrics, Pancakeswap recorded 1.41 billion USD in transaction volume within 24 hours, significantly exceeding Uniswap’s 674.38 million USD. The continuous growth reflects Pancakeswap’s strength in the decentralized exchange landscape.
Throughout February and March 2025, trading volumes have shifted; Pancakeswap led in February, but Uniswap showed resilience in March. This fluctuation illustrates the ever-changing dynamics of decentralized finance and market conditions.
The competition between Pancakeswap and Uniswap as DEX platforms emphasizes the evolving nature of the crypto market. Bitcoin’s price remains crucial, currently at 84,160 USD, adding to the discussions within the decentralized finance sphere.
PancakeSwap’s CAKE token recovered significantly, increasing 81% in the last ten days. With 25 million CAKE tokens valued at approximately 69 million USD acquired by whales, open interest surged 326%, reflecting strong trader confidence and bullish sentiment.
Currently priced at approximately 2.67 USD, CAKE faces a critical resistance level at 2.85 USD. A breakout above this could lead to prices nearing 3.00 USD. Conversely, failing to breach this level may cause a pullback toward 2.30 USD.
CAKE trading volume is $158.58m. Market capitalization reaches $756.77m.
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