CAKE price gains 65% as PancakeSwap spearheads BNB Smart Chain’s revival

Cryptocurrencies displayed optimism on Thursday following Bitcoin’s swift rebound after yesterday’s US CPI-driven dip below $95K.

While top alts Ethereum (+3.55%), XRP (+2.30%), and Dogecoin (+2.80%) recorded significant gains in the past day, PancakeSwap dominated trends.

CAKE jumped from its $1.92 opening price to a daily high of $3.2 – a 66.67% jump.

Besides the broad market bullishness, exploded activity within the PancakeSwap DEX contributed to CAKE’s bullish trajectory.

DeFiLlama data shows PancakeSwap outperformed all decentralized exchanges in weekly and daily trading volumes.

BNB Smart Chain’s ongoing revival has influenced the robust user activity over the past week.

PancakeSwap heralds BNB Chain’s comeback

PancakeSwap dominated Ethereum and Solana-based DEXs in weekly and 24-hour trading volumes.

The platform had lagged due to faded trader activity on BNB Chain coins.

However, PancakeSwap is witnessing swift recoveries, highlighting the ongoing user resurgence on the BNB Chain ecosystem.

Also, Binance’s success has kept PancakeSwap afloat over the past few sessions.

The leading exchange commands nearly 55% of cryptocurrency trading activity.

Its daily trading volume skyrocketed in mid-January as digital coins flourished ahead of the US inauguration.

BNB Chain added to the optimism after launching a feature that allows any interested individual to launch meme cryptocurrencies.

PancakeSwap is becoming the new hub for trading old and new themed tokens as BNB Chain sees user comeback.

The leading DEX on Binance Chain thrived over the past month following Binance’s decision to resuscitate its decentralized ecosystem.

Former Binance CEO CZ believes the BNB Chain is now uncaged and ready for explosive growth.

CZ 🔶 BNB

@cz_binance

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👀 BNB Chain was caged for too long. Time to unleash!

9:43 pm · 10 Feb 2025

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PancakeSwap lists Test Token (TST)

The DEX’s latest success comes as it taps newly launched meme tokens.

It mostly housed older themed assets like Simon’s Cat (CAT).

PancakeSwap confirmed it will add the controversial Test Token (TST).

PancakeSwap

@PancakeSwap

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✅ $TST is now live on PancakeSwap Perpetual V2 (On-chain)! 📈 Trade with up to 75x leverage on BNB Chain: perp.pancakeswap.finance/en/futures/v2/…

7:39 pm · 12 Feb 2025

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The meme coin gained popularity following Changpeng Zhao’s mentions.

Besides TST, the DEX has begun receiving tokens graduating from Binance’s meme Launchpad four.meme.

Such trends could transform PancakeSwap’s profile – which has relied on blue-chip tokens and alts from Binance.

PancakeSwap appears well-positioned to capture speculative and meme token trading.

Its $1.85 billion TVL suggests adequate liquidity for retail trades.

That could help the DEX compete for new users with top platforms such as Coinbase’s Base and Solana.

CAKE price today

The native coin trades at $3.08 after jumping from daily lows of $1.92.

The massive uptick in daily trading volume suggests robust bullishness, positioning CAKE for further gains.

Prevailing broad market sentiments support the upside narrative.

However, slight retracements often occur after robust price surges before upside continuations.