Why is PancakeSwap (CAKE) token up today?

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 Why is PancakeSwap (CAKE) token up today?
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Highlights

  • The PancakeSwap token price (CAKE) rose 2.98% to US$12.36 at 08:03 am, ET, Monday.
  • The token rose after it tweeted about Goldminer Syrup Pool and Farm. 
  • GoldMiner is a play-to-earn game, where players can mine gold from in-game mines and earn a $GM token.

The PancakeSwap (CAKE) token price jumped nearly 3% on Monday after it launched a Twitter poll regarding its proposal on Goldminer Syrup Pool and Farm. 

GoldMiner is a play-to-earn game, in which players can mine gold from in-game mines and earn a $GM token. Users can stake their CAKE token in the syrup pool and earn $GM tokens.

Let’s dig into the details of the proposal.

GoldMiner has 13.64 billion tokens, with a 60-day distribution period, starting on Jan 4 and closing on March 5, 2022, at approximately 11 am UTC.

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The per-block rewards are 7,893 GM tokens. The maximum stake per wallet is 100 CAKE tokens for the initial 48 hours, and after which the staking is unlimited. According to PancakeSwap, the aim is to give an equal chance to everyone who wants to earn rewards at a high APY.

Players can also earn tokens and equipment by participating in the tournaments. 

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(Why PancakeSwap (CAKE) is up today?)

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What is PancakeSwap?

PancakeSwap is a decentralized exchange (DEX) on the Binance Smart Chain (BSC), a DeFi platform. The exchange offers various services, including Liquidity Pools, Swapping, Syrup Pools, Automated Market Maker (AMM), Yield Farming, Initial Farm Offering (IFO), etc.

PancakeSwap was launched in Sept 2020. Users can collect the liquidity provider tokens called FLIP after depositing the funds or farm tokens like CAKE and SYRUP on the platform.

PancakeSwap (CAKE) is a Binance-based or BEP20 token. Its founders chose to remain anonymous. CAKE traded at US$12.36, up 2.98% at 08:03 am ET on Monday.

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The token touched an all-time high of US$43.96 on April 30, 2021, and an all-time low of US$0.194 on Nov 3, 2020. Its current market capitalization is US$3.115 billion.

The 24-hour volume was US$151,700,013, and the circulating supply was 252,043,050.50. The token’s total supply is 570,940,476.

The coin can be purchased on Binance, BKEX, VCC Exchange, MXC.COM, KuCoin, etc., and stored in wallets like TrustWallet, ToeknPOcket, MetaMask, and WalletConnect.

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Bottomline

Players will be able to play and earn simultaneously with the combination of GoldMiners, a play-to-earn game, and PancakeSwap, a DeFi platform. However, given the risk involved due to volatility, investors must exercise caution while trading in the crypto market.

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