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Highlights
- PancakeSwap (CAKE) crypto is primarily a decentralised finance (DeFi) application that allows the users to swap tokens, farm them, and thereby earn fees in return.
- Powered by the multi-blockchain network, PanckaeSwap originally uses automated market maker (AMM) model, which effectively means that liquidity pools are used instead of the order books.
- At the time of drafting, it was trading at US$8.39 with a trading volume of $149,490,823 over a day. CAKE crypto was on a high at 2.59% in the last 24 hours.
PancakeSwap (CAKE) crypto is primarily a decentralised finance (DeFi) application that allows the users to swap tokens, farm them, and thereby earn fees in return. Launched in 2020, the decentralised exchange executes trade through smart contracts, thus eliminating the risks associated with various transactions.
Powered by the multi-blockchain network, PanckaeSwap originally uses the automated market maker (AMM) model, which effectively means that liquidity pools are used instead of the order books. Users can add tokens to the liquidity pool and from there they can farm and stake the CAKE tokens to earn rewards.
The PancakeSwap was going up on the charts on 10 February seeing a price rally of over 3% at the time of drafting.
Why is CAKE token rallying?
On 10 February, the PancakeSwap was surging after Era7: Game of Truth (ERA), a play-to-earn game, announced its new Initial Farm Offering, or IFO, on PancakeSwap.
The CAKE holders will get special access to IFO 3.1 though a new private sale allocation. The Era7 intends to launch its IFO to investors on 18 February.
How is CAKE price faring?
CAKE token is ranked 56 on CoinMarketCap as per the market cap. At the time of drafting, it was trading at US $8.39 with a trading volume of US$149,490,823 in 24 hours. CAKE crypto was on a high at 2.59% in the last 24 hours with a live market cap of US$2,235,532,431 and 266,564,942 CAKE coins in circulation. The volume too was mildly up by 1.29%.
CAKE token has been witnessing a good run at the market following gains of 12.2% and 15% in the past 14 days and 7 days, respectively, according to Coingecko.
Investors can take heart from the bullish run that the CAKE token is enjoying and this IFO launch may help the token to maintain momentum for some more time. Having said that, it remains to be seen how consistently it can perform in the near future.
