Why is PancakeSwap (CAKE) crypto rising?

March 17, 2022 02:21 AM AEDT | By Rupam Roy
Follow us on Google News:
  • PancakeSwap is a decentralized exchange (DEX) based on Binance Smart Chain.
  • The project was developed and launched by anonymous developers in September 2020.
  • The platform has recently announced a new feature called Perpetual Trading.

Bitcoin’s (BTC) growing popularity has led to the emergence of a spurt of cryptocurrencies in the market. Digital assets such as NFTs, stablecoins, altcoins, besides the popular cryptocurrencies, are gaining attention. One such crypto on investors’ radar is PancakeSwap (CAKE).

The CAKE token has witnessed a price surge lately. In the trailing 24 hours to Wednesday morning, its price jumped over 3% and the trading volume soared more than 19%.

The global crypto market was up 4.26% to US$1.79 trillion at the same time, while the 24-hour volume rose 26.15% to US$93.39 billion. Currently, the market has around 18,268 cryptos and 463 exchanges, and their numbers are regularly growing, according to Coinmarketcap.

Also Read: Is Microsoft (MSFT) stepping into cryptos with ConsenSys funding?

What is PancakeSwap (CAKE)?

PancakeSwap, developed and launched by anonymous developers in September 2020, is a decentralized exchange (DEX) based on Binance Smart Chain.

It is an automated market maker (AMM), a decentralized finance (DeFi) app that allows users to exchange tokens, provide liquidity via farming, and earn fees in return. PancakeSwap users deposit their funds in a liquidity pool and get liquidity provider (LP) tokens in return.

Also Read: Why are Celsius (CEL) crypto promo codes grabbing attention?

The LP tokens are used to reclaim the users’ shares in the pool and a part of the trading fees. These tokens are called FLIP, but PancakeSwap also allows users to farm other tokens like CAKE and SYRUP. Users can deposit the LP tokens and receive rewards in CAKE on the farm.

CAKE is a BEP20 token, originally launched on the Binance Smart Chain. It is the native utility token of PancakeSwap, primarily used to incentivize the liquidity services of the platform.

Also Read: Why is ShibaDoge (SHIBDOGE) rising today?

Why is the PancakeSwap crypto rising?

PancakeSwap investors have welcomed its announcement to launch the Perpetual Trading Lucky Draw Event after launching its newest feature, Perpetual Trading, recently. Perpetual Trading helps users to better navigate and trade amid a volatile market.

PancakeSwap is partnering with ApolloX to sponsor the lucky draw event to celebrate the launch of Perpetual Trading. The total prize pool of the draw is USDT 100,000.

The event will continue for four consecutive weeks, starting from March 16.

Also Read: Why is Kyber Network Crystal v2 (KNC) crypto rising?

PancakeSwap (CAKE) crypto price and performance                                                      Source: *Data provided by CoinMarketCap.com

Bottom line:

The CAKE token was priced at US$5.56 at 8:40 am ET on Wednesday, up 3.36%, while its one-day volume jumped 19.76% to US$159.30 million. It has a market cap of US$1.53 billion, and its fully-diluted market cap is US$1.54 billion.

The token is available on exchanges like Binance, BKEX, KuCoin, etc.

Also Read: Why is Polkadot (DOT) crypto declining?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Top Listed Companies