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CAKE, the native token of decentralized exchange PancakeSwap, the largest protocol on the BNB Chain, saw an unexpected 50% price increase in hours, capturing the market's attention.
At the time of writing, CAKE was up 48% in the last 24 hours to $3.07, continuing a seven-day rally that began at a low of $1.355 on Feb. 7.
Pancakeswap (CAKE) experienced two days of strong price rises yesterday and today, reaching intraday highs of $3.41 at press time.
After weeks of steady price declines, including a six-day drop at the start of February, CAKE bulls returned as the price hit a bottom. CAKE further gained momentum as it experienced a breakout above its daily SMA 50 and 200 at $2.20 and $2.12, which had hampered its price since late December.
The sudden spike in CAKE’s price is aided by a combination of factors, including increased trading volume and potential ecosystem developments.
Vladislav SopovIn a recent tweet, the official X handle of Pancakeswap highlighted its lead in volumes over the last 24 hours and seven days. Pancakeswap also hit $99.9 billion in 30-day trading volume.
The recent buzz around the BNB chain may have contributed to CAKE's rally, resulting in an influx of buying activity. Binance cofounder Changpeng "CZ" Zhao recently hinted at "interacting with memecoins" on the BNB Chain.
The BNB chain also shared its roadmap for 2025, which highlighted its focus on improving transaction speed, streamlining user experience, integrating artificial intelligence and refining developer tools in a recent X post.
BNB and CAKE rally
BNB, the native token of the BNB chain, rallied up to 13% alongside CAKE, while Bitcoin (BTC), the largest cryptocurrency, remained rangebound near $96,000.
Tomiwabold OlajideCAKE has climbed 120% over the past seven days, coinciding with a 300% spike in trading volume, with $1.3 billion tallied in the last 24 hours, according to CoinMarketCap.
In a recently released roadmap for 2025, the BNB Chain team affirmed its support for meme projects: "Expect more tools, better integrations, and stronger support for meme projects and communities. The culture is here to stay, and we’re building alongside it."
In 2025, BNB Chain aims to reduce transaction latency by decreasing block time from three seconds to sub-second speeds and allowing all types of transactions to be gasless.
Godfrey Benjamin
Yuri Molchan
Dan Burgin
Vladislav Sopov