Advertisement
AD

Main navigation

CAKE Sparks Investors' Interest with 56% Increase in PancakeSwap's Trading Volume

Advertisement
Tue, 29/11/2022 - 16:05
CAKE Sparks Investors' Interest with 56% Increase in PancakeSwap's Trading Volume
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

CAKE, the native token of the largest decentralized exchange in Binance's ecosystem, PancakeSwap, has unexpectedly captured the CoinMarketCap trends. Although the current price action of CAKE is nothing special, the reason for increased interest in the token seems to be the impressive performance of the DEX itself.

Advertisement

Thus, according to the latest statistics from CryptoRank, trading volume on PancakeSwap increased by 56% during November. Consider that the Binance-affiliated decentralized exchange is the second largest in terms of turnover in the DEX segment and its size is $86.5 million per day.

Overall, the portal reports that the average monthly trading volume on DEXes increased 110% during the month. The reasons are clear and relate to the loss of trust in centralized exchanges following the collapse of FTX, a major CEX that lost customer funds as a result of botched management and subsequent insolvency.

"The FTX crisis" has triggered a new trend toward decentralized finance and a corresponding influx of funds and attention to all projects related to it.

Related

PancakeSwap (CAKE) price action

Despite the DeFi narrative and PancakeSwap's rising performance, CAKE is not yet showing outstanding price action. However, it should be noted that during the recent collapse, the token's price fell less painfully, by just 16%.

Article image
Source: TradingView

Looking at the CAKE chart, you can see that the token is in an accumulation phase right now, trading in the $4 area, with fairly weak price volatility.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD