PancakeSwap was the best-performing top-100 cryptocurrency final week as the amount in its ecosystem surged.
PancakeSwap (CAKE) token rose by almost 50% within the final seven days. It was buying and selling at $2.57 on Sunday, up 125% from its lowest stage this month, giving it a market cap of over $767 million.
PancakeSwap DEX quantity hits $1 trillion
DeFi Llama information exhibits that PancakeSwap’s whole quantity dealt with within the final seven days jumped 64% to $28.23 billion, its finest efficiency since November 2021. It additionally handed a serious milestone: its historic quantity reached $1 trillion.
PancakeSwap’s quantity flipped different in style gamers within the DEX trade like Raydium (RAY) and Uniswap (UNI). Uniswap dealt with $15.3 billion, whereas Raydium’s quantity was over $11 billion.
Different giant DEX dApps within the Binance Sensible Chain ecosystem additionally had a robust week. Thena’s weekly quantity rose by 82% to $1.5 billion, whereas Dodo and Woofi jumped by 53% and 125%, respectively.
PancakeSwap’s DEX quantity has translated to greater charges for the change. Its whole charges this yr rose to $64 million, bringing the 365-day whole to $274 million. It has change into one of the worthwhile gamers within the DeFi trade.
The community did nicely due to the rising BSC meme coin ecosystem. One of the vital in style meme cash was Broccoli, impressed by Changpeng Zhao’s canine.
CAKE worth evaluation
The each day chart exhibits that the CAKE worth went parabolic after falling to a low of $1.1855 earlier this month. This was a notable stage because it was the bottom stage in August final yr.
It’s also an indication that the token has fashioned a double-bottom sample whose neckline is at $4.5856, its highest stage on Dec. 4. A double-bottom is among the most bullish chart patterns available in the market.
PancakeSwap worth has moved above the 50-day and 200-day Exponential Shifting Averages. It’s also forming a bullish pennant chart sample, a preferred continuation signal.
Due to this fact, the trail of the least resistance for the CAKE coin worth is bullish, with the preliminary goal being at $3.4185, its highest stage this week. A break above that stage will level to extra upside, with the subsequent level to observe being $4.5856, the double-bottom neckline and the final word resistance of the Murrey Math Strains device.
