Binance Smart Chain largest decentralized exchange (DEX) on of PancakeSwap own altcoin CAKE, It has rallied 27% in the last 24 hours.
The reason for the rally was PancakeSwap, the world’s largest cryptocurrency exchange. Binance It was understood that he announced that he was collaborating with.
🤝In Partnership with @binanceChefs are thrilled to reveal the initial launch of the PancakeSwap Mini-Program in the Binance mobile application!!!
Users can seamlessly use PancakeSwap through the Binance app, attracting new CEX users! 😍
Learn more 👇https://t.co/oSiKSv9eIi pic.twitter.com/nd4Xsh6V2c
— PancakeSwap 🥞 #BSC (@PancakeSwap) March 17, 2022
After the Announcement, 20% Rally in the Price of CAKE Altcoin
Traded at $5.50 before the announcement altcoin, With the announcement, it climbed up to $ 7. However, the crypto money, which lost some of its rise again, is trading at $ 6.50 at the time of this writing.
As part of the cooperation, the “PancakeSwap Mini Program” will be launched in the Binance application. This will be the first decentralized finance (DeFi) project on Binance’s mobile platform. The PancakeSwap Mini Program has been launched as of today and is open to all mobile users.
It was stated that the idea behind the cooperation is to provide Binance users with an easy access to PancakeSwap using the mobile application and to reduce the barriers to accessing DeFi. In addition, Binance introduced a DeFi wallet for its mobile app. Thanks to the DeFi wallet, users will be able to use decentralized applications such as PancakeSwap and transfer funds.
CAKE Still Far From Its Old Days
However, although CAKE is currently rallying 27%, it is still trading at 85% lower than the all-time high price record set in April 2021. According to data from blockchain analysis company Nansen, the on-chain volume of the altcoin is still considered quite small compared to 2021.
*Not investment advice.