Decentralized exchange (DEX) protocol PancakeSwap (CAKE) attracted attention with its recent sharp rise. According to CoinMarketCap data, the token price increased by 20% to $2.60 in the last 24 hours. The price has reached its best price in the last seven months. Trading volume also increased by more than 129%, reaching $289,965,721.
PancakeSwap has recorded a mixed growth trend overall, with year-to-date (YTD) performance down 18%. But overall, it has shown an impressive rise in the last six months. This CAKE One of the most important reasons that triggers the sentiment is the outlook of the general market.
Apart from the current decline in Bitcoin, the excitement around the spot ETF has increased optimism in the altcoin scramble, and PancakeSwap is among the beneficiaries. Secondly, the current growth spurt is based on the announcement of reward distribution to community members, especially those who staked to support the protocol.
As Koinfinans.com has reported, the latest potential development driving CAKE’s revival hinges on the future of decentralized exchanges, where PancakeSwap has a unique market share. Although the protocol stands out with its independent identity, it draws attention with its integrations with Binance.