PancakeSwap Watch: CAKE Trading Volume Spikes Over 50% In 24 Hours

Christian Encila

2 years ago

3 mins read

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PancakeSwap (CAKE), just like any other cryptocurrency, has had its share of ups and downs.

PancakeSwap registers over 53% increase in 24-hour trading volume
PancakeSwap among trending BNB projects today
CAKE’s next resistance level could be at $5

Just two months after it was launched on September 2020, the token hit its all-time low to date. Back then, it was trading at just merely $0.19.

Today, a quick glance of data provided by CoinGecko shows the 68th ranked crypto by market capitalization trading at $4.80. It is way below its $43.96-all-time high that was attained on April 30, 2021.

CAKE might have lost 89% of that impressive trading value, but that does not necessarily mean the token is not commanding strong interest among traders.

If anything, current data shows Christmas came early for the digital asset.

PancakeSwap Outperforms Many Cryptocurrencies

The crypto market is continuing to deal with bearish conditions, but CAKE was able to pull off an impressive feat – close the day and the week in green and outperform many of its competition.

Over the last seven days, the governance token of PancakeSwap was able to increase its value by 9.4% and is one of the few digital assets to be “on the green” in today’s market.


Source: CoinGecko

Its price recovery is not the only thing that is impressive about CAKE right now. Its 24-hour trading volume is also standing mighty strong.

In fact, there was a 52% increase in the token’s trading volume, even reaching over $55 million before slightly reverting to above $51 million at the time of this writing.

Even with that, PancakeSwap has shown some impressive leaps for the past week.

Will The Token Sell Like Real Pancakes?

If its most recent trading volume is any kind of indication, the digital currency, by the looks of it, actually sold like pancakes.

After all, high trade volumes often denote “high retail excitement” and in crypto space, this might work wonders for an asset’s price.

Over the past week, CAKE placed high on the watch list of crypto investors and is among the trending BNB projects.

The PancakeSwap bulls, though, needs to capitalize on this momentum in order to sustain price level of above $4.50 as this will lead to $5 as the next resistance level.

If the pressure for buyers remains strong, CAKE’s short-term trajectory could be a sweet one.

CAKE total market cap at $676 million on the daily chart | Source: TradingView.com

Featured image from Cryptopolitan, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.