PancakeSwap’s native token, CAKE, has surged a staggering 60% in just 24 hours. The price spike has pushed CAKE to $3.08, with its market cap valued at $899.41 million. 24-hour trading volume is currently valued at $1.07 billion, a 335% pump in activity.
A major reason for the surge is PancakeSwap’s revenue-sharing program, which has been calculating big rewards for stakers. Since early 2024, 770,527 CAKE tokens (around $1.9 million) have been distributed to stakers via the platform. This has led to more investors locking up their CAKE and further tightening supply and increasing demand.
In addition, PancakeSwap has been improving its protocol to enable smoother cross-chain swaps with MEV protection. Improving these with appealing staking rewards attracted more liquidity providers, boosting its decentralized exchange (DEX) ecosystem.
Before this breakout, CAKE was stuck in a long correction, which caused traders to be doubtful about its price action. But the recent 100% price increase over the past week has wiped out the bearish sentiment and brought back confidence in the altcoin.
With CAKE’s fully diluted valuation now at $972 million, analysts believe the momentum could continue, as long as demand stays strong and staking incentives remain attractive.
Also Read: Pi Network’s Pi IOU Coin Price Plunges 21% in 24 Hours
