CAKE Surges 120%, Leads DEX Market with $21.2B Volume

CAKE, the native token of PancakeSwap, has surged by an impressive 120%, leaving its competitors far behind. PancakeSwap, an automated market maker, operates across multiple blockchains, including Aptos, Polygon, Ethereum, and BNB. With a current valuation of over $1.85 billion, CAKE has become one of the leading DEXs in the market.

CAKE's recent performance has been nothing short of remarkable. It has easily surpassed its major DEX rivals, such as Raydium and Uniswap, in terms of trade volume. CAKE's total trade volume has reached an astonishing $21.2 billion. This meteoric rise has caught the attention of industry leaders, with former Binance CEO Changpeng 'CZ' Zhao sharing a screenshot highlighting CAKE's impressive growth.

The reasons behind CAKE's unprecedented rise are multifaceted. Some industry experts believe that Binance Wallet's exclusive token generation event for MyShell.Ai on CAKE played a significant role in providing the necessary traction for CAKE to increase its trading volume. Additionally, data from Santiment shows that the number of CAKE users has risen by 14.56% over the past year, with the user count currently standing at 1.81 million. Furthermore, the number of whales or big-scale investors holding 10,000 to 1 million tokens and 10 million to 100 million has also increased over the past four years.

Coinglass data reveals that CAKE's overall open interest (OI) has surged by 120%, reaching an all-time high of $86.08 million. The weighted funding has clocked in at 0.00047%, indicating a bullish run for CAKE. With these positive indicators, CAKE appears to be an attractive investment opportunity in the crypto market.