Pancakeswap recorded the highest trading volume of more than $1.3 billion, surpassing the volume of popular DEX Uniswap
The utility token of Pancake swap DEX, CAKE price surged nearly 80% to smash ATH in the early trading hours
Pancakeswap Flips Uniswap!!
The rising interest in decentralized platforms over centralized platforms is a remarkable breakthrough in the entire crypto space. Previously when Uniswap exchange gathered a lot of attention during the monster rally of popular DeFi token, YFI price, it topped the DEX’s since then.
Yet the scenario is flipped now, as Pancakeswap which is an AMM and yeild farm on Binance Smart Chain has topped the race. One of the major reasons for this swing might be the spiking gas fees on Uniswap which is an Ethereum based DEX.
The most interesting trait of this flip remains with the market size of Pancakeswap platform. It has only 207 coins with 784 pairs and nearly 577,651 visits according to Crypto tracking tool Coingecko. Compared to that of Uniswap where-in the platform offers nearly 1593 coins with 2154 pairs and no. of visits are more than 2 million.
Therefore with fewer market offerings, Pancakeswap is successful in flipping Uniswap to be the leader of DEX. The CEO of Binance Changpeng Zhao also suggested that Uniswap should also move on to Binance Smart Chain(BSC) for a reduced load of fees.
Pancakeswap(CAKE) Price surges more than 80%
The utility token of Pancakeswap DEX, CAKE spiked massively as the platform attracted an immense number of transactions. The token since its inception in mid-September 2020 traded under $2 for a long time until a major boost rallied the price earlier this month.
The CAKE price maintained a narrow trend till the mid of February 2020, and rallied, gaining more than 170 percent in the past couple of days.
The increase in the trading volume was nearly 100% hitting more than $700 million and market capitalization also crossed $2 billion. At the time of writing, the CAKE price is $16.75 with a jump of nearly 66.41%, experiencing a slight drop after attaining its ATH at $18.76.
- The resistance levels are formed at the current ATH at $18.76, once broken the upper resistance levels stands beyond $20.
- The support levels are formed initially at $13.76 and later at $11.29
- The indicators for the CAKE price, the utility token of pancake swap DEX points out towards a ‘buy’ signal