The post CAKE Price Soars 57% Amid PancakeSwap Trading Volume Surge appeared on BitcoinEthereumNews.com.

PancakeSwap’s native token, CAKE, has emerged as the top-performing asset in the past 24 hours. Its value has soared by 57%, causing the altcoin to trade at an all-time high of $3.04 at press time.  The price surge comes amid a significant increase in trading activity on PancakeSwap, solidifying its position as the leading decentralized exchange (DEX) by volume. PancakseSwap Trading Activity Increases Per DeFiLlama, trading activity on PancakeSwap has surged in the past 24 hours, reaching $3.02 billion. This figure outpaces other DEXes, with Uniswap trailing closely behind at $2.89 billion during the same period. DEX Trading Volumes. Source: DefiLlama This surge in trading activity on PancakeSwap has triggered a significant uptick in demand for its native token, CAKE, whose value has rocketed more than 50% in the past 24 hours. At press time, the altcoin trades at its year-to-date high of $3.04. The double-digit price rally is accompanied by a corresponding spike in CAKE’s trading volume in the spot markets. At press time, this totals $1.04 billion, marking a 311% increase. CAKE Price and Trading Volume. Source: Santiment When an asset’s price climbs alongside a surge in its trading volume, it indicates strong market demand and heightened investor interest. This increased volume suggests that CAKE’s price movement is backed by significant buying activity, making the rally more sustainable. Another indicator of the rise in CAKE’s demand over the past 24 hours is its open interest. It has climbed by 61% during that period to a three-month high of $61 million at press time. CAKE Open Interest. Source: Coinglass An asset’s open interest measures the total number of outstanding derivative contracts, such as futures or options, that have not been settled. When it rises like this, it signals increased market participation and capital inflows, often indicating stronger conviction in…

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Filed under: News - @ February 13, 2025 10:24 am