PancakeSwap Sees Major Surge in Volume and Price

PancakeSwap has emerged as the best-performing top-100 cryptocurrency over the past week, with its ecosystem volume experiencing a significant surge. The CAKE token rose by nearly 50% in the last seven days, reaching a trading price of $2.57 on Sunday. This represents a 125% increase from its lowest level this month, resulting in a market capitalization of over $767 million.

PancakeSwap’s DEX Volume Hits $1 Trillion Milestone

According to DeFi Llama data, PancakeSwap’s total volume handled in the last seven days jumped 64% to $28.23 billion, marking its best performance since November 2021. This achievement also saw the platform surpass a major milestone, with its historical volume reaching $1 trillion.

PancakeSwap has officially surpassed $1 Trillion in trading volume on BNBCHAIN!

PancakeSwap’s impressive volume has allowed it to outperform other popular decentralized exchange (DEX) players, including Raydium and Uniswap. The platform’s success has also translated to higher fees, with its total fees this year rising to $64 million, bringing the 365-day total to $274 million.

BNB Meme Coin Ecosystem Contributes to PancakeSwap’s Growth

The growing Binance Smart Chain (BSC) meme coin ecosystem has played a significant role in PancakeSwap’s success. One notable example is the Broccoli meme coin, which has gained popularity. Other large DEX dApps in the Binance Smart Chain ecosystem, such as Thena, Dodo, and Woofi, have also experienced strong growth, with their weekly volumes rising by 82%, 53%, and 125%, respectively.

CAKE Price Analysis

The daily chart shows that the CAKE price has experienced a significant surge after falling to a low of $1.1855 earlier this month. This level represents a double-bottom pattern, which is considered a bullish chart pattern. The token has also moved above the 50-day and 200-day Exponential Moving Averages, forming a bullish pennant chart pattern.

Based on this analysis, the path of least resistance for the CAKE coin price is bullish, with the initial target being at $3.4185, its highest level this week. A break above that level will point to more upside, with the next point to watch being $4.5856, the double-bottom neckline and the ultimate resistance of the Murrey Math Lines tool.

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