CAKE Sparks Investors' Interest with 56% Increase in PancakeSwap's Trading Volume

Nov 30,2022
CAKE Sparks Investors' Interest with 56% Increase in PancakeSwap's Trading Volume

CAKE is the original token of PancakeSwap, the largest decentralized exchange in the Binance ecosystem, and it caught the development trend of CoinMarketCap unexpectedly. Although the current price of CAKE is not unique, the reason for the increased enthusiasm for tokens may be the impressive performance of DEX itself.

Therefore, according to the new statistics of CryptoRank, the transaction volume of PancakeSwap increased by 56% in November. Fully considering that the decentralized exchange attached to Binance is the second largest exchange in terms of unit sales of DEX, with a daily range of $86.5 million.

In general, the portal reported that the average monthly transaction volume of DEX increased by 110% this month. The reason is quite clear, which is related to the loss of trust of the intermediate exchange after the bankruptcy of FTX. FTX is a major CEX, which lost customer assets due to improper management and subsequent bankruptcy.

The "FTX dilemma" has caused a new development trend, that is, the financial industry is decentralized, assets flow in correspondingly, and all related businesses are valued.

Cake Swap (CAKE) Price Behavior

althoughDeFi EnterpriseCAKE did not show excellent price performance in describing the rising profits of PancakeSwap. However, it should be noted that in the recent crash period, the decline in token prices was relatively small, only 16%.

By querying the CAKE data chart, you can see that tokens are currently in the accumulation phase, and the price uncertainty is very weak when they are bought and sold in the $4 area.