- PancakeSwap’s trading volume surged 64%, crossing $1 trillion in total historical volume and outperforming Uniswap and Raydium.
- CAKE price jumped 50% in a week, fueled by BSC’s meme coin craze and strong technical momentum.
- If CAKE breaks $3.4185, it could rally toward $4.5856, a key resistance level from its double-bottom pattern.
PancakeSwap’s CAKE token just went ballistic, surging nearly 50% in the past week and trading at $2.57 on Sunday—that’s a 125% jump from its lowest point this month. This rally pushed its market cap beyond $767 million, marking a major comeback.
PancakeSwap’s DEX Volume Crosses $1 Trillion
DeFiLlama data paints an impressive picture: PancakeSwap’s 7-day trading volume skyrocketed 64% to $28.23 billion, its best performance since November 2021. Even bigger? The platform officially crossed $1 trillion in total historical trading volume.
🚀 CAKE is flipping giants. PancakeSwap outperformed major DEX competitors, handling more volume than Uniswap ($15.3B) and Raydium ($11B) in the same period.
Other Binance Smart Chain (BSC) DEXs also had a big week:
- Thena’s volume spiked 82% to $1.5 billion
- Dodo and Woofi gained 53% and 125%, respectively
All of this translates to money. Higher trading activity means higher fees collected—so far in 2024, PancakeSwap has raked in $64 million in fees, with its 365-day total hitting $274 million.
What’s Driving the CAKE Rally? Meme Coins & Market Momentum
A key driver? BSC’s meme coin frenzy. One standout? Broccoli, a meme coin inspired by Changpeng Zhao’s dog—because, of course, the crypto market loves a good meme.
Beyond the memes, strong technicals are backing CAKE’s move.
Chart analysis shows:
- CAKE formed a double-bottom pattern—a bullish structure with a neckline at $4.5856 (its December 4 high).
- The price soared past the 50-day and 200-day EMAs, adding fuel to the rally.
- A bullish pennant is forming, hinting at further upside potential.
CAKE Price Outlook: Where to Next?
- Short-term target: $3.4185 (this week’s high)
- Breakout level: $4.5856 (double-bottom neckline, key resistance)
If CAKE clears $3.4185, momentum could push it toward $4.5856—a critical resistance zone based on Murrey Math Lines.
The bottom line? Momentum is bullish, volume is rising, and technicals are aligning for more upside. If crypto sentiment holds strong, CAKE might not be done running just yet. 🍰🔥
