PancakeSwap (CAKE) is one of the foremost DEX’s (decentralized exchange) in the crypto space and with a 150% HypeIndex increase, it’s likely the cryptocurrency could see growth in the coming days. Launched in 2020, it’s grown to become the leading BSC (Binance Smart Chain) DEX and sees around $300-600 million in daily trading volume. PancakeSwap gives people the ability to buy and sell lesser-known crypto assets without the need for a large exchange like Crypto.com. Oftentimes, these smaller cryptocurrencies can offer superior room for growth when compared with coins already listed on major exchanges, likely a large reason for the platform’s popularity. The PancakeSwap platform has a proprietary token called $CAKE which users can stake to earn rewards similar to earning interest on balances stored within a bank.
Recently, PancakeSwap partnered with the world’s largest cryptocurrency exchange Binance. This boosted CAKE by around 17% over a 24 hour period. The PancakeSwap platform will be accessible via the Binance mobile app with some features set to be implemented directly into Binance’s platform.
PancakeSwap is one of the largest DEXs in the world, currently seeing an average of between $300-$600 million in trading volume each day.
Although the DEX sector is becoming increasingly competitive, PancakeSwap has and will likely continue to be one of the market leaders in the space.
Despite being the second-largest cryptocurrency in the world. Ethereum gas fees can be rather extortionate. PancakeSwap facilitates low-cost ETH transactions, helping to solve this issue. A transaction that could cost between $50 and $200 can be settled for just $0.20 on PancakeSwap.
The Metaverse has become quite the talking point in recent months. Even mainstream companies like Nike and Adidas have been getting involved. PancakeSwap recently launched the world’s first Metaverse Reit (real estate investment trust) on their platform.
Considering how competitive the cryptocurrency space is, it’s no wonder that so many competing platforms have been launched. While this previously caused limited issues, some platforms like Trader Joe are growing quickly and taking market share away from better-established platforms like PancakeSwap.
Despite retaining its status as a market leader in the DEX space, Uniswap (the top dog by volume) still facilitates more than three times PancakeSwap’s daily volume.
PancakeSwap has performed well over the past couple of years and the recent partnership with Binance will likely aid in continuing this trend. With hype up 150%, it could be a great time to purchase some CAKE before demand increases due to Binance's massive customer base. This is especially true now that the price has decreased and stabilized following the initial announcement. Interested in finding trending stocks and cryptocurrencies before anyone else? We recommend joining our premium program for alerts delivered straight to your inbox.
HypeIndex is an AI platform that detects Hype in stocks and cryptos before it moves the market, providing reliable early detection for profitable investment opportunities.
The algorithm for our proprietary HypeIndex score is based on sentiment analysis, data science and machine learning.