CAKE Managed To Leave All Its Competitors Behind With A 120% Surge

PancakeSwap, or CAKE, launched with a bang. Ever since it went live, it took the world by storm. It has eventually become one of the leading automated market makers that operates across multiple blockchains. These blockchains include Aptos, Polygon, Ethereum, and BNB blockchains. Currently, CAKE is valued at over 1.85 billion US dollars.  

CAKE has been an industry leader for a while now. However, lately, CAKE has been outperforming some of its major DEX rivals like Raydium and Uniswap. CAKE has easily taken over its rival with a gargantuan trade volume.CAKE just hit a total of $21.2 billion in total volume. Adding momentum to the rise, former Binance CEO Changpeng ‘CZ’ Zhao shared a screenshot highlighting this meteoric rise with a caption, “Not a competition. But just the beginning.” 

Why Is Cake Rising? 

Cake is seeing an unprecedented rise, which has caught everyone’s attention. Sources suggest that CAKE’s meteoric rise is due to several reasons. However, some believe Binance Wallet’s exclusive token generation event for MyShell.Ai on CAKE played a key role. The event provided CAKE with the right traction, allowing it to increase its trading volume.  

Recent data shared by Santiment shows that the number of CAKE users rose to 14.56% over the past year. Currently, the user count stands at 1.81 million. On top of that, whales or big-scale investors holding 10,000 to 1 million tokens and 10 million to 100 million have also increased in the last four years.  

Additional data provided by Coinglass show that CAKE’s overall OI has surged by 120%. This has hit an all-time high of $86.08 million, with weighted funding clocking in at 0.00047%. Therefore, an increasing open interest and positive finding shows that CAKE is on a bullish run. Therefore, CAKE is a favorable place to invest your money. Follow for more crypto news.