Over the past 24 hours, there has been significant growth for the PancakeSwap network. According to data from CoinGecko, the network saw a gain of 11% over a 24-hour period. In reality, CAKE was the most traded highlight token on the BNB Chain. With a sales volume of $82,772,676, CAKE was ahead of tokens like GAL and BSWwhich followed it closely with sales volume of $55,461,497 and $10,865,393 respectively.
In addition, the latest data of DefiLlama showed that PancakeSwap with a total value locked (TVL) of $2.89 billion, is a leading DeFi protocol on the BSC chain. For context, the total TVL for all protocols on the BSC network was $5.83 billion. With a TVL of 2.89 billion dollars, PancakeSwap seems to have 50% of the market share.
It’s a CAKE party!!!
Since many crypto assets have been making profits in the past 24 hours, CAKE tokens were not left out. trade at $2.95 per CAKE At the time of writing, a price increase of 11% was registered in the last 24 hours. During the June 19 trading session, CAKE rose to USD 3.06. In addition, greater trading activity was noted, with a 15% growth in trading volume.
At 12:43 PM, the MFI indicated that CAKE was heavily oversold. After a rise in price, this represented a bearish divergence. This showed that buying pressure has eased and sellers are gearing up to take over the market.
At the time of going to press, the Relative Strength Index (RSI) was also locked at 31 in a downward curve.
Down since April…
On-chain analysis revealed a gradual decline in CAKE’s social dominance and volume since April. Last week, however, the token’s social dominance peaked at 2.23% on June 15. After that, it suffered a decline, forcing it to mark a 0.801% spot at press time.
Social volume also reached a high of 2,194 on June 15, after which it declined in value. At the time of going to press, it was pegged at 602 and lost more than 72% of its value in just about five days.
Interesting, according to data from CoinGecko, PancakeSwap ranks highly among decentralized exchanges by volume. Also, data of Nomics revealed a drop in trading volume on the platform over the past week.
This post Are the last 24 hours enough for investors to have a piece of CAKE?
was published first on https://ambcrypto.com/are-the-last-24-hours-enough-for-investors-to-have-a-piece-of-cake/