PancakeSwap Price Rises 7% to $2.652 as of 1:35 AM EST
The price of PancakeSwap has increased by 7% in the past 24 hours, reaching $2.652, as of 1:35 AM EST. Along with this surge in price, trading volume has also increased by 145%. This recent pump in price occurred after a mysterious tweet by PancakeSwap led to speculation about an announcement, causing the price to rise by 150% in November.
Additional Bullish Drivers For PancakeSwap Price
There are several positive factors contributing to PancakeSwap’s price increase. The network has implemented a token-burning mechanism to diminish the circulating supply of CAKE tokens. Approximately 8,743,965 CAKE tokens have been burned by the network, amounting to around $23.2 million according to current rates.
PancakeSwap Gaming Marketplace Launched
In addition, the launch of the PancakeSwap Gaming Marketplace, which is a platform for gaming enthusiasts to create and play games, has further driven the price up. Players can currently enjoy two games, Pancake Protectors and Binary X’s Pancake Mayor, on this platform. This innovation has propelled PancakeSwap to the top three positions on the Ethereum blockchain in terms of volume metrics.
PancakeSwap Price Prognosis As Network Forays Into Gaming Space
As PancakeSwap continues to trade above the 78.6% Fibonacci retracement level at $2.466, it remains on an uptrend. Additionally, the Relative Strength Index (RSI) indicates the potential for further gains in the price. Traders responding to this sign may witness an extension of PancakeSwap’s price, reaching as high as $3.000, constituting a 15% climb above current levels.
Hot Take
PancakeSwap Making Big Moves in the Crypto Space
As PancakeSwap experiences a surge in price, driven by various factors such as a token-burning mechanism and the launch of a gaming platform, it appears the network is poised for further gains. The positive market indicators suggest a promising future for PancakeSwap as it continues its upward trajectory. With the recent launch of the PancakeSwap Gaming Marketplace and burning of CAKE tokens, this crypto project is making significant strides in the industry.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.