The hike in CAKE price also aligns with Binance's recent $2 billion investment deal with Abu Dhabi's MGX as Pancakeswap is the largest DEX on the Binance exchange owned BNB Chain.
The native token of Pancakeswap decentralized exchange (DEX), CAKE has pumped 15% as the DEX leads in 24 hour trading volume.
The hike in CAKE price also aligns with Binance’s recent $2 billion investment deal with Abu Dhabi’s MGX as Pancakeswap is the largest DEX on the Binance exchange owned BNB Chain.
According to DeFillama data, Pancakeswap currently holds the second largest position among DEXs in generating 24 hour trading volume. Earlier today, it was at the first place but Uniswap has now secured the leading place, followed by Solana’s Raydium, Meteora and Orca.
At the time of writing, CAKE price is trading at $1.85 while it has surged as high as $1.93 before an hour. The 24 hour trading volume has also increased by 170% for CAKE as it surged past the weekly high.
Although CAKE price is currently down over 30% in the past month as the crypto market witnessed a massive downtrend on Monday.
Pancakaswap has been a leading BNB Chain DEX since its launch in September 2020. It is currently the most reliable and trustworthy DEX in Binance’s wide ecosystem.
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