The booming decentralized exchange Pancakeswap is on a roll currently. It has broken its all-time high volumes and prices from the last couple of days. CAKE now stands at $23.27, and is poised to rally even higher with many developments in the pipeline.
The major fuel for this growth is Ethereum’s high gas fees and the postponement of the Layer 2 solution to July. pancakeswap is cost-effective for traders as it charges just cents of a dollar for transactions.
Pancakeswap even took a dig at Ethereum on Twitter yesterday, they tweeted that its router had nearly 900K transactions yesterday, whereas the whole Eth blockchain had 1.3M transactions.
Events Fueling the CAKE Price
Pancakeswap has a huge token burn coming up on the 10th of April. This is going to be the biggest ever burn of 4,274,788 tokens worth a whopping $73Million USD. this event will create scarcity amidst growing demand, resulting in a huge price spike.
The next interesting event is the Pancakeswap Lottery, which happened on April 8, which was the biggest pot to date, with $2.4 Million that is 104640 CAKE in the lottery.
With the platform growing in popularity, the lottery had many participants too.
The most important of all the developments is Pancakeswap Version 2 launch happening this Quarter. This will essentially bring in more traction and users, increasing its volume and price and putting it on the map, just like Uniswap did after its version 2 launch.
At the time of writing, Pancakeswap is trading at $23.27 with a #41 market cap rank. It has made significant growth of 82.1% in the last 30 days according to Coingecko.