Pancakeswap (Cake Coin) gained almost 50 %in the last seven days and attracted the attention of crypto investors. This impressive rise gained momentum with the exceeding $ 1 trillion of the total trading volume of Pancakeswap. So, can this acceleration Cake carry the price even higher?
Pancakeswap volume at the summit
According to Defi Llamam data, Pancakeswap’s transaction volume in the last seven days increased by 64 %and reached $ 28.23 billion. This performance was the highest level since November 2021. Pancakeswap thus became the leader of the market, leaving great rivals such as Raydium and Uniswap behind.
During this period, other non -decentralized practices on Binance Smart Chain (BSC) performed strongly. The Weekly volume of Thena increased by 82 %to $ 1.5 billion. Dodo and Woofi have grown by 53 %and 125 %, respectively.
Will the Cake price continue to rise?
The daily graph shows that the price of Cake has recovered from $ 1.18 at the beginning of this month and increased to $ 2.57. This movement created a double foot formation, which is often considered a strong rise signal.
The Cake price increases more than 50 and 200 -day exponential moving averages and points to more rise potential. The first target can be $ 3.41. If this level is broken, the price of Cake can rise to $ 4.58, and this level is critical as the neckline of the double foot formation.
Breast Coin Ecosystem supports Cake Coin price
An important reason for this powerful performance of Pancakeswap was the growing breast coin ecosystem in Binance Smart Chain. Popular breast coin projects such as Broccoli continue to attract investors. Inspired by Changpeng Zhao’s dog, Broccoli Token was one of the main factors that increased the volume of the ecosystem.
This trend directly contributed to Pancakeswap’s trading volume and created more attention for Cake Coin. If the breast coin craze continues, the growth of Pancakeswap is thought to be sustainable. Investors are already following these opportunities. The continuation of this growth trend can carry Cake price to higher levels and offer new opportunities for investors.
