CAKE (PancakeSwap) rose 19.49% in the last 24 hours.

Gate News Bot message, on October 13, according to CoinMarketCap data, as of the time of writing, CAKE (PancakeSwap) is currently priced at $3.31, with a rise of 19.49% in the last 24 hours, reaching a high of $4.57 and a low of $1.79, with a 24-hour volume of $625 million. The current market capitalization is approximately $1.14 billion, an increase of $186 million compared to yesterday.

PancakeSwap is a decentralized exchange (DEX) where users can trade cryptocurrencies instantly across more than 9 blockchains. The platform offers trading fees as low as 0.01% and supports features like liquidity mining and perpetual contract trading. PancakeSwap also provides cross-chain bridging and fiat-to-crypto purchasing services, supporting 11 fiat currencies. According to statistics, PancakeSwap has approximately 4.4 million users in the past 30 days, with a total locked value exceeding 3.1 billion USD.

Important news about CAKE recently:

1️⃣ Continuously reduce token supply PancakeSwap has consecutively reduced the supply of CAKE tokens for 25 months, with a total of 3,191,963 CAKE burned, valued at approximately 12 million USD. This long-term deflationary policy helps enhance the scarcity of CAKE, which may be one of the important factors driving the price rise.

2️⃣ Support for the Binance Ecosystem Binance Wallet collaborates with Klink Finance to launch a new exclusive TGE (Token Generation Event) through PancakeSwap. This high-level ecological partnership not only increases the exposure of PancakeSwap but also strengthens its core position in the DeFi sector, attracting more investor attention.

3️⃣ Market Leadership Consolidation On the cryptocurrency rise list on October 8, CAKE topped with a rise of 15.24%, demonstrating strong market performance. This leading advantage may further stimulate investor confidence and drive subsequent price pumps.

From a technical perspective, the price of CAKE has broken through recent resistance levels, and the volume has significantly increased, indicating strong buying power. On the fundamental side, PancakeSwap's ongoing token burn strategy and its important position in the DeFi ecosystem provide solid value support for CAKE.

This message is not intended as investment advice; investors should be aware of market volatility risks.