On Thursday (April 29), the price of $CAKE, the governance token for PancakeSwap, which is the leading decentralized exchange on Binance Smart Chain (BSC), got as high as $41.53, setting a new all-time high.
PancakeSwap is “a decentralized exchange running on Binance Smart Chain, with lots of other features that let you trade, earn and win tokens.” The exchange is “an automated market maker (‘AMM’) that allows two tokens to be exchanged on the Binance Smart Chain.” Users “can earn CAKE with yield farms, earn CAKE with Staking, and earn even more tokens with Syrup pools.”
Data by TradingView indicates that at 08:03 UTC on April 29 the $CAKE price reached $41.53.
Currently (as of 09:00 UTC on April 29), $CAKE is trading around $40.24, which means that it is up 13.06% in the past 24-hour period; so far in 2021, $CAKE is up 6,408%.
Earlier today, crypto analyst and investor Andrew Kang said that he thinks there is a 30% chance that $CAKE will have end up with a higher market cap than $UNI, the governance token of Uniswap:
He then went on to explain why he is so bullish on PancakeSwap:
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.