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Why DeFi Cryptocurrency PancakeSwap (CAKE) Is Skyrocketing Today

The token of decentralized finance (DeFi) project PancakeSwap (CRYPTO: CAKE) based on the Binance Smart Chain (CRYPTO: BNB) blockchain has seen sharp growth after the successful launch of a new product.

What Happened: According to CoinMarketCap data, PancakeSwap grew over 29% from its 24-hour low of $34 to a high of nearly $44, before correcting to just under $40.72 at press time.

The coin set a new all-time high price of over $40 tonight. This growth follows PancakeSwap’s launch successful of a prediction market BETA.

The newly launched service saw a volume of 15,976 BNB over the first 24 hours of operation — equivalent to over $9.5 million as of press time.

PancakeSwap and Binance Chain are ecosystems capitalizing on the part of the DeFi craze relocating from Ethereum (CRYPTO: ETH) to flee from its high costs and slowness of its transaction processing.

See also: DeFi Coins PancakeSwap, UniSwap Hit All-Time Highs Over Ethereum’s Gas Problem

According to Benzinga’s calculations, an investor who bought $1,000 of BNB would see his coins reach a value of over $13,282 as of April 20 — this would have grown to $15,750 as of press time.

© 2021 Benzinga does not provide investment advice. All rights

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