PancakeSwap’s CAKE token has skyrocketed by 35% in the past 24 hours and an impressive 107% over the last week. This surge coincides with a significant spike in trading volume, reaching $1.1 billion in the past 24 hours. BNB Chain’s BNB token also saw a notable increase, rallying by 9.3%. This growth in BNB and CAKE is linked, as CAKE is the native token of PancakeSwap, the largest protocol on BNB Chain. Meanwhile, Bitcoin (BTC) has remained rangebound at $96,200 since February 8, trading between $95,000 and $98,000. This lull in Bitcoin’s price action often leads to increased activity in alternative cryptocurrencies, with tokens like LIDO, INJ, JTO, and HYPE gaining between 7% and 9% in the past 24 hours.
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