In a plot twist that would make M. Night Shyamalan weep with envy, PancakeSwap (CAKE) has managed to baste itself in glory, soaring 52.7% in the last 24 hours. It’s like it’s been sprinkled with fairy dust, or perhaps the tears of its competitors.
Since its humble beginnings, PancakeSwap has flipped the crypto world on its head, becoming the cool kid at the automated market maker party across blockchains like BNB Chain, Ethereum, Aptos, and Polygon. Right now, it’s got a sweet $1.85 billion total value locked in its metaphorical oven.
And talk about baking up a storm! PancakeSwap has been out-trading its DEX rivals, like Uniswap and Raydium, with a total volume that’s as eye-watering as a ghost pepper: $21.2 billion in the past week. Hot tamale!
Adding a cherry on top, former Binance CEO Changpeng Zhao gave the community a little nod, and suddenly it’s like everyone’s at a cake walk.
Not a competition. But just the beginning. 🙏
— CZ 🔶 BNB (@cz_binance) February 12, 2025
Then, as if by magic, CAKE’s price got an extra boost from Binance Wallet’s exclusive token generation event for MyShell.AI. It’s like CAKE got ahold of a magical growth potion and just can’t stop, won’t stop.
And guess what? More people want a slice of this CAKE. According to Santiment data, the number of CAKE holders has jumped 14.56% over the past year to 1.81 million. It’s a regular cake party!
Large holders, those with enough CAKE to open a bakery, have been on a buying spree, increasing their holdings noticeably in just four days. It’s like they’re preparing for a CAKE-pocalypse.
In a move that would make any dietitian cringe, over 91 million CAKE were withdrawn from centralized exchanges in the past 24 hours. CAKE’s trending more than a viral dance on CoinGecko.
Futures Traders Are Licking Their Lips Over CAKE
Looking at the futures market, traders are so bullish on CAKE they might as well be wearing CAKE-themed party hats. CoinGlass data shows CAKE’s open interest has surged 120%, hitting an all-time high of $86.08 million. It’s like the entire market is playing a game of musical chairs, and CAKE’s the only chair.
A positive funding rate and a surge in open interest? It’s like everyone’s betting on CAKE to be the life of the party.
Technical indicators are flashing green like a traffic light at a bakery. The MACD line has crossed over, and it’s pointing upwards like a baker’s thermometer in a hot oven. The Aroon indicator is like a party horn, blowing loud and clear for the bulls.
RSI is at 72.5, which, sure, is overbought, but in a strong uptrend, it’s like being the last one standing at a piñata party. And with the momentum CAKE’s got, it might just bash through its December high of $4.32.
As the clock strikes midnight, CAKE is exchanging hands at $2.84, and its market cap is like a giant birthday cake, towering over $860 million.
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2025-02-13 14:05