Monday, November 28, 2022

PanackeSwap Surges 9% As Binance Labs Makes Strategic Investment

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PancakeSwap surges 9% as Binance labs make a strategic investment we can see more today in our latest Binance news today.

The price of PancakeSwap surges 9% after binance revealed a strategic investment in the platform and now CAKe skyrocketed by about 9% as the exchange revealed a strategic investment in the decentralized exchange. PancakeSwap is a veteran and leading DX on the BNB chain and now has been in terms of overall trading volume since the launch. Today, the investment branch of the world’s biggest exchange, Binance Labs revealed that it made a strategic investment into the utility token of PancakeSwap.

PancakeSwp has been the leader in the development and mass adoption of the BNB chain and given that the platform is the most widely used dapp and DEFI project with the highest TVL, it will continue to provide strong support for the project. The announcement didn’t reveal the sum of the investment but had an immediate impact on the CAKE price. At the time of writing, the crypto is trading at $4.68 which is an increase of 6% but then peaked below $5 a few hours ago. This also came on the back of the broader market rally where the BTC price is approaching  $31,500 which needs the streak of nine consecutive red weekly candles.

cake price
CAKE 24-hour Price Chart (Source: Coingecko)

As recently reported, Binance’s venture capital branch announced it invested in cAKE as the utility and government token of PancakeSwap. The undisclosed investment is part of hte entity’s mission to facilitate the new wave of global blockchain adoption and provide technology development, community support, and marketing as Binance Labs reported.

Launched back in 2020, PancakeSwap is an automated market maker whcih allows users to trade, swap, and stake BEP-20 tokens that are issued on the Binance BNB chain. According to Binance Labs, the platform is now the network’s biggest dapp with more than 400,000 daily active users. In terms of total value locked, the DEFI lama reports show that it now boasts $4.82 billion and makes BNB Chain’s most valuable application. Boasting $387 million in trading volume in the past day, PancakeSwap is the latest iteration of the protocol and is now the third biggest DEX behind Uniswap and DYDX.

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