PancakeSwap's CAKE Token Skyrockets by 57% in 24 Hours, Reaches All-Time High

In a remarkable turn of events, PancakeSwap's native token, CAKE, has surged by an impressive 57% within the past 24 hours, marking a new all-time high of $3.04 at the time of writing.

This unprecedented price hike comes as PancakeSwap witnesses a surge in trading activity, affirming its dominance as the leading decentralized exchange (DEX) by trading volume.

PancakeSwap's Trading Volume Surpasses Competitors

According to DeFiLlama, trading volume on PancakeSwap has skyrocketed to $3.02 billion in the past day, outpacing other major DEXes. Uniswap trails closely behind with $2.89 billion in trading volume during the same period.

The surge in trading activity has fueled a substantial increase in demand for CAKE, propelling the altcoin's value by over 50% to its current peak of $3.04.

The surge in trading volume has also led to a sharp increase in CAKE's trading activity in spot markets, with the volume reaching $1.04 billion, marking a staggering 311% surge.

Market participants have shown strong interest in CAKE, as reflected by the 61% increase in open interest, reaching a three-month high of $61 million at present.

Bullish Momentum for CAKE Price

On the technical side, CAKE is currently riding above its Super Trend indicator, providing dynamic support at $1.95. This indicator suggests a bullish trend when the asset's price is above the green line, indicating potential for upward movement fueled by buyers' optimism.

If the current demand persists, CAKE's price could aim to break the resistance barrier at $3.63, potentially propelling the token to a new peak of $5.24, last seen in March 2024.

However, profit-taking activities could alter this bullish trajectory, leading to a price correction below $3 to around $2.90.

Overall, the surge in CAKE's value and trading activity suggests strong market demand and investor confidence, highlighting the potential for further growth in the coming days.