PancakeSwap (CAKE) Soars 9% as Binance Labs Makes a Strategic Investment
The price of PancakeSwap’s native cryptocurrency – CAKE – skyrocketed by as much as 9 percent today as Binance Labs revealed a strategic investment into the decentralized exchange.
- PancakeSwap is the veteran and leading decentralized exchange (DEX) on the BNB Chain, and it has been the predominant one in terms of overall trading volume since its launch.
- Today, the investment arm of the world’s largest cryptocurrency exchange, Binance Labs, revealed that it has made a strategic investment into the utility and governance token of PancakeSwap – CAKE.
PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL (read: total value locked) on BNB Chain, we have and will continue to provide strong support for the project.
- The announcement doesn’t reveal the sum of the investment, but it had an immediate impact on CAKE’s price.
- At the time of this writing, the cryptocurrency is trading at around $4.68, which is an increase of roughly 6%, but it had peaked at slightly below $5 a few hours ago.
- This also comes on the back of a broader market rally where Bitcoin’s price is approaching $31,500, ending the streak of nine consecutive red weekly candle closes.