• PancakeSwap (CAKE) remained popular among the whales and recently revealed that it burned CAKE worth over $27 million.
• WhaleStats pointed out that CAKE was on the list of the tokens that the top 100 BSC whales were holding.
• CoinMarketCap’s data revealed that CAKE’s price increased by over 7% in the last 24 hours, and at the time of writing, it was trading at $4.15 with a market capitalization of more than $683 million.
PancakeSwap (CAKE) has been gaining traction among cryptocurrency whales and investors despite the ambiguous market indicators. Recently, the network revealed that it burned CAKE worth over $27 million. This deflationary characteristic of the token kept its market capitalization steady. Moreover, WhaleStats pointed out that CAKE was among the tokens that the top 100 BSC whales were holding. This gave an extra boost to the investors’ confidence.
The price of CAKE has also seen a steady increase. According to CoinMarketCap’s data, the token’s price increased by over 7% in the last 24 hours. At the time of writing, CAKE was trading at $4.15 with a market capitalization of more than $683 million. CryptoQuant’s data showed that the token’s realized capitalization was increasing steadily, which was another indicator of the token’s potential.
PancakeSwap’s continuous efforts to make the platform better, as well as the support from whales, have been the primary drivers of the token’s success. The platform recently introduced NFT-based products, which have also been well-received by the investors. With more people showing interest in the token, it is expected that the CAKE’s price will continue to increase in the near future.