A new altcoin project in the decentralized exchange (DEX) market rose as high as 1.463% last month. The exchange and its native token are witnessing enormous trading volumes.
PancakeSwap (CAKE) rose 1.463 percent in one month!
According to CoinGecko, PancakeSwap (CAKE), currently the third largest DEX with over $444 million in daily transaction volume, has outpaced its well-known rival SushiSwap by around $25 million. The PancakeSwap (CAKE) project was launched in late 2020. Running on the Binance Smart Chain platform, PancakeSwap offers investors a cheaper alternative to Uniswap, which is currently dealing with large Ethereum GAS prices.
PancakeSwap does not run on Ethereum, so it does not provide access to ERC-20 assets. Instead, it offers BEP-20 assets built on Binance Smart Chain. Famous cryptocurrency analyst Nicholas Merten says he was impressed by the project. However, the analyst advises investors to wait to see if the astronomical increase in the value of the DEX is the result of a scam and therefore is discontinuous.
Nicholas Merten: I’m watching! I’m impressed with this altcoin project
Successful cryptocurrency analyst and trader Nicholas Merten commented on the explosion in the PancakeSwap project with the following words:
The really positive thing here is PancakeSwap’s contribution to the Binance Smart Chain ecosystem. that it dominates. It’s really nice to see a little more competition coming into this space, it’s a lot more affordable for everyday users… I have to be honest, I definitely missed the train on this one… There are a lot of things we’re looking for truth this year, but I haven’t really seen the Binance ecosystem pick up that much. . So I have to give them props on this bet. The only thing I would say in general is not to exaggerate here. We want to see if it continues here. We want to see more liquidity coming. But I can say that the most valuable thing for this is that it really provides a big boost for the BNB token, especially as everything is improving on Binance Smart Chain. This is an example of ETH being a reserve asset for the Ethereum ecosystem.
As of press time, the new altcoin CAKE is trading at $6.2 and has fallen by 4% in the last 24 hours. Cryptocurrency has a market cap of over $700 million.