Native Token of Pancakeswap raises to 15%

Jul 23, 2021

CAKE, the native token of the decentralized exchange PancakeSwap, has spiked 15% since the project opted to burn $72 million worth of its tokens on Monday. 

It’s good news for the embattled decentralized finance (DeFi) project and its token, which is trading 67% lower from its all-time high of $47.68 witnessed April 30. The crypto is changing hands for around $15.58, according to Binance data. 

Today’s jump in value represents the highest single daily gain for the exchange’s token since June 23. 

The exchange allows users to trade crypto sans centralized intermediary while also keeping custody of a user’s tokens, and is based on the Binance Smart Chain (BSC). 

On April 23, PancakeSwap helped push the total number of transactions on BSC to five times that of Ethereum’s where the exchange contributed more than 20% of BSC’s transactions on the day. 

Source: coindesk.com 

The price surge of cake token is considered as the good sign for defi based decentralized exchanges, As many crypto aspirants are willing to start their own Platform like Pancakeswap, By making use of Pancakeswap Clone Script, one can kick start their own exchange that functions just like pancakeswap. 


Articles authored by  Alice Jenifferze

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