PancakeSwap was the best-performing top-100 cryptocurrency last week as the volume in its ecosystem surged.
PancakeSwap (CAKE) token rose by nearly 50% in the last seven days. It was trading at $2.57 on Sunday, up 125% from its lowest level this month, giving it a market cap of over $767 million.
PancakeSwap DEX volume hits $1 trillion
DeFi Llama data shows that PancakeSwap’s total volume handled in the last seven days jumped 64% to $28.23 billion, its best performance since November 2021. It also passed a major milestone: its historical volume reached $1 trillion.
PancakeSwap’s volume flipped other popular players in the DEX industry like Raydium (RAY) and Uniswap (UNI). Uniswap handled $15.3 billion, while Raydium’s volume was over $11 billion.
Other large DEX dApps in the Binance Smart Chain ecosystem also had a strong week. Thena’s weekly volume rose by 82% to $1.5 billion, while Dodo and Woofi jumped by 53% and 125%, respectively.
PancakeSwap’s DEX volume has translated to higher fees for the exchange. Its total fees this year rose to $64 million, bringing the 365-day total to $274 million. It has become one of the most profitable players in the DeFi industry.
The network did well because of the growing BSC meme coin ecosystem. One of the most popular meme coins was Broccoli, inspired by Changpeng Zhao’s dog.
CAKE price analysis
The daily chart shows that the CAKE price went parabolic after falling to a low of $1.1855 earlier this month. This was a notable level since it was the lowest level in August last year.
It is also a sign that the token has formed a double-bottom pattern whose neckline is at $4.5856, its highest level on Dec. 4. A double-bottom is one of the most bullish chart patterns in the market.
PancakeSwap price has moved above the 50-day and 200-day Exponential Moving Averages. It is also forming a bullish pennant chart pattern, a popular continuation sign.
Therefore, the path of the least resistance for the CAKE coin price is bullish, with the initial target being at $3.4185, its highest level this week. A break above that level will point to more upside, with the next point to watch being $4.5856, the double-bottom neckline and the ultimate resistance of the Murrey Math Lines tool.
