CAKE (PancakeSwap) rose 7.69% in 24 hours

Gate News Bot news, on September 17, according to CoinMarketCap data, as of the time of writing, CAKE (PancakeSwap) is currently priced at $2.64, with a rise of 7.69% in the last 24 hours, reaching a high of $2.66 and a low of $2.43. The current market capitalization is approximately $912 million, an increase of $65.1 million compared to yesterday.

PancakeSwap is a decentralized exchange where users can trade cryptocurrencies instantly on over 9 blockchains. The platform offers a variety of features including token swaps, liquidity provision, perpetual contract trading, and prediction markets. PancakeSwap also supports the purchase of cryptocurrencies with various fiat currencies and provides cross-chain bridging services. In the last 30 days, PancakeSwap has approximately 4.4 million users, with a total trading volume of over 32.3 million transactions and a total locked value of over $3.1 billion.

Important news about CAKE recently:

1️⃣ Decentralized Euro Stablecoin dEURO launched on CAKE wallet The PancakeSwap ecosystem welcomes an important update, with the decentralized Euro stablecoin dEURO officially launched in the CAKE wallet. This initiative expands the stablecoin application scenarios of PancakeSwap, providing users with more diversified trading options and is expected to attract more European users to participate in the PancakeSwap ecosystem.

2️⃣ The user base of PancakeSwap continues to expand As of the latest statistics, the number of users on the PancakeSwap platform has reached approximately 4.4 million, with a total trading volume exceeding 32.3 million transactions. The continuous expansion of the user base reflects the sustained growth of PancakeSwap in the decentralized exchange market and an increase in user recognition, providing solid support for the value of CAKE tokens.

3️⃣ Total Value Locked (TVL) Remains High PancakeSwap's current total locked value exceeds $3.1 billion, demonstrating the platform's strong liquidity and user confidence. High TVL not only enhances PancakeSwap's market competitiveness but also provides strong support for the price performance of CAKE tokens.

From a technical perspective, after CAKE broke through the key resistance level of $2.60, it is expected to continue rising in the short term. However, considering the overall volatility of the cryptocurrency market, investors still need to pay close attention to the potential risk of a pullback.

This message is not an investment advice; investors should be aware of market volatility risks.