PancakeSwap price had a strong performance in September as demand for top Decentralized Finance (DeFi) tokens rose. CAKE rose to a high of $5.088, which was the highest level since May 12. It has risen by more than 100% from the lowest level this year, giving it a market cap of more than $676 million.
CAKE had a good September
PancakeSwap is a leading player in the decentralized finance industry and is the biggest DEX in the BNB Smart Chain. It is a platform that makes it possible for people to buy and sell cryptocurrencies in a decentralized manner. According to CoinMarketCap, it handles more than $115 million on a daily basis.
Unlike Uniswap and dYdX, PancakeSwap the network makes it possible for people to swap tokens and provide liquidity and earn returns. The network has also expanded its ecosystem to include betting and predictions and even NFT trading.
In total, PancakeSwap has a total value locked (TVL) of more than $2.92 billion. In the past 24 hours, the network raised over $430k in fees leading to revenue of $51k.
CAKE price has done well in the past few months mostly because of the stability of the DeFi industry. Indeed, other DeFi tokens have done well in the past few weeks. This includes tokens like Lido, Aave, Uniswap, and Maker.
After the collapse of centralized projects like Celsius, Vauld, and Voyager Token, many analysts believe that users will continue to move to decentralized platforms. For one, they are more secure than centralized ones because of their open-source nature.
PancakeSwap price prediction
The daily chart shows that the CAKE price has been in a strong bullish trend in the past few days. It has risen by more than 100% from the lowest level in June. The coin has risen above the 25-day and 50-day moving averages. It has also moved slightly above the important resistance level at $4.6 while the Relative Strength Index (RSI) has continued rising.
Therefore, there is a likelihood that the coin will continue rising as bulls target the next key resistance level at $7.5, which is about 60% above the current level. This is an important price since it was the lowest point on April 12.