PancakeSwap up 9% when Binance Labs buys large amounts of tokens

PancakeSwap’s CAKE token went up after Binance Labs announced it had purchased many of the project’s tokens. After Binance Labs announced this, CAKE’s price rose 9%.

Due to the price increase, CAKE gained 7.41% during the day at $4.71 at the time of writing, according to Coincu.

Despite today’s bounce, the token is still in a long-term downtrend. The token was considered down from an all-time high of $43.96 on April 30, 2021. This price drop is in line with much of the crypto market as prices have dropped to multi-year lows following a tumultuous month of trading in May. 

PancakeSwap is one of the decentralized brokers with the most significant trading volume in the cryptocurrency market, reaching $18.94 billion in May alone.

This investment is part of Binance Labs’ mission to facilitate the next wave of global blockchain adoption by providing technology development, marketing, community support, and enterprise solutions for Web3 transformation.

Launched in September 2020, PancakeSwap has become the most prominent dApp on BNB Chain, with over 400,000 active users daily.

Bill Qian, Head of Binance Labs, said: “PancakeSwap has led the development and mass adoption of BNB Chain. Because PancakeSwap is the most widely used dApp and the highest TVL DeFi project on BNB Chain, we have been and will continue to be a strong supporter of the project.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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