The cake, the native Pancakeswap token of decentralized exchange (DEX), reached a 5 -month top in the middle of a wider market rally.
Analysts are becoming more and more optimistic that Altcoin could see other gains, motivated by the latest BNB upward trend (BNB), which propelled it to a new peak just hours ago.
Analysts predict Pancakeswap (Cake) Growth in the middle of all time of BNB
Beincryptto has reported that BNB has been on a remarkable rally lately. The value of the part appreciated 31.4% in the last month. In fact, data on Beincrypto prices have revealed that BNB has reached a summit of $ 860 today.
The increase in the value of Altcoin has aroused growing optimism on what some call a “BNB season”, which could stimulate growth through the BNB ecosystem. In fact, many believe that Pancakeswap, a leading Multi-Chaînes Dex originally built on the BNB channel (formerly Binance Smart Chain), could benefit considerably.
But why does an increase in BNB have an impact on Pancakeswap? According to Defillama data, Pancakeswap is currently the highest DEX in terms of total locked value (TVL) and trading volume on the chain. This strong position within the ecosystem makes the platform a key beneficiary of BNB growth.
Pancakeswap also conducts Dex activity through the wider ecosystem. During the last month, the platform recorded a volume of negotiation of $ 185.329 billion, exceeding competitors like Uniswap, Raydium and Meteora. This highlights the solid position of Pancakeswap on the market.
In particular, the BNB channel represents the majority of users and the volume of trading on Pancakeswap. Dune Analytics data show that the BNB chain has significantly contributed to the activity of Pancakeswap, a number of cumulative users reaching 54.59 million and a total volume of 1.90 billion of dollars.
This deep integration with the BNB chain more solidifies the role of Pancakeswap as a main platform in this growing ecosystem. However, a factor that stands out the most is the impact of the BNB rally on the cake price.
After BNB recorded new heights yesterday, the value of cake jumped to exceed $ 3 for the first time since mid-February. Beincrypto data showed that the price of the token increased 13.4% in the last day. At the time of writing the editorial staff, Cake was negotiating $ 3.23.
Although growth is remarkable, analysts think there is still a range for more.
“When BNB reaches a new summit, the BNB ecosystem will recover strongly, starting with the cake, followed by memes and technological tokens on the BNB channel,” wrote an analyst.
Meanwhile, another analyst said that the cake was “undervalued”. He planned that the DEX token had a lot of space to grow up and could recover his previous peak.
“BNB is negotiated at peaks of all time, while the main DEX token on BSC always has a 15x potential just to recover its previous ATH,” said the post.
While the BNB season is gaining ground, Pancakeswap should benefit from the increased interest in the ecosystem. That the cake actually increases as analysts predict it remains speculative, but the alignment of fundamental factors positions it as a key player in the current DEFI story.
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