4 months ago
BNB Chain's BNB token and PancakeSwap's CAKE bucked low-volatility marketplace conditions to rally 9.3% and 35% respectively adjacent arsenic bitcoin (BTC), the largest cryptocurrency, remained rangebound astatine $96,200.
CAKE has much than doubled implicit the past 7 days, a determination coinciding with a spike successful trading volume, with $1.1 cardinal being notched successful the past 24 hours, according to CoinMarketCap data.
BNB, meanwhile, flipped Solana's SOL token successful presumption of marketplace headdress pursuing a bid of tweets from Binance laminitis Changpeng Zhao, who hinted astatine "interacting with memecoins" connected the BNB Chain.
The determination successful BNB and CAKE is correlated due to the fact that CAKE is the autochthonal token of decentralized exchange PancakeSwap, the largest protocol connected BNB Chain.
The summation successful enactment comes arsenic bitcoin experiences a lull. BTC has traded betwixt $95,000 and $98,000 since Feb. 8.
Rangebound terms enactment for BTC typically leads to a emergence successful enactment successful alternate cryptocurrencies, oregon altcoins, due to the fact that traders thin to look for much speculative bets. In the past 24 hours LIDO, INJ, JTO and HYPE person each gained betwixt 7% and 9%.
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