CAKE Enters CMC Trending List Following PancakeSwap’s AMA Session

Decentralized exchange (DEX) PancakeSwap is trending in the crypto market following its recently held AMA session.

The price of PancakeSwap’s token, CAKE, has been on the rise for the last week and month and is up 15.18% and 28.81% respectively at the time of writing. Although the project has made its way to the top 10 list of trending projects on CoinMarketCap, CAKE has started the week with a deviation from its month-long bullish price trend.

At press time, CAKE starts its week down around 3.43%, as can be seen from the image below.

Currently, CAKE’s market cap stands at $2,684,850,309, making it the 42nd biggest cryptocurrency project in the space in terms of market cap.

The 24-hour trading volume of CAKE stands at $199,544,687, this is relatively low compared to the other top 10 trending projects. In comparison, STEPN, which is number 1 on the list, has a 24-hour trading volume of $1,829,583,133.

CAKE making its way to the trending list could be due to the recently held Ask Me Anything (AMA) session that was hosted by the PancakeSwap team. One of the major takeaways from the session was when the team leaked the fact that they will continue to add utility to their new fixed stake offering.

Staking is one of the most popular passive income opportunities in the crypto space, and the announcement that PancakeSwap will be launching its own fixed term staking pool coupled with the leak that they will be adding more utility to the pool has clearly been welcomed by the crypto community.

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