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PancakeSwap’s $CAKE stands out with a 92% gain on the weekly timeframe, fueled by the introduction of a new feature on its platform.
PancakeSwap rallies
Decentralized exchange PancakeSwap’s native token, $CAKE, is causing a stir in the cryptocurrency world. In seven days, $CAKE’s price has soared by a remarkable 92%, now trading at $2.38. This surge comes after the latest innovation on its platform.
PancakeSwap recently unveiled its Position Manager tool, a feature that’s turning heads in the defi space. This tool allows users to effortlessly deposit their funds into a vault, which are then automatically allocated to liquidity pools for yield farming.
This innovative automation enhances capital efficiency, potentially yielding higher returns compared to manual yield farming.
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The PancakeSwap team elaborated on the advantages of the Position Manager in a blog post. This tool opens the door to more efficient liquidity provisioning, providing users with a seamless way to increase their yields. It’s a prime example of defi evolving to cater to user needs and preferences.
At the time of writing, $CAKE is exchanging hands for $2.38, with a 24-hour trading volume of approximately $523,350,958.34, according to CoinGecko.
In the last 24 hours, $CAKE has witnessed a 32.43% price increase, reflecting the bullish sentiment surrounding this token. PancakeSwap’s total market capitalization has reached $553,286,939, reinforcing its strong presence in the defi sector.
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Other defi tokens have also experienced positive price changes. Uniswap (UNI) has seen a 12.27% increase over the week, indicating growth in a competitive market.
SushiSwap (SUSHI) has shown a rise of 58.12% during the period, suggesting strong interest and activity within the SushiSwap ecosystem.
THORChain (RUNE), a defi protocol, has recorded a 34% price increase, solidifying its presence in the space. The Graph (GRT) has seen a rise of 21.62% over the week, demonstrating its appeal to defi enthusiasts.
Ethereum holders hold steady
In addition to these significant price movements in the DeFi space, Ethereum ($ETH) holders have also attracted attention if data from Glassnode is anything to go by. The number of $ETH supply that was last active between seven and 10 years ago has reached an all-time high, hitting over 5.3 million $ETH.
This indicates that long-term $ETH holders remain committed to their positions and choose not to sell their assets despite fluctuations in the market. On the other hand, the number of addresses holding 1,000+ $ETH tokens has dropped to a five-year low with over 6,000 addresses.
This data suggests that whales may not be as interested in accumulating large amounts of $ETH as they were in the last five years.
Read more: Pancakeswap up 29% in 24 hours after new feature launch
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coindesk.com
cryptopolitan.com