PancakeSwap’s native token CAKE has returned to the spotlight after months of muted performance, posting one of its strongest rallies in years.

CAKE’s price has climbed more than 23% in the past 24 hours, outpacing the broader crypto market, and extending its monthly gains to nearly 39%.

Currently trading at $3.29, CAKE is trading at its highest level in three months, supported by a surge in trading volumes, fresh product upgrades, and renewed attention to the Binance ecosystem.

A major catalyst behind CAKE’s breakout is the rally of Binance’s BNB token, which surged to a new all-time high of $1,114.67 on October 3.

The move, triggered by network upgrades and a short squeeze, drew significant liquidity into the BNB Chain, where PancakeSwap is the dominant decentralised exchange.

With BNB Chain’s total value locked rising to $8.16 billion, PancakeSwap captured roughly a quarter of that activity.

The result was a sharp increase in CAKE trading, with volumes jumping 528% in a single day to $619 million.

Another driver has been PancakeSwap’s introduction of fee-earning limit orders, a feature launched on September 29 that allows users to collect 0.1% in fees when their orders are executed.

This update, designed to blend centralised exchange precision with decentralised finance rewards, immediately attracted both retail and institutional traders.

Over $410 million flowed into CAKE within 24 hours of the rollout, while whale holdings increased by nearly 6%.

In just one day, the feature generated $1.5 million in fees, part of which was burned, enhancing CAKE’s deflationary appeal.

With 10 major trading pairs supported, including CAKE-USDT and ETH-BNB, the product is seen as a crucial step in strengthening user incentives and deepening liquidity.

CAKE’s rally also coincides with a decisive technical breakout.

The token has surged past the $3.10 resistance level and crossed its 20-day simple moving average at $2.72, triggering automated buying and short liquidations worth over $6 million.

Momentum indicators are leaning bullish, with the MACD showing a crossover and the Relative Strength Index (RSI) approaching 70.

Analysts are eyeing the next resistance near $3.84 if $3.10 holds as support.

But while technical signals support the rally, the risk of a pullback remains if broader sentiment around BNB weakens.

Beyond short-term price action, PancakeSwap’s broader ecosystem has shown remarkable strength.

In the third quarter, the exchange posted a record $772 billion in trading volumes, a 45% increase from the previous quarter and its third consecutive record since launch.

Cumulative volumes across 10 supported blockchains now exceed $2.49 trillion, while the platform reached 11.8 million users in Q3.

With $2.5 billion in total value locked and multi-chain support spanning BNB Chain, Ethereum, Arbitrum, and Base, PancakeSwap has firmly secured its position as one of the most influential decentralised exchanges.

The post PancakeSwap (CAKE) price rally explained: BNB ATH, fee orders, and $772B volumes appeared first on Invezz

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