The token of decentralized finance (DeFi) project PancakeSwap CAKE/USD based on the Binance Smart Chain BNB/USD blockchain has seen sharp growth after the successful launch of a new product.
What Happened: According to CoinMarketCap data, PancakeSwap grew over 29% from its 24-hour low of $34 to a high of nearly $44, before correcting to just under $40.72 at press time.
The coin set a new all-time high price of over $40 tonight. This growth follows PancakeSwap's launch successful of a prediction market BETA.
The newly launched service saw a volume of 15,976 BNB over the first 24 hours of operation — equivalent to over $9.5 million as of press time.
PancakeSwap and Binance Chain are ecosystems capitalizing on the part of the DeFi craze relocating from Ethereum ETH/USD to flee from its high costs and slowness of its transaction processing.
See also: DeFi Coins PancakeSwap, UniSwap Hit All-Time Highs Over Ethereum's Gas Problem
According to Benzinga's calculations, an investor who bought $1,000 of BNB would see his coins reach a value of over $13,282 as of April 20 — this would have grown to $15,750 as of press time.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
