PancakeSwap (CAKE) price jumps more than 9% in 24 hours as trading volume spikes to a high of $2.2 billion

The price of PancakeSwap (CAKE) topped $2.37, the decentralized exchange’s native token rising as crypto joined stocks in climbing amid fresh investor optimism

The price of PancakeSwap (CAKE) has jumped by more than 9% in the past 24 hours as the decentralized exchange saw its daily trading volume spike to a high of $2.2 billion, leading the sector.

The decentralized exchange’s native token topped $2.37 as crypto joined stocks in climbing amid fresh investor optimism on trade talks between the U.S. and China.

While the upside that helped Bitcoin (BTC) break above $103k cascaded into the altcoin market to buoy PancakeSwap, there’s been notable bullishness around CAKE since the token’s dip to and bounce from lows of $1.61 on April 7, with buyers testing and breaking above the key level at $2. In the past month, PancakeSwap’s token price has jumped by more than 26%.

A lot of the upside in the DEX protocol’s market has followed the unveiling of PancakeSwap Infinity.

The protocol’s rebranding went live in late April, with the community upbeat as the significant upgrade brought a new layer of scalability and decentralized finance opportunities and improvements to traders.

PancakeSwap Infinity offers advanced features over the v4 product, including multichain support beyond BNB Chain, and support for concentrated liquidity automated market makers and liquidity book AMMs. CLAMM and BLAMM offer different pool types, giving flexibility to users seeking different liquidity strategies.

Custom fee structures, hooks for customization with dynamic fees, and optimized liquidity returns are another highlight.

🐰♾PancakeSwap Infinity is NOW LIVE! (Formerly PancakeSwap v4) https://t.co/9BMuW3q1M6🔹Multiple pool types for capital efficiency & low price impact 🔹Customize fees & Hooks for better rewards 🔹Save gas on every transaction 🫵Swap & LP on Infinity, starting with @BNBCHAIN… pic.twitter.com/fn7sNFJdW8

— PancakeSwap (@PancakeSwap) April 27, 2024

The DEX’s volume has increased significantly in the past week, with PancakeSwap seeing a 37% increase in trading volume.

In the past 24 hours, as the market rallied, the platform’s 24-hour volume went over $2.2 billion. This came as CAKE jumped more than 9%, with DeFiLlama data showing the volume pump put PancakeSwap top of the leaderboard among DEXes.

Uniswap ranked second with about $2.18 billion in daily DEX volume, but paled in comparison with PancakeScript on the weekly timeframe, with only +3%. Pendle had a 162% jump in daily volume, but it only amounted to about $126 million, according to DeFiLlama.

PancakeSwap has seen a total of over $9 billion in weekly volume, with the DEX market recording $11.4 billion in the past 24 hours and $60.3 billion in the past week.