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PancakeSwap's CAKE, BNB Lead Market as Bitcoin Range Tightens
The move comes as bitcoin has stuttered around $96,000.
Feb 13, 2025, 12:19 p.m.
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What to know:
- CAKE has risen by 35% in the past 24 hours and 107% in the past week alongside a spike in trading volume.
- BNB has also experienced upside, surging by 9.3% after a series of tweets from Binance founder Changpeng Zhao.
- Bitcoin trades at $96,200 having remained in a tight range since Feb. 8.
BNB Chain's BNB token and PancakeSwap's CAKE bucked low-volatility market conditions to rally 9.3% and 35% respectively even as bitcoin (BTC), the largest cryptocurrency, remained rangebound at $96,200.
CAKE has more than doubled over the past seven days, a move coinciding with a spike in trading volume, with $1.1 billion being notched in the past 24 hours, according to CoinMarketCap data.
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BNB, meanwhile, flipped Solana's SOL token in terms of market cap following a series of tweets from Binance founder Changpeng Zhao, who hinted at "interacting with memecoins" on the BNB Chain.
The move in BNB and CAKE is correlated because CAKE is the native token of decentralized exchange PancakeSwap, the largest protocol on BNB Chain.
The increase in activity comes as bitcoin experiences a lull. BTC has traded between $95,000 and $98,000 since Feb. 8.
Rangebound price action for BTC typically leads to a rise in activity in alternative cryptocurrencies, or altcoins, because traders tend to look for more speculative bets. In the past 24 hours LIDO, INJ, JTO and HYPE have all gained between 7% and 9%.
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Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
What to know:
- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
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