BNB Chain’s BNB token and PancakeSwap’s CAKE are up 9.3% and 35% respectively, even as Bitcoin (BTC) remains around $96,200.
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PancakeSwap’s CAKE and BNB Lead the Market as Bitcoin Stagnates
CAKE’s Rally and BNB’s Market Return
- According to CoinMarketCap data, CAKE has more than doubled in the past week, with $1.1 billion in trading volume recorded in the past 24 hours.
- BNB has overtaken Solana’s SOL in the market cap rankings following tweets from Binance founder Changpeng Zhao hinting at an increasing focus on memecoins within the BNB Chain ecosystem.
- The correlation between BNB and CAKE stems from PancakeSwap’s status as the largest decentralized exchange (DEX) on the BNB Chain, with CAKE serving as the native token.
Bitcoin’s Rangebound Trading Boosts Altcoins
BTC has shifted trader focus to altcoins, trading between $95,000 and $98,000 since Feb. 8. Over the past 24 hours, LIDO, INJ, JTO, and HYPE have all gained between 7% and 9% as traders look for more speculative opportunities.
As Bitcoin’s momentum slows, altcoins like CAKE and BNB are gaining more traction, fueling speculation about a broader altcoin season.
*This is not investment advice.
Continue Reading: While Uncertainty Continues in the Cryptocurrency Market, These Two Altcoins Separated Positively from the Market! Here Are the Details
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