The token of decentralized finance (DeFi) project PancakeSwap (CRYPTO: CAKE) based on the Binance Smart Chain (CRYPTO: BNB) 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 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.
It’s been 24 hours since we launched the Prediction BETA!
Here’s a couple of stats:
Total volume: 15,976 $BNB ($8.8M)
Biggest round: #208 – 140.25 $BNB ($77k)
— PancakeSwap 🥞 #BSC (@PancakeSwap) April 29, 2021
PancakeSwap and Binance Chain are ecosystems capitalizing on the part of the DeFi craze relocating from Ethereum (CRYPTO: ETH) to flee from its high costs and slowness of its transaction processing.
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.
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