PancakeSwap's native token, CAKE, has seen a significant price surge of 57% in the past 24 hours, reaching an all-time high of $3.04. This increase in value is due to a surge in trading activity on PancakeSwap, solidifying its position as the leading decentralized exchange (DEX) by volume. The trading activity on PancakeSwap has surpassed other DEXes, with Uniswap coming in second. The surge in trading activity has led to a spike in demand for CAKE, resulting in a 50% increase in its value and a significant uptick in trading volume. The rise in demand is also reflected in CAKE's open interest, which has increased by 61% in the past 24 hours. The price of CAKE is currently supported by its Super Trend indicator and if demand continues to increase, it could break above the resistance at $3.63 and potentially reach its peak price of $5.24. However, profit-taking activity could lead to a price drop below $3.



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