Binance Announcement Sparks 30% Surge in PancakeSwap (CAKE) Price
/ Binance’s announcement of the USDⓈ-M CAKE Perpetual Contract ignites a 30% surge in PancakeSwap (CAKE) price, with CAKE trading at $1.59.
By Nilesh Hembade.
Date: 02 Nov 2023, 22:45 PM IST
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PancakeSwap (CAKE), the decentralized finance (DeFi) platform renowned for enabling users to exchange tokens, provide liquidity through farming, and earn fees, is shining brightly in the cryptocurrency landscape today. Over the past 24 hours, the CAKE token has experienced a remarkable surge of +30%. As of the time of writing, the CAKE token is commanding a price of $1.59, bolstering its market cap to a substantial $359 million.
Binance Futures Announcement of PancakeSwap (CAKE):
The reason behind this sudden upswing in CAKE’s value is none other than the recent announcement from Binance Futures. Earlier today, the cryptocurrency exchange giant unveiled its plans to launch the USDⓈ-M CAKE Perpetual Contract, and the release date is set for today itself. What’s more, this derivative contract offers traders the exciting potential to leverage their positions by up to 50 times. It’s worth noting that it has been listed today on the Binance Futures platform.
Binance Futures @binance to introduce USDⓈ-M CAKE Perpetual Contracthttps://t.co/OPoNDk7vGL
— PancakeSwap🥞Everyone's Favorite DEX (@PancakeSwap) November 2, 2023
as per announcement, USDⓈ-M CAKE Perpetual Contract has been launched by binance futures and currently live on exchange.
The 30% price surge in CAKE and the launch of the USDⓈ-M CAKE Perpetual Contract mark a significant moment in cryptocurrency market today.
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