The BNB channel’s BNB token and the Pancakeswap cake have shaken up low volatility market conditions to reach 9.3% and 35% even as Bitcoin (BTC), the largest cryptocurrency, remained in $ 96,200.
The cake has more than doubled in the last seven days, a decision coinciding with a peak in negotiation volume, with $ 1.1 billion marked in the last 24 hours, according to CoinmarketCap data.
BNB, meanwhile, overthrew the Solana floor token in terms of market capitalization following a series of tweets from the founder of Binance, Changpeng Zhao, who referred to “interact with Memecoins” on the BNB channel.
The movement in the BNB and the cake is correlated because the cake is the native token of decentralized exchange pancakeswap, the largest protocol of the BNB chain.
The increase in activity occurs while Bitcoin experiences a lull. BTC has been negotiated between $ 95,000 and $ 98,000 since February 8.
The action of the beach prices for BTC generally leads to an increase in the activity of alternative cryptocurrencies, or altcoins, because traders tend to seek more speculative bets. In the past 24 hours, Lido, INJ, JTO and Hype have all gained between 7% and 9%.
