Despite a steep fall in the price of his native token, Pancakeswap quietly dominates the decentralized Exchange (Dex) landscape.
The Binance-supported platform has informed Rivals on a jump and Raydium (Ray) of the Uniswap (Uni), which processes more than $ 116 billion in monthly volume and yields millions in reimbursements and income. But even if the DEX explosive growth sees in use, cake-the board and utility token-out has gone from a high from Late May from $ 2.95 to around $ 2.30, as a result of asking whether market sentiment are not synchronized with protocol basic principles.
This retreat brought its market rating to around $ 745 million.
Nevertheless, data from Defi Lama shows that Pancakeswap is now the largest player in the decentralized exchange or DEX industry.
The platform has treated more than $ 4.16 billion in volume over the past 24 hours, higher than uniswap’s $ 1.6 billion and Raydium’s $ 529 million. It dealt with $ 116 billion in the last 30 days, while the two processed transactions worth $ 95 billion and $ 27 billion worth $ 95 billion respectively.
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Although Pancakeswap has always been a major player in the Dex industry, its growth increased in May. As the graph below shows, the monthly volume jumped to more than $ 98 billion of $ 31 billion a month earlier in May.
Pancakes WAP DEX VOLUME | Source: Defi Lama
This growth led to a major increase in reimbursements and sales. The monthly reimbursements rose in May to $ 131 million from $ 57 million a month earlier. Sales increased to $ 32 million from $ 14 million. More statistics about active cake addresses and expansion have also jumped.
Cake Price Analysis
Pancakes WAP price chart shows that the cake price on 26 May $ 2.94 peaked and then fell to $ 2.30 today. | Source: crypto.news
Cake has remained above the rising trend line that connects the lowest levels since 11 May. It also remains above the 50-day and 100-day advancing averages.
However, the risk is that token has formed a small head and shoulder pattern. This pattern consists of a head, left and right shoulders and a neckline where it is today.
That is why a break among these support levels will indicate more disadvantage, with the next point to look at $ 2. That means a decrease of 13% below the current level.
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