PancakeSwap has pulled off a 52.7% rally in the last 24 hours, fueled by its growing presence in the DeFi space. Since launching, PancakeSwap ( CAKE ) has become a leading automated market maker across multiple blockchains, including BNB Chain, Ethereum, Aptos, and Polygon. Right now, it holds a total value locked of about $1.85 billion . Recently, PancakeSwap has been outperforming major DEX rivals like Uniswap and Raydium in terms of trading volume. Over the past week, its total volume hit a whopping $21.2 billion. Adding to the momentum, former Binance CEO Changpeng Zhao reacted to the recent milestone, fueling even more hype within the community. Not a competition. But just the beginning. 🙏 — CZ 🔶 BNB (@cz_binance) February 12, 2025 CAKE’s price saw further upside following Binance Wallet’s exclusive token generation event for the AI agent launch platform MyShell.AI on PancakeSwap. The event likely contributed to increased activity on the platform, potentially driving higher demand for CAKE as traders engaged with its services. An uptick in CAKE holders also accompanied the rally. According to Santiment data, the total number of CAKE holders has surged 14.56% over the past year to 1.81 million. Source: Santiment Notably, large holders who hold 10,000 to 1 million tokens and 10 million to 100 million tokens have increased noticeably over the past 4 days as its weighted social sentiment flipped positive. On top of this, over 91 million CAKE were withdrawn from centralized exchanges in the past 24 hours, according to Coinglass data . When writing, CAKE was also one of the top trending tokens on CoinGecko. You might also like: PancakeSwap expands advanced trading tools to Arbitrum, Linea, and Base Futures traders are bullish on CAKE Looking at its open interest in the futures market, traders are betting on further upside. Additional data from CoinGlass show CAKE’s OI has surged 120% to hit an all-time high of $86.08 million, with its weighted funding at 0.0047%. A positive funding rate, alongside a sharp increase in open interest, typically means that traders are opening more long positions in hopes that the current rally will extend. CAKE price, MACD and Aroon chart — Feb. 13 | Source: crypto.news Technical indicators on the 1-day chart have also flashed bullish signals. The MACD line has crossed over the signal line, with both of them pointing upward, indicating that the bullish rally will continue over the short term. The Aroon indicator confirms this uptrend, with Aroon Up at 100% and Aroon Down at 28.57%, signaling dominant bullish momentum and minimal downward pressure. Its RSI currently sits at 72.5, which, even though in overbought territory, often indicates sustained bullish momentum during strong uptrends, especially when backed by rising open interest and positive technical signals. As such, if momentum persists, CAKE would likely move to retest its December high of $4.32 in the coming days. At press time, CAKE was exchanging hands at $2.84 while its market cap was seated at over $860 million. Read more: PancakeSwap hit $310b in trading volume, up 179% YoY
