PancakeSwap (CAKE) price rises 9% as Binance Labs purchases tokens (via AdamMorganMc)
As a result of the bump in price, CAKE was up 9.8% on the day trading at $4.78 at the time of writing, according toThe token is down considerably from an all-time high of $43.96 on April 30, 2021. This price decline is in line with much of the crypto market as prices have dropped to multi-year lows across the board following a tumultuous month of trading in May.
PancakeSwap is one of the leading decentralized exchanges, having commanded 14.43% of the DEX trading volume in May as it did $18.94 billion in volume, according toBinance Labs stated that the investment was made as part of its ongoing mission to facilitate global blockchain adoption by providing support in key areas such as technology development and marketing and community support.
Bill Qian, head of Binance Labs, said that PancakeSwap has been leading the development and adoption of the BNB chain, before going on to say that it plans to continue to provide strong support for the decentralized exchange. While it's unclear how Binance Labs will be supporting PancakeSwap, beyond purchasing tokens, it is clear that Qian won’t be involved as he isIt was confirmed last week that Qian will depart the business for personal reasons and will follow Nicole Zhang, the firm's executive director who left in May, out the door.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance Labs Invests in DEX PancakeSwap; CAKE Jumps Nearly 10%Binance Labs, the venture arm of Binance, has made an investment in PancakeSwap, the decentralized exchange built on the BNB Chain. By JamieCrawleyCD
Read more »
The $1 Decorating Tool Chloë Sevigny’s Wedding-Cake Baker Uses the MostAfter all, it’s just frosting — if it goes badly, you can always smooth it back out and start over
Read more »
Shirtless David Beckham's cheeky question for Victoria as he shows off cakeDavid Beckham is not only a whizz on the football pitch, but in the kitchen too, as he proudly posted a picture of the sponge cake he made, asking wife Victoria whether she fancies 'a piece', while topless
Read more »
Binance Labs Makes Strategic Investment in PancakeSwap | Binance Blog.BinanceLabs has invested in PancakeSwap's utility and governance token, $CAKE. This investment will provide technology development, marketing and community support as well as Web3 enterprise solutions.
Read more »
Binance Labs Invests in DEX PancakeSwap; CAKE Jumps Nearly 10%Binance Labs, the venture arm of Binance, has made an investment in PancakeSwap, the decentralized exchange built on the BNB Chain. By JamieCrawleyCD
Read more »
Binance Labs Head Bill Qian Steps Down from His RoleBinance Labs' head and executive director stepped down from their roles Binance $BNB WuBlockchain
Read more »