Following a significant price rally and a surge in social media attention, traders are watching to see if CAKE can grow its small base of daily onchain traders.
CAKE sees major price and volume jump
CAKE’s price increased by
↗10%
in 24 hours, strongly outperforming the
↗0.45%
average gain for assets in its category. This price move was accompanied by a
↗101%
surge in trading volume over the same period.
Social media buzz contrasts with low daily trader count
The asset saw a
↗295%
increase in social media activity over the past week, with overwhelmingly positive sentiment. However, this contrasts with onchain data showing an average of only 67 unique traders per day.
Automated trading dominates activity amid new token proposal
Data shows that automated trading programs account for
99.94%
of the volume, with large wallets contributing just under
↗6%
of the total. This activity coincides with the introduction of a new
Pancakeswap veCAKE tokenomics model proposal.