After a difficult month for the cryptocurrency markets in May, the token is still trading at a price that is 36 percent lower than it was a month ago, which was $7.46.
PancakeSwap is a decentralized exchange (DEX) that was developed on the BNB Chain, and Binance Labs, the venture capital arm of Binance, the world’s most prominent cryptocurrency exchange by trading volume, has made an investment in the company.
As a result of the news made on Monday, the price of CAKE, the native token of the exchange, increased by about 10 percent.
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At the time this story was published, CAKE was trading at $4.77. Despite the recent gains, the token is still trading at a discount of 36 percent compared to its price of $7.46 one month ago. This comes after a difficult month for the cryptocurrency markets in May.
The funding is going to be used to further enhance PancakeSwap’s technology, marketing, and community support. Further, it will also promote Web 3-based services, according to Binance Labs’ plans.
PancakeSwap is an automated market maker (AMM) that was presented in September 2020. It gives users the ability to trade and exchange decentralized finance (DeFi) tokens. With over 400,000 users, it has quickly become the most popular decentralized application (dapp) running on Binance’s blockchain network, BNB Chain.
The amount of the investment was kept confidential throughout the discussion.
There was no one accessible at Binance to provide a remark right away.
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