BSC Tokens Surge in Value After @cz_binance Activates Network, Boosting PancakeSwap’s Dominance

In a recent resurgence of activity, the Binance Smart Chain (BSC) network is seeing an upward push in the values of several popular decentralized finance (DeFi) tokens.

This is thanks in part to a not-so-strategic move from Binance CEO @cz_binance, who, in late December 2021, appeared to have activated the BSC network by moving $1.5 billion in BSC DeFi tokens into Binance (the centralized exchange). And those DeFi tokens? They’re ones that Binance and its users interact with on a daily basis. Among the BSC DeFi tokens experiencing price gains since the resurgence are the following top three by market cap and 24-hour trading volume: $CAKE, $BAKE, and $BURGER.

In a notable transition for the Binance Smart Chain environment, ongoing developments have elevated BSC tokens to new heights in the cryptocurrency sector. Most importantly, tokens like $CAKE (PancakeSwap’s native token), $BAKE (BakerySwap), and $BURGER (BurgerSwap) have achieved spectacular price surges, which are partially attributable to @cz_binance’s recent choice to enable the network. This clear-sailing decision has given these tokens an added revenue stream, and investor enthusiasm for and on the BSC network has reached new peaks.

Particularly, PancakeSwap has become the clear leader in the space of decentralized exchanges (DEXs), capturing the most trading volume over not just the past 24 hours but also over the past week. As by far the largest DEX on BSC, it has profited from a surge of new capital and liquidity into the BSC ecosystem—an influx that has in turn been driven by the rising popularity of BSC-based projects. With a breath of trading pairs, low fees, and quick transaction times, PancakeSwap keeps pulling in both retail and institutional traders.

The latest figures show that interest in BSC tokens is rising, with $BAKE and $CAKE enjoying some impressive price jumps in the last 24 hours. $BAKE, for instance, surged an incredible 88.38%, while $CAKE jumped more than 40%. These tokens had a good 2021, but they have been rather quiet in 2022; however, they seem to be quite alive now. This also speaks well for $BNB, which after dipping under $600 a couple of weeks back, seems to be rebounding after hitting $715 today. Both the tokens and the Binance network seem to be enjoying some good 2021 vibes right now.

One of the most significant narratives to come out of this BSC revival involves Twitter user Vee (@theveeman). Vee made a clever move earlier today, withdrawing $BAKE and $CAKE tokens worth $1.9 million from Binance. Due to the impressive price action of both tokens, Vee is now looking at a paper profit of around $642,000. This tale of real-time riches emphasizes just how much potential this BSC ecosystem has. Maybe not so surprisingly, the network activation has injected a whole lot of life into the tokens that live within the ecosystem, too.

推特用户 Vee(@theveeman) 8 小时前从 #Binance 提出价值 190 万美金的 $BAKE 和 $CAKE ，现已浮盈 64.2 万美金