PancakeSwap (CAKE) price rally explained: BNB ATH, fee orders, and $772B volumes

PancakeSwap’s native token CAKE has returned to the spotlight after months of muted performance, posting one of its strongest rallies in years.

CAKE’s price has climbed more than 23% in the past 24 hours, outpacing the broader crypto market, and extending its monthly gains to nearly 39%.

Currently trading at $3.29, CAKE is trading at its highest level in three months, supported by a surge in trading volumes, fresh product upgrades, and renewed attention to the Binance ecosystem.

BNB surge lifts PancakeSwap

A major catalyst behind CAKE’s breakout is the rally of Binance’s BNB token, which surged to a new all-time high of $1,114.67 on October 3.

BNB price chart | Source: Coingecko

The move, triggered by network upgrades and a short squeeze, drew significant liquidity into the BNB Chain, where PancakeSwap is the dominant decentralised exchange.

With BNB Chain’s total value locked rising to $8.16 billion, PancakeSwap captured roughly a quarter of that activity.

The result was a sharp increase in CAKE trading, with volumes jumping 528% in a single day to $619 million.

Fee-earning limit orders spark demand

Another driver has been PancakeSwap’s introduction of fee-earning limit orders, a feature launched on September 29 that allows users to collect 0.1% in fees when their orders are executed.

This update, designed to blend centralised exchange precision with decentralised finance rewards, immediately attracted both retail and institutional traders.

Over $410 million flowed into CAKE within 24 hours of the rollout, while whale holdings increased by nearly 6%.

In just one day, the feature generated $1.5 million in fees, part of which was burned, enhancing CAKE’s deflationary appeal.

With 10 major trading pairs supported, including CAKE-USDT and ETH-BNB, the product is seen as a crucial step in strengthening user incentives and deepening liquidity.

Technical breakout fuels momentum

CAKE’s rally also coincides with a decisive technical breakout.

The token has surged past the $3.10 resistance level and crossed its 20-day simple moving average at $2.72, triggering automated buying and short liquidations worth over $6 million.

PancakeSwap price analysis | Source: CoinMarketCap

Momentum indicators are leaning bullish, with the MACD showing a crossover and the Relative Strength Index (RSI) approaching 70.

Analysts are eyeing the next resistance near $3.84 if $3.10 holds as support.

But while technical signals support the rally, the risk of a pullback remains if broader sentiment around BNB weakens.

Record trading volumes signal DeFi growth

Beyond short-term price action, PancakeSwap’s broader ecosystem has shown remarkable strength.

In the third quarter, the exchange posted a record $772 billion in trading volumes, a 45% increase from the previous quarter and its third consecutive record since launch.

Cumulative volumes across 10 supported blockchains now exceed $2.49 trillion, while the platform reached 11.8 million users in Q3.

With $2.5 billion in total value locked and multi-chain support spanning BNB Chain, Ethereum, Arbitrum, and Base, PancakeSwap has firmly secured its position as one of the most influential decentralised exchanges.

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