Altcoin
PancakeSwap Price Rallies As Trading Volume Tops $2.5B; What’s Happening?
PancakeSwap price has led the broader market gains this Saturday, soaring nearly 10% amid renewed market interest. The protocol’s trading volume in the past 24 hours topped $2.5 billion, overtaking Uniswap and securing the pole position in terms of trading volume on DEXs. Notably, this market upswing is fueled by the recent BSC meme frenzy, per DeFiLlama statistics.
PancakeSwap Price Soars As Trading Volume Tops $2.5B; Here’s Everything
According to DeFiLlama data on March 22, PancakeSwap was the top DEX in terms of intraday trading volume, boasting $2.542 billion. This massive volume is more than double the second-largest DEX Uniswap, per on-chain statistics.
The weekly trading volume for the same came in at $15.46 billion, up 73% in the last seven days. Overall, the massive boost in volumes is attributed to the BSC meme frenzy, according to Wu Blockchain on X.
In the interim, CoinGape found that DeFiLlama’s intraday data also underscored rising volumes due to BNB Chain projects. Currently, PancakeSwap is the only DEX with a weekly trading volume of more than 10 billion, underlining a milestone feat. As an upshot, the DEX’s native coin also witnessed an upswing of nearly 10%.
PancakeSwap Price Overview
The native coin CAKE price witnessed gains worth 10% intraday and exchanged hands at $2.62. The crypto bottomed and peaked at $2.36 and $2.83 in the past 24 hours.
Market participants also appear to be optimistic about price movements, as indicated by the native coin’s intraday trading volume surge of 86% to $483.18 million. As mentioned above, this bullish action reflects rising market interest in the asset, escorted by burgeoning volumes.
Derivatives Market Adds Market Optimism
On the other hand, the derivatives market also saw a substantial money influx, offering market support to the DEX project. CAKE futures OI gained nearly 15% over the day, reaching $85.36 million. Also, the derivatives volume rose by 146% to $867 million today. This data signaled heightened market interest in PancakeSwap price actions.
Altogether, on-chain and market data collectively indicate a highly bullish sentiment for the token prevailing among traders and investors. This optimism is primarily dominated by BSC meme frenzy, potentially corresponding to the recent rise of meme coins like MUBARAK and BabyDoge Coin, among others.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ending a five-week streak of withdrawals, digital asset investment products saw a weekly inflow of $644 million. XRP and Bitcoin dominate the positive sentiment, marking a combined net inflow of $730 million. In the latest XRP news, the Ripple coin secured the second spot, contrasting with Ethereum, which experienced the highest outflows.
Let’s analyze the positive momentum of XRP and BTC, and explore its potential impact, especially in light of their ongoing rivalry.
XRP News: Bitcoin and Ripple Coin Lead Weekly Inflows
According to CoinShares’ weekly report, the digital asset investment products marked a total inflow of $644 million. While Bitcoin dominated the inflows with a staggering $724 million, XRP ranked second with a notable inflow of $6.7 million.
Closely following XRP is Solana, with a notable inflow of $6.4 million. Other altcoins like Polygon and Chainlink have also seen modest gains of $0.4 million and $0.2 million, respectively.
Notably, Ethereum is the largest loser with a weekly outflow of $86 million. Sui and Short Bitcoin have also experienced significant outflows. Altcoins including Polkadot, Tron, and Algorand have also reported outflows of $1.3m, $0.95m, and $0.82m, respectively.
Bitcoin Sets Trend Reversal
For five consecutive weeks, the digital asset investment products had experienced a negative sentiment, marking significant outflows. Although Bitcoin bore the brunt of the outflows, it has now become the trendsetter, emerging as the biggest gainer of the week.
This development occurs amidst the increasing rivalry between XRP enthusiasts and Bitcoin maximalists. As XRP’s potential inclusion in the US reserve has sparked intense debate, Bitcoin manages to maintain its positive sentiment. Recently, XRP lawyer Bill Morgan highlighted the Trump government’s lean towards Bitcoin, asserting that it could undermine the country’s crypto initiatives.
XRP Wins Japanese Payment Deal
Adding intrigue to the prevailing positive sentiment, a Japanese real-estate firm, Open House, has embraced XRP, DOGE, and SOL for payments. This marks a significant milestone for XRP’s adoption.
Amidst the ongoing Bitcoin vs XRP debate, Bill Morgan ridiculed BTC for being snubbed by the company, which instead chose XRP, along with Dogecoin (DOGE) and Solana (SOL). His tweet read, “But not Bitcoin for payments?”
However, his tweet was promptly contradicted as Open House previously selected BTC and ETH for payments. In January, the real-estate firm embraced debuted crypto payments Bitcoin and Ethereum. In the latest development, the company expanded its crypto payment options, including XRP, DOGE, and SOL.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Donald Trump’s World Liberty Financial has again sent shockwaves across the broader market with its recent token accumulation saga this Monday. The U.S. President-backed firm accumulated nearly $3M worth of MNT tokens, bringing its total Mantle Network holdings to a whopping 6 million tokens. Notably, this accumulation follows a major mainnet hard fork upgrade on the crypto’s ecosystem.
Trump’s World Liberty Financial Stacks Up MNT Amid Hard Fork Upgrade
The latest data from Arkham Intelligence suggests that World Liberty Financial swapped 3 million USDC for 3.54 million Mantle Network coins. With this recent accumulation, the firm’s MNT holdings totaled 5.99 million tokens at an average price of $0.78.
Intriguingly, CoinGape found that the firm also bagged 725.568K coins a week ago, per Arkham data. Another transaction from the same time period surfaced, showcasing 884.726K coin accumulation for the same crypto.
Overall, WLFI accumulations occur in tandem with the completion of Mantle Network’s mainnet hard fork upgrade, which sparked significant investor curiosity.
Mantle Network Mainnet Hard Fork Upgrade: What’s The Buzz?
Last week, the crypto’s community revealed in an X post that the new hard fork upgrade is complete. This upgrade brings new technical updates such as EigenDA, support for RIP-7212, and more to the ecosystem.
EigenDA stands as a secure, high-output, decentralized data availability service on Ethereum. Overall, this update garnered significant optimism across the industry, whereas World Liberty Financial’s token accumulation added to the market buzz.
Mantle Network Price Shoots Up 8%
As of press time, MNT price witnessed an 8% pump in value, closing in at $0.8449. The crypto bottomed and peaked at $0.7828 and $0.8467 in the past 24 hours. Intriguingly, the rising price action amid the optimistic developments such as WLFI’s accumulations and the network upgrade ignited investor bullishness on future prospects.
On the other hand, Coinglass data continued solidifying this bullishness, underscoring strong market demand for the asset. Mantle Network’s futures OI soared 17% intraday, reaching $25.42 million. On the other hand, the derivatives volume also witnessed a staggering 582% surge to $20.96 million. As a result, crypto market watchers weigh substantial market optimism on the token’s upcoming movements.
Also, it’s worth mentioning that a Mantle Network price prediction by CoinGape revealed that the crypto’s technical chart on the weekly time frame illustrates a bullish engulfing pattern. This pattern suggests a strong momentum favoring buyers, such as Trump’s organization.
Some other tokens held by World Liberty Financial include ETH, TRX, MOVE, AVAX, etc. Intriguingly, CoinGape previously reported that WLFI completed its token sale, raising a total of $550 million, another landmark achievement in the industry.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Pi Network price has continued to stay in the red, losing more than 6% during writing. With the crypto losing the brief $1 support, speculations are high among market watchers over the future performance of the asset. Amid this, a renowned expert has how Pi Coin might retain the $1 support.
Pi Network Price Slips Below $1
Pi price today has traded at $0.9432, down 6.3% from yesterday and its one-day volume rose 12% to $284.36 million. Notably, the crypto has managed to soar past the $1 mark today in the last 24 hours, while dropping to a low of $0.9109. Besides, a Pi price prediction indicates that the crypto might slip to $0.71 in April.
Notably, it appears that the recent decline comes due to a lack of any positive catalysts in the market. For context, the leading crypto exchange Binance hasn’t confirmed the listing on its platform, which has dampened the investors’ confidence. On the other hand, the lack of any major announcement from the Pi Core team has further weighed on the sentiment.
What’s Next For The Crypto?
According to Pi Coin enthusiast Dr Altcoin on X, the recent influx of unlocked Pi coins on centralized exchanges (CEXs) has led to a surge in circulating supply. To counter this, the Pi Team may need to burn an additional 60-100 million coins in the coming days. This move, which Dr Altcoin believes, could help drive Pi Network price back to the $1 mark.
While investors remain cautious, Dr. Altcoin’s prediction offers a glimmer of hope for Pi Coin’s future. However, with the upcoming token unlocks and other factors, he urged investors to exercise due diligence before putting their bets into the asset.
Pi Network Unlock Looms: Here’s All
With the upcoming token unlocks, market watchers are speculating over the future trajectory of the Pi Coin. For instance, a total of 97.65 million Pi, worth around $93 million at the current price, will be unlocked over the next 30 days. The average unlock stands at 3.25 million tokens a day and the highest unlock will be around 6.8 million Pi coin on April 3.
On the other hand, PiScan data showed that 115.57 million tokens will be unlocked in April, followed by 182 million and 222 million in May and June, respectively. Having said that, these massive unlocks might continue to add pressure on the token’s future performance. But, as Dr Altcoin suggested, if the Pi Core Team decides to conduct the token burns, it could help offset the pressure on the Pi Network price.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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