PancakeSwap's CAKE Token Sees Modest Move Amid Altcoin Bounce
PancakeSwap's CAKE token saw a modest move of 3.4 percentage points over roughly 28 hours, which can be attributed to a broader altcoin market bounce.
The total crypto market cap rose about 0.84% in the last day, while the altcoin market cap increased by around 1.99%, reaching approximately $1.20 trillion. This indicates a shift towards non-BTC assets.
The CMC Altcoin Season Index sat at around 61, signaling capital rotation into higher beta altcoins, not just Bitcoin. CAKE's 2.56% 24-hour return and 2.62% 7-day return are close to the average altcoin move, making it a minor outlier.
The Arc integration with Circle's USDC-native L1 is one notable protocol development within this timeframe. On September 29th, PancakeSwap Infinity went live on Arc, allowing users to swap and add liquidity across Infinity pools on Arc with 90% of fees flowing to LPs and 10% to the protocol itself.
The deflationary tokenomics narrative, which includes CAKE's burns and net supply contraction, also contributed to the sentiment. Recent social chatter focused on CAKE's continued deflation, as shown in its weekly burn update from BSCNews.