PancakeSwap’s native token, CAKE, has experienced a remarkable 57% price surge in the past 24 hours, reaching an all-time high of $3.04. This increase is driven by heightened trading activities on the platform, consolidating its position as the leading decentralized exchange by volume.

According to DeFiLlama, PancakeSwap's trading activity reached $3.02 billion in the last 24 hours, surpassing Uniswap's $2.89 billion. The rise in trading activity has led to increased demand and a significant uptick in CAKE's value.

The asset's open positions surged by 61%, amounting to $61 million, marking the highest level in three months. This indicates strong market participation and increased capital inflows, supporting a rising trend for CAKE.

The Super Trend indicator suggests a bullish trend for CAKE, potentially driving its price beyond the $3.63 resistance, targeting a peak of $5.24. However, profit-taking could see the price dip below $3.