Recently, there was a heavy surge in the price of BakeryToken (BAKE) token. Nevertheless, some analysts were able to trace this price surge to a particular activity on the BakerySwap platform. Apparently, the launch of the BRC-20 token’s Launchpad directed investors’ attention to BakeryToken (BAKE). However, traders and investors need to be cautious while making any investment.
BakeryToken (BAKE) Increases Massively
- According to recent data, there was a massive surge in the price of BakeryToken (BAKE) token. Apparently, this was quite surprising to many, considering this token doesn’t spike as frequently as others. Furthermore, BakeryToken (BAKE) is the native token of decentralized exchange BakerySwap. So, there was a surge of around 48% in the last 24 hours and 66% over the past week. Nevertheless, analysts are trying to point out what could lead to such a massive surge.
BRC-20 Launchpad Launch: A Driving Force
- Many consider the recent BRC-20 Launchpad launch as the driving force behind the recent surge in BakeryToken (BAKE) price. Apparently, the launch of BRC-20 tokens on its platform brought much-needed attention to the platform. So, the BRC-20 tokens are cryptocurrencies pegged to Bitcoin value rather than a stablecoin.
- With the launch of tokens like this, there was a lot of interest from investors. So, one of the tokens is the Bitcoin Cats ($1CAT), built on BakerySwap’s Launchpad incubator program. Apparently, 1CAT received tremendous demand during its IDO (initial DEX offering). Moreover, one can see this with the number of stats to its advantage. In fact, it managed to raise as much as $106 million from 37,000 ETH worth of bids. So, it is the hype around these tokens that is making the price of BakeryToken (BAKE) increase to new levels.
Is BakeryToken (BAKE) Price Increase Sustainable?
- The next question to come shortly is whether the recent price increase in BakeryToken (BAKE) is sustainable. So, the truth is that the hype is very temporary. First, the attention isn’t directly on BakeryToken (BAKE). It is around their BRC-20 tokens. Hence, once the hype stops, the surge will also stop for BakeryToken (BAKE). Secondly, BakeryToken (BAKE) will have to consistently launch hits on its Launchpad incubator program for another breakthrough.
Currently Price Update for BakeryToken (BAKE)
- According to the charts, BakeryToken (BAKE) is doing quite well in the market. In fact, in the daily, weekly, and monthly charts, there is a positive increase in the price. In the daily chart, there’s an increase of close to 20%. Then, in the weekly and monthly charts, there’s an increase of around 100% and over 200%, respectively.
Conclusion
An activity is causing the price of BakeryToken (BAKE) to increase by wide margins. Apparently, the hype around their Launchpad incubator program is drawing in many investors. Particularly, the attention of BRC-20 tokens on their platform is drawing interest to the BAKE token. Data shows the increase in daily, weekly, and monthly data is almost off the charts. Nevertheless, investors should be careful as there could be a price reversal at any period.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
