The Bake Token is the native token of the BakerySwap ecosystem, and there was a massive increase coming from it. So, the price of this token saw an increase of more than 80% in a day. How did this happen? One can only find out below.
Massive Surge for Bake Token
- There was a massive surge in Bake token, which left many investors smiling while withdrawing their profits. So, according to details from Coinstats, there was a more than 80% increase in the price of Bake token on the 6th of December. Although there’s a retracement, this is still a significant development for this token. So, there was an incredible movement from a 24-hour low of $0.1729 to an impressive high of $0.3555.
- This massive increase also came with the increment of other metrics of this token, such as the trading volume and market cap. So, there was a massive 1543.26% increase in the trading volume of the Bake token to stand at over $469 million. But since this massive price move in the market, a massive retracement followed suit. So, the price of this token at the time of writing is a bit more than $0.24.
Bakery Token Continues to be a Major Part of BakerySwap
- The Bake token is a central part of the BakerySwap ecosystem, and the primary function of this token is as the native coin. So, it serves many purposes, such as governance and reward incentives. One of the significant incentives users get from this role is that holders can both claim a portion of BakerySwap’s trading fees. So, this is something one might not see in other ecosystems.
- The launch of this token was in 2020, and there’s a massive progress since that time. So, BakerySwap itself is a decentralized automated market-making (AMM) protocol. One of the things that separates this protocol from the rest is that it operates mainly with the BSC blockchain. So, many investors will be moving to the Bake token after its recent accomplishments.
Price Update of the Bake Token
- The 80% massive price surge from the Bake Token didn’t last as many wanted it to. So, immediately after the price increase, there was a retracement, moving it back to the $0.24 level. According to data from Coinmarketcap, there’s a decrease of more than 10% from this token.
- However, it still maintains some of the profits from the recent surge when you look at the weekly and monthly charts. So, there is still more than a 30% increase in the weekly chart and another 50% in the monthly.
Conclusion
The sky can only be the limit for the Bake token, considering how fast it is increasing in the market. So, in one day, this token had an increase of more than 80%, moving its price from the $0.1 level to the $0.35 level. One of the metrics affected by this surge was the trading volume, after an increase to more than $469 million.
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.
