By Key Points
- PancakeSwap CAKE Jumps 13% as BNB Hits New $860 High
- PancakeSwap leads DEX volume and user activity on BNB Chain
- Analysts predict up to 15x growth potential for CAKE
- BNB Season fuels optimism for the broader ecosystem
PancakeSwap CAKE is back in the spotlight. The decentralized exchange (DEX) token surged to a five-month high, crossing $3.23 after Binance Coin (BNB) soared to an all-time high of $860. This sudden boost has investors wondering: Is this the start of a major comeback for CAKE?
BNB’s massive 31.4% surge over the past month has reignited interest across the Binance ecosystem. With PancakeSwap deeply integrated into BNB Chain, it’s no surprise CAKE is among the first to benefit.
PancakeSwap is the top DEX on the BNB Chain in terms of total value locked (TVL) and trading volume. Data from DefiLlama shows that PancakeSwap handled a massive $185.3 billion in volume over the last month, far outpacing other platforms like Uniswap and Raydium.
It’s BNB szn https://t.co/fzI8Q4pkxt
— PancakeSwap (@PancakeSwap) July 28, 2025
This puts PancakeSwap in a powerful position. As BNB climbs, the entire ecosystem receives more attention, users, and capital. And when traffic flows in, CAKE — the platform’s native token — tends to rally.
The DEX currently hosts thousands of token pairs, liquidity pools, and farms, with CAKE used as a reward and governance token. Increased user activity on BNB Chain often results in more trades on PancakeSwap, driving higher demand for CAKE.
This isn’t the first time a DEX token has seen a revival during a broader crypto upswing. Recently, even niche tokens like the VINE token posted a 400% gain in July, reflecting a market-wide appetite for alternative crypto plays.
PancakeSwap TVL and DEX volume. Source: DefiLlama – Techtoken
Analysts See Strong Upside for PancakeSwap CAKE
According to Dune Analytics, PancakeSwap has amassed 54.6 million users and $1.9 trillion in total volume, most of it coming directly from the BNB Chain. This strong connection means every BNB uptrend amplifies PancakeSwap’s utility and relevance.
After BNB’s latest peak, CAKE spiked 13.4% in just 24 hours, marking its highest value since February. Many analysts believe this is just the beginning.
One crypto analyst noted,
“When BNB hits a new high, the BNB ecosystem will recover strongly, starting with CAKE, followed by meme and tech tokens on the BNB Chain.”
As mentioned,
when BNB hits a new high,
the BNB ecosystem will recover strongly,
starting with #Cake, followed by memes and tech tokens on BNB Chain.https://t.co/hIK5VxH0RJ pic.twitter.com/1CkkioZHM7— Branden D Crypto (@CryptoBrandenDG) July 28, 2025
This trend is already visible, as meme coins like the Hulk Hogan Meme Coin gain attention during altcoin surges. These movements often indicate a renewed appetite for risk, which can lift tokens like CAKE even further.
Another analyst called CAKE “undervalued,” stating it could have up to 15x potential to reclaim its previous all-time highs, assuming BNB’s momentum continues. That’s a bold claim, but not unrealistic given CAKE’s historical price trajectory and current market interest.
$CAKE is probably the most undervalued coin right now.
$BNB is trading at all-time highs, while the main DEX token on BSC still has 15x potential just to reclaim its previous ATH. pic.twitter.com/pUckJ6mZS8— Crypto฿ullfish (@cryptobullfish) July 27, 2025
What makes CAKE especially attractive now is its position as the main DEX token in a resurging ecosystem. As more users move toward DeFi on BNB Chain, PancakeSwap becomes the gateway, and CAKE gains utility and demand.
Meanwhile, CAKE’s price performance is becoming hard to ignore. From being stuck under $3 for months, it has now broken key resistance levels. The renewed confidence around BNB is likely to fuel continued demand for assets tied to its chain — especially the ones at its core.
PancakeSwap (CAKE) Price Performance. Source: Techtoken
BNB Season Brings Ecosystem-Wide Benefits
With BNB now trading at all-time highs, its entire ecosystem is getting a boost, and PancakeSwap CAKE is one of the biggest beneficiaries.
Market watchers have already dubbed this surge as the start of a potential “BNB Season.”
The term reflects the cycle where BNB’s price rise pulls attention and capital into the entire BNB Chain ecosystem, including NFTs, DeFi, gaming, and memecoins. Historically, when BNB rallies, its ecosystem assets follow.
In this current wave, PancakeSwap is seeing increased usage, more liquidity, and surging trading activity. Its dominance as the go-to DEX on BNB Chain makes it a natural winner during this cycle.
TVL on PancakeSwap has also increased, signaling renewed interest in yield farming and staking using CAKE. Liquidity providers are returning, and CAKE rewards are becoming more appealing as prices climb.
With increased participation in its liquidity pools, staking contracts, and lottery system, the demand for CAKE is rising in multiple areas — not just trading.
It’s also worth noting that ecosystem growth brings renewed scrutiny. Recent events like the Tornado Cash and Binance fund probe have reminded investors about the importance of trust and decentralization — areas where PancakeSwap excels due to its community-run structure.
On top of this, PancakeSwap’s recent v4 upgrade added features like concentrated liquidity and gas fee optimizations, enhancing the user experience and further tying its growth to that of the BNB ecosystem.
These improvements may contribute to longer-term adoption and value for CAKE beyond the current rally.
With Ethereum celebrating 10 years of uptime, DeFi veterans are taking a fresh look at resilient platforms like PancakeSwap, which have endured through multiple market cycles.
And with key players exiting big positions — like a Ripple co-founder dumping $140M in XRP — investors may start reallocating toward promising DeFi projects like CAKE.
If this momentum continues and user interest sustains, PancakeSwap could see a golden period of renewed growth, bringing CAKE closer to its historical highs near $42 — a nearly 15x jump from current prices.
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