PancakeSwap’s native token, CAKE, continues to face selling pressure despite several positive developments across its ecosystem. The token traded at $1.32 at the time of writing, down 1.8% over the past 24 hours, while extending its weekly decline to 4.9%. Over the past year, CAKE has lost 41.6% of its value, highlighting the broader bearish trend that has weighed on decentralised finance (DeFi) tokens. Even so, activity within the PancakeSwap ecosystem tells a different story. The decentralised exchange remains one of the busiest platforms in the industry, recent liquidity initiatives are expanding its reach across multiple blockchains, and its total value locked (TVL) remains above $2.033 billion.
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