BakerySwap BAKE Price Jumps Over 80% – What Happened?

YEREVAN (CoinChapter.com) – BakerySwap’s BAKE token price doubled on Dec 6, briefly peaked at $0.35 in the AsianPacific hours, and settled around $0.32 hours later. Notably, despite the impressive jump, BAKE traded 96% below its all-time high of $8.5 in April 2021. Here are more details on the coin itself and the latest events on BakerySwap.

BakerySwap (BAKE) Price Is Bitcoin-led

BAKE likely cought Bitcoin-fever, as the leading cryptocurrency jumped above $44,000, causing a bullish wave across the altcoin market. As a result, the token’s trading volumes increased by 1,600% parallel to the BakerySwap BAKE price increase.

Generally, the crypto market registered considerable inflows in the previous week. Investors parked approximately $1.8 billion in various crypto products during this period. Notably, this level of inflow is unprecedented since the launch of Bitcoin futures in October 2021​​.

A substantial portion of these inflows, around $1.76 billion, has been directed into crypto products, with Bitcoin-related investment products being the primary recipients. However, as BakerySwap token BAKE price also benefitted, as the decentralized exchange offersBTC pairs to its customers.

Here are more details on the exchange itself.

How BakerySwap works

BakerySwap ecosystem launched in September 2020 with BAKE as its native token. It’s a BEP-20 governance token, which operates as a decentralized automated market-making protocol on the Binance Smart Chain (BSC).

BakerySwap rewards its liquidity providers with BAKE tokens and charges a 0.30% fee on all swaps and trades. These tokens can be used for earning a share of BakerySwap’s trading fees and participating in the governance voting process of the platform​​.

The DEX offers different types of liquidity pools, including those with and without BAKE rewards, to facilitate the creation of new liquidity pools by the community. Notably, the BAKE-BNB pool provides significantly higher rewards compared to other pools​​.

As of the latest data, the BakerySwap BAKE price stood at $0.32, with a 24-hour trading volume of $468 million USD. It ranks #350 on CoinMarketCap, with a live market cap of just below $93 million. The circulating supply is 300 million BAKE coins, and the maximum supply is not specified.

The BAKE token is available on multiple platforms, but Binance is responsible for at least 66% of the liquidity.