Market Heating Up | Solana Concept Tokens Hit New Highs, Retail Investors Flocking to CAKE? Google Trends Triple Uniswap

The cryptocurrency market saw a long-awaited rebound on April 26th, with Bitcoin returning above the $50,000 mark. DeFi concept coins performed well during this pullback, and the Solana ecosystem showed outstanding performance. However, PancakeSwap's CAKE, based on the Binance Smart Chain, also performed exceptionally well, hitting new all-time highs consistently over the past week.

Solana Ecosystem

In breaking news, both SOL and SRM have reached all-time highs. The two main trading platforms in their ecosystem, Raydium, have been gradually improving the user experience and launching multiple liquidity pools and mining pools. Serum supports Raydium's order book functionality.

SRM has surged over 40% since the 24th, and if one managed to buy the dip on the 18th, the increase could be nearly 100%. SOL, from a daily chart perspective, seems to have never retraced, with a 131% increase from the 18th until now; Oxygen OXY's performance has been mediocre.

Strong Performance of DeFi Coins

CoinGecko data shows that coins like CAKE, SOL, COMP, MKR, UNI have performed well. Scalability solutions Polygon Matic, storage protocol arweave, and privacy coin Horizen ZEN have all seen increases of over 10% in the past seven days.

Zhu Su, founder of Three Arrows Capital, also expressed his views on the market recovery:

The significance of choosing to sell during a bull market is simple: "Tokens have shifted from weak hands to strong, firm hands, and value has also shifted to higher quality tokens." When signs of a bearish sell-off appear, I will notify you, but I have not seen any this year.

However, the biggest winner is PancakeSwap CAKE built on Binance Smart Chain.

PancakeSwap Continues to Hit New Highs

When its v2 upgrade was reported on the 23rd of this month, CAKE also surged after the news release, rising by about 60% so far. In terms of recent gains, CAKE may not be as impressive as SOL, but its growth rate and scale alongside Binance Smart Chain are formidable.

The total locked value on Binance Smart Chain has reached $36 billion, while according to DefiPulse data, Ethereum stands at $59 billion.

Some have compared the active addresses of the two chains. Despite a significant decrease in Ethereum gas fees, a massive influx of retail investors into Binance Smart Chain has overshadowed Ethereum.

Spike in PancakeSwap Search Volume

Even Larry Cermak, Director of Research at The Block, who has been critical of Binance in the past, is optimistic about PancakeSwap's short-term performance:

For those claiming that PancakeSwap's on-chain activity is fake, take a look at its Google Trends search volume now, which is three times that of Uniswap.

Larry believes that while this may be a short-term trend, PancakeSwap's current position on Google is akin to Robinhood and will essentially become the next gambling den.

For those that claim most of PancakeSwap activity is fake, it's now being googled ~3 times more than Uniswap. Likely driven by the TikTok meme coin mania pic.twitter.com/mekOGWDRaC

— Larry Cermak 🫡 (@lawmaster) April 24, 2021