Token’s value skyrockets following launchpad announcement
Lookonchain, a leading provider of cryptocurrency price updates, recently reported that BAKE, a component of the BakerySwap ecosystem and a decentralized automated market-making (AMM) protocol, experienced a 100% increase in price. This surge followed BakerySwap’s announcement of their new launchpad project on BRC20, which received 181,000 impressions on X.
Additionally, Lookonchain revealed that a whale, the third-largest holder of BAKE, deposited 4.38 million BAKE (equivalent to $1.4 million) into the global cryptocurrency exchange, Gate.io. This strategic move occurred when BAKE’s price was nearing its high of $0.352, indicating that the whale now holds a total of 19.48 million BAKE, valued at $6.25 million.
However, despite the initial excitement, the token’s price has since decreased by 5.29% and currently stands at $0.2773.
The BAKE altcoin is among several altcoins that have attracted significant investor interest. According to a report by Kaiko on X, the volume of altcoin market share reached 67% last week, signaling the potential start of altcoin season. This data from a reputable cryptocurrency market source suggests a shift in investor sentiment and a possible emerging trend in the market.
