One closely followed crypto trader thinks a low cap altcoin is set to spring back towards its all-time high.
The pseudonymous crypto strategist known as Loma thinks that Binance’s upcoming $1,000,000,000 growth fund could reignite Binance Smart Chain’s popular decentralized exchange Pancake Swap (CAKE).
He tells his 209,000 Twitter followers that CAKE could make a run back to its previous all-time high of $44, alluding to Binance’s growth fund as a potential catalyst.
“Damn, I wish Binance would announce a $1B incentive program or something.”
Binance announced on Tuesday that it had received $1 billion to expand the Binance ecosystem. The expansion plans include allocating $100 million towards the Liquidity Incentive program, which alongside more flexibility and support for professional traders, will provide liquidity rewards to specific protocols based on innovation, total value locked (TVL), active users, or trading volumes.
A talent fund geared towards acclimating investors to the crypto ecosystem will receive $100 million, and a Builder & Incubation Program will receive $300 million. The remaining $500 million will be reserved for investment in the BSC ecosystem and supporting blockchain infrastructure outside of Binance.
At the time of writing, Pancake Swap’s TVL totals $5.5 billion and is up 11% on the day, trading at $19.81, according to CoinGecko.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Vladimir Sazonov
