BakeryToken (BAKE), the native token of decentralized exchange BakerySwap, has seen immense price growth recently. BAKE has surged 48% in the last 24 hours and 66% over the past week.
Driving Factor: BRC-20 Launchpad Launch A likely catalyst as noted by CoinEx Insight is BakerySwap’s launch of innovative BRC-20 tokens on its platform. BRC-20 signifies tokens pegged to Bitcoin value rather than a stablecoin.
The first such token is Bitcoin Cats ($1CAT), built on BakerySwap’s Launchpad incubator program. According to Wise Advice, $1CAT received tremendous demand during its IDO (initial DEX offering), raising $106 million from 37,000 ETH worth of bids.
This hype appears to be spilling over to boost BakeryToken itself as investors anticipate further hot Launchpad token sales.
Is the Pump Sustainable?
However, FortuneNodeOfficial poses an important question – will BAKE price gains prove temporary? As a decentralized exchange token akin to BNB or CAKE, sudden spikes driven by Launchpad speculation tend to be short-lived.
And with $1CAT already concluded, BAKE now lacks that focal point for investor hype. Unless BakerySwap can line up a consistent pipeline of popular BRC-20 projects, this rally may fizzle out.
Of course, if adoption of Bitcoin-pegged tokens gains steam, BAKE could still benefit long-term from its incubator role in the ecosystem. But investors banking on the latest pump likely need to temper expectations once the initial excitement wears off.
In summary, while the powerful debut of Bitcoin Cats makes for an enticing narrative, BakeryToken’s sudden price explosion looks to be another case of heat spilling over from Launchpad mania. Unless BakerySwap demonstrates its Launchpad can consistently churn out hits, anticipate the BAKE hype to cool off rapidly after this initial jolt wears thin.
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