DeFi Tokens PancakeSwap, AAVE, and Avalanche Lead Today’s Rally

Key Insights:

• The Bored Ape Yacht Club released their token ApeCoin as well today.
• In the last 24 hours, the total value locked across DeFi chains has risen by $7 billion.
• PancakeSwap recently introduced Perpetual Trading on the protocol.

Today, the crypto market witnessed a balanced movement, with many coins rallying and many others falling significantly.

Interestingly of the top 10 rallying altcoins, most of them belonged to Decentralized Finance protocols and chains. These included the likes of PancakeSwap, AAVE, and Avalanche.

Here Comes the DeFi Avalanche!

Trading at $80.2 at the time of writing, AVAX certainly was one of the top gainers in the last 24 hours. The token of the fourth biggest DeFi chain, AVAX, was up by over 15%, recovering the losses experienced by the investors since the beginning of this month.

Although, AVAX’s rally wasn’t recent as it has been rising for the last four days straight and has shot up from the local bottom of $65 in that duration.

Similarly following in the footsteps of AVAX was PancakeSwap’s CAKE, which at one point was up by 35.32%. This insane rally, however, could not be sustained as the altcoin came back down to trade at $6.45 at the time of writing.

Thus, having risen by 17.02%, CAKE investors seemed euphoric as the protocol recently introduced Perpetual Trading for its users.

As one of the biggest DeFi protocols with $4.51 billion in total value locked (TVL), PancakeSwap is currently the third biggest DEX in the market.

The rise came in at the right time as the altcoin has been witnessing consistent falls over the last 15 days, which has been invalidated by almost 90% with today’s rise.

Additionally, AAVE didn’t fall behind either, as the altcoin made a big stretch yesterday with its green candle and crossed $140, a support level that had been flipped into resistance at the beginning of this month.

Trading at $144.91, AAVE increased by almost 19% in the last 24 hours.

At one point last year, AAVE was the biggest DeFi protocol in the world. However, it has since come down to the sixth position, being replaced by Curve. Regardless, the Dapp is still the biggest protocol on Polygon and Avalanche.

The Bored Ape Just Got Interesting

As one of the biggest NFT collections globally released its token, it was bound to be the highlight of the day, and so it was. Bored Ape Yacht Club’s ApeCoin was the most trending token today.

As a matter of fact, having risen by over 600% at one point, the token already made it to the list of the top 50 cryptocurrencies in the world.

Thus, with many more such drops anticipated to break the market this year, it will be interesting to see if ApeCoin can sustain its rise or if it was simply a one-and-done instance.