CAKE plunges 15% amid mass unlocks

Pancakeswap’s native token (CAKE) has plummeted to $2.83 from roughly $3.33 in the last 24 hours — down over 15% at press time.

According to Pancakeswap data, the Total Value Locked-up (TVL) in CAKE is down almost 4% on the day — accompanied by a 212.45% surge in volume in the last 24 hours.

According to BSCscan data, a mass of ‘unlock’ calls’ — alongside ‘withdraw all’ calls — have spammed the CAKE smart contract.

Mass unlocking of tokens preceded the event and currently continue to spam the contract en-masse as the CAKE token endures a sharp sell-off.

(Article updated to remove the affiliation of Pancakeswap with Cake DeFi)

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