BakerySwap’s launchpad announcement sends token soaring

A Dec. 6 post from Lookonchain, a leader in cryptocurrency price updates, highlights that BAKE, a part of the BakerySwap ecosystem and a decentralized automated market-making (AMM) protocol, had increased 100%.

The price surge was said to follow BakerySwap’s announcement of their new launchpad project on BRC20, which got 181,000 impressions on X.

A strategic move 

At the same time, Lookonchain reports that the third-largest holder, a whale, had deposited 4.38 million BAKE or $1.4 million into the global cryptocurrency exchange, Gate.io. 

The price of $BAKE increases 100% today, driven by @bakery_swap's announcement of the launchpad project on #BRC20.

A whale(the 3rd largest holder) deposited 4.38M $BAKE($1.4M) to #Gateio after the price reached highs and currently holds 19.48M $BAKE($6.25M). pic.twitter.com/fM1g91jRMA

— Lookonchain (@lookonchain) December 6, 2023

This strategic move occurred after BAKE’s price reached close to its high of $0.352, suggesting the whale now maintains a total holding of 19.48 million BAKE, valued at $6.25 million. 

Unfortunately, despite earlier excitement today, the token has since turned in the opposite direction, showing a 5.29% decrease where it currently sits at $0.2773. 

Changing investor sentiment

The BAKE altcoin represents another altcoin that has seen significant investor interest. As reported in a Dec. 6 update on X by Kaiko, the volume of altcoin’s market share reached 67% last week, which many analysts believe is the start of altcoin season.

The data from this prominent cryptocurrency market source indicates a notable change in investor sentiment and what might be an ongoing trend for the market.