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.
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.