PancakeSwap (CAKE) has experienced a notable recovery recently, surging by 55% over the past week. This sharp rise has reversed the significant losses seen in late February, with the altcoin now trading at $2.68.
As the price has soared, traders and investors have become increasingly bullish, prompting a surge in trading activity and increased optimism for future price movements.
PancakeSwap Notes Surge In Whale Activity
In the past four days, whale addresses have accumulated 25 million CAKE tokens worth approximately $69 million. This massive accumulation follows a 50% surge in price over the past week, further fueling the positive market sentiment.
The increase in whale activity indicates strong confidence in PancakeSwap’s future prospects, suggesting that large investors expect further gains for the crypto coin.
The bullish sentiment is not just confined to the spot market. Whales’ actions have had a ripple effect, contributing to a broader market uptrend.
As the price continues to rise, the influence of these larger traders could drive additional interest from smaller investors, helping to maintain the upward momentum.
The overall macro momentum of PancakeSwap has shown a clear shift in favor of bullish market sentiment. One key indicator of this is the significant growth in Open Interest, which surged by 326% over the past week.
From $23 million to $98 million, this increase highlights that traders are increasingly betting on future price rises, particularly through long contracts in the Futures market.
The rise in Open Interest shows that the market is confident in the spot price and is also positioning for continued growth in the coming weeks.
This increased activity in Futures contracts suggests that traders are preparing for further upward price action, supporting the case for additional gains in CAKE’s price.
CAKE has seen a remarkable 81% price increase over the last ten days, bringing its price to $2.67. In doing so, the altcoin has successfully erased the 47% losses it experienced in late February. The rapid price recovery suggests that there is significant momentum behind the asset.
Currently, PancakeSwap faces a resistance level of $2.85, which has not been established as support since early 2025. If the momentum persists, CAKE could break through this barrier and potentially surpass $3.00.
A successful breach of this level would suggest that the altcoin is poised for further growth.
However, if CAKE fails to break through the $2.85 resistance, it could retreat to $2.30. Such a drop would erase recent gains and invalidate the bullish outlook, possibly signaling a temporary halt in the recovery trend.
Solana tokens like HOTMOM, DOOD, and IKUN are gaining serious traction as some of the most active and talked-about new launches on the network. HOTMOM is leading the meme coin charge with a $54 million market cap and strong backing from public figures.
DOOD, the official token of the Doodles NFT collection, has quickly attracted nearly 160,000 holders, riding the wave of NFT projects launching native tokens. Meanwhile, IKUN is drawing massive transaction volume and continued whale accumulation, signaling strong momentum despite shifts in smart money behavior.
Hot Mom (HOTMOM)
HOTMOM has quickly become one of the most talked-about Pump tokens, gaining major traction just three days after launch.
With over 6,500 holders and a market cap of $54 million, it’s showing signs of strong early adoption in the meme coin space. If good momentum continues, HOTMOM could rise to test the $100 million market cap.
The token has surged more than 37% in the last 24 hours, backed by impressive activity—logging over 52,000 daily transactions and $8.7 million in trading volume.
According to Nansen, HOTMOM is held by some well-known figures like threadguy, Crypto Ninja, and gake—a Solana smart trader with an on-chain net worth of $1.73 million.
The token has attracted nearly 160,000 holders in just three days and reached a market cap of approximately $53 million, showing strong initial demand across the crypto and NFT communities.
The launch follows a growing trend of major NFT projects rolling out their tokens, similar to what Pudgy Penguins did with PENGU a few months ago and Bored Ape did with APE a few years ago.
Between May 9 and May 12, whale holdings of DOOD jumped dramatically from 69,202 to 250 million, signaling significant early accumulation.
In the last 24 hours, the token recorded 5,509 transactions and $734,000 in trading volume.
Ikun (IKUN)
IKUN has emerged as one of the more active tokens on Solana, with nearly 6,000 holders and a market cap exceeding $12 million.
In the last 24 hours alone, it saw an impressive 112,265 transactions and $37 million in trading volume.
Smart money holdings in IKUN have dipped slightly in recent hours. Public wallets still hold around $320,000 worth of the token. Meanwhile, whales continue to accumulate.
According to Nansen, Unipcs is the largest whale, holding 12.45 million IKUN worth roughly $150,000. Despite shifting dynamics among retail and smart wallets, this ongoing whale activity shows confidence in IKUN’s short-term potential.
The Middle East and North Africa (MENA) region is quickly becoming a notable force in the push for global crypto adoption. With growing participation from institutions and enterprises and supportive regulations for Web3 technology, MENA is set to expand its impact.
BeInCrypto interviewed Stephan Apel, CEO of Outlier Ventures, to explore the characteristics of these tech-driven economies and their anticipated innovations.
Web3 Adoption and Market Growth
MENA has emerged as a significant center for Web3 development, facilitated by a combination of demographic, technological, and cultural factors. The region’s entrepreneurial spirit has also fostered an environment conducive to the adoption of decentralized technologies.
“The MENA market has set a standard for adopting next-gen technologies and using them to boost their economic transformation. This is especially true for Web3 technologies— the region recognised their potential early on, offering the resources needed for these projects to scale and thrive on both regional and global levels,” Apel told BeInCrypto.
Consequently, the region is witnessing an increase in startups, investors, and developers exploring Web3 and its diverse applications.
A 2024 Chainalysis report revealed that MENA was the seventh biggest crypto market worldwide. From July 2023 to June 2024, the region saw $338.7 billion in online crypto transactions, representing 7.5% of all crypto transactions globally.
Share of all cryptocurrency transaction value by region. Source: Chainalysis.
Notably, Turkey and Morocco ranked among the top 30 countries globally in crypto adoption. Turkey secured the 11th spot, while Morocco ranked 27th. These nations alone accounted for $137 billion and $12.7 billion in received cryptocurrency value, respectively.
Furthermore, the MENA region’s crypto activity is predominantly driven by institutional and professional players, as a substantial 93% of all value transferred involves transactions exceeding $10,000.
Meanwhile, Gulf Corporation Council (GCC) members have distinguished themselves through their ambitious technological initiatives.
MENA’s Strategic Shift Towards AI
The onset of artificial intelligence (AI) has prompted governments and businesses within the Middle East to acknowledge the global trend towards related advanced technologies. Countries like Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are considering their strategic position concerning this technological transformation.
According to a report by PricewaterhouseCoopers (PwC), AI could contribute up to $15.7 trillion to the global economy in 2030. The consulting firm predicts that the Middle East will bring 2% of the total global benefits, equal to $320 billion.
MENA’s pioneering role in AI development. Source: PwC.
The PwC report also indicates that Saudi Arabia will see the largest absolute gains from AI by 2030, with an estimated US$135.2 billion added to its economy, or 12.4% of GDP. In terms of GDP percentage, however, the UAE is expected to see the greatest impact, approaching 14% of its 2030 GDP. Meanwhile, for GCC states Bahrain, Kuwait, Oman, and Qatar, AI is expected to contribute 8.2% of their GDP.
Given the region’s latest initiatives and investments in AI innovation, these numbers come as no surprise.
Saudi Arabia’s AI Development Initiatives
In 2016, the Saudi Arabian government launched Vision 2030, a program to promote economic, social, and cultural diversification. Integral to this vision is a strategic shift towards artificial intelligence and data-driven innovation, a key component of the nation’s economic diversification efforts.
Saudi Arabia is making notable advancements in AI. The country aims to reduce its reliance on oil by developing advanced technology sectors through targeted investments, infrastructure development, and workforce training.
“Fueled by its Vision 2030 initiative, Saudi Arabia has already created a thriving startup ecosystem, dedicated significant investment in emerging technologies,and designed policies to attract global talent and entrepreneurship,” Apel told BeInCrypto.
The Saudi Data and Artificial Intelligence Authority (SDAIA) spearheads Saudi Arabia’s push into artificial intelligence, shaping and implementing the country’s national data and AI strategy. The National Data Bank is a cornerstone of their efforts. It is designed as a central hub for data access and analysis, facilitating AI applications across public and private sectors.
Last November, Saudi Arabia also unveiled Project Transcendence. The $100 billion investment initiative focuses on accelerating the integration of AI and advanced technologies.
Similar to its neighbor, the UAE has actively pursued AI adoption.
UAE’s AI Strategy and Investments
In 2017, the UAE launched its National Strategy for Artificial Intelligence, which aims to make the country a global leader in the field by 2031. The UAE AI and Blockchain Council oversees this strategy, which impacts sectors like education, energy, and tourism.
The UAE is already reaping the benefits of its AI initiatives. In April, Microsoft announced a $1.5 billion investment in G42, an Abu Dhabi-based technology holding company. G42 is known for its data centers and the development of Jais, a leading Arabic-language AI model.
In September, G42 and Nvidia partnered to create AI-driven solutions for improved weather forecasting. The collaboration aims to advance climate-related technologies by using Nvidia’s Earth-2 platform, which enables AI-augmented climate and weather simulations.
Three months later, Abu Dhabi-based global technological ecosystem Hub71 partnered with Google to boost startup growth in the UAE. This collaboration will bring Google’s “Google for Startups” program to Abu Dhabi, including a dedicated accelerator for Hub71 startups in 2025.
He also drew attention to the planned convergence of AI and Web3 technologies in these prominent regions.
Convergence of AI, Web3, and IoT
Integrating the Internet of Things (IoT), blockchain, and AI technologies is gaining traction among businesses in the Middle East. By combining these technologies, organizations can access new avenues for growth, increase efficiency, and create novel user experiences.
In 2018, the Dubai Airport Freezone Authority launched Dubai Blink, a platform that integrates AI, blockchain, and virtual licenses to facilitate global trade. This system enhances supply chain innovation through ‘smart commerce’ by expediting trade with a unified online platform. Furthermore, it addressed the cumbersome process of supplier identification by using AI algorithms to streamline and accelerate the validation process.
Ultimately, MENA’s proactive approach to technological advancement, coupled with its strategic focus on Web3 and AI, signals a future where the region will be a pivotal architect in shaping the digital economy.
