- PancakeSwap’s Chinese X account was hacked to promote a fake token, but CAKE price rose 16 percent instead of falling.
- The breach was limited to social media; no funds were lost, and BSC-wide strength helped CAKE break technical resistance.
- Analysts warn that CAKE shows overbought RSI levels but say the uptrend remains intact if support holds above $3.416.
PancakeSwap confirmed that its Chinese-language X account @PancakeSwapzh was hacked. The attackers used it to promote a fake meme token, often referred to as “Mr. Pancake” or “Sir Pancake.”
The hack appears to have used phishing tactics, domain spoofing, or malicious link posts to trick observers into participating in the fake token launch.
Notably, PancakeSwap states that no user funds or core protocol assets were compromised and that the breach was limited to the social account. The platform urged users not to click on any recent links from that account and said it’s working with X’s security team to restore it.
Related: Turkey’s PancakeSwap Block; Warning Shot to All Unlicensed Crypto Platforms
CAKE Surges 16% as Investors Look Past the Hack
Surprisingly or not, CAKE’s price did not drop after the hack. Instead, it jumped by a substantial amount of approximately 16% in the 24-hour window.
Additionally, CAKE has broken out from a symmetrical triangle chart over a long period, pushing toward resistance levels near $4.95, with its recent surge confirming that bulls are active.
BSC Ecosystem Strength Adds Tailwind
It’s also worth mentioning that CAKE is getting a boost today because the entire Binance Smart Chain (BSC) ecosystem, where it operates, is performing well. When the main BNB token and other related assets rise, it often lifts CAKE’s price along with them.
Related: BNB Chain Meme Coin Frenzy Nets $516M in Profits for Over 93,000 Traders
In fact, other tokens on the BSC are also rising, driven by a wave of new meme coins.
CAKE itself is currently trading at about $4.30, falling a little bit after the big initial boost. At the moment, bulls seem to be in control as the breakout was confirmed by a move above the $3.416 resistance level, after a retest that served as an entry for late buyers.
From a technical perspective, it looks like $3.416 is now a key support level in case of a pullback.
Caution is still advised
Despite the strong performance, experts note that CAKE’s Relative Strength Index (RSI) reaching overbought levels may indicate near-term buying exhaustion. However, the overall mood is still positive, thanks to a healthy Binance Smart Chain environment and steady DeFi activity.
If PancakeSwap continues to expand its utility and maintain user trust post-hack, CAKE’s uptrend could continue into the next market period.
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