Good, let's figure out why the price of #BAKE has risen by 351% in the last 24 hours. First, let's look at the data. Current information shows a growth of 351.73% over the day — this is a very sharp jump. Trading volume has also increased by more than 2600%, meaning market activity is just off the charts.
If we look at the news, it is often mentioned that Binance is going to exclude BAKE from the list of trading pairs. Usually, such an event leads to a price drop, but here it is the opposite, a rise. Interesting. The announcement of the delisting was on September 3, today is September 10, and the delisting itself is scheduled for September 17. Perhaps this is related to short positions (short squeeze) or panic buying? Or are traders trying to profit from the last surge before the token is removed.
Another aspect is technical analysis. The RSI indicator at 23.31 (over 14 days) indicates oversold conditions for the asset. This could mean a technical rebound. However, such a sharp rise is unlikely to be explained solely by technical factors. Fibonacci levels show resistance at 0.07954 (23.6%), while the current price is 0.155, which is significantly higher. Perhaps breaking key levels triggered a wave of buying.
It is also mentioned in the news that ONUS will follow the example of Binance and will also exclude BAKE. So why is the price rising? Perhaps the market has already accounted for this news, and there is currently a short squeeze happening. High volume and price increase may indicate that traders are closing short positions or speculating on a temporary rise (dead cat bounce).
Another point: the overall cryptocurrency market has slightly decreased over the past 24 hours (-0.35%), while BAKE is rising against the trend. This indicates that the reason lies within the token itself. The fear and greed index is neutral, meaning that the mass market sentiments do not affect this growth.
Let's look at social sentiments. There are posts in the community about the growth of BAKE; for example, on July 23 there was a spike of 19%, but that was a long time ago. The main driver now remains the news about the delisting. Although usually this is negative, unless information about a buyout or other positive events emerges, there is none in the provided data.
It is possible that the delisting process involves forced token conversion. ONUS mentioned converting the remaining BAKE into its token. If users are trying to exit before the delisting, they might be buying tokens for conversion, but this seems dubious. Also, low liquidity after delisting announcements may cause strong price fluctuations. The turnover ratio of 7.03 indicates high liquidity, but after the news, liquidity may have dropped, increasing volatility.
In addition, the updates on margin requirements from Binance dated July 18 changed the collateral ratios for BAKE. A decrease in requirements could have led to margin calls or liquidations, which also adds to volatility. But this was in July, and it is currently unclear how relevant it is.
In summary: the main reasons are the upcoming delisting, which triggered a short-term speculative rise and possibly a short squeeze, as well as oversold conditions according to technical indicators, which led to a rebound. High trading volume indicates trader activity, possibly manipulation or last-ditch efforts to profit before the token becomes less accessible after delisting.
TLDR
The sharp rise of BAKE is associated with expectations of delisting, a technical rebound, and high trading activity, which together caused a strong short-term price increase.
