The new token, which provides automatic rewards in CAKE, has made gains of nearly 480% over the last seven days

While most coins have posted losses this week, Bonus Cake (BONUSCAKE) has defied the market trend to be amongst the biggest gainers in the last 24 hours — with a price increase of 323%.

The weekly gains are even higher at nearly 480%, despite the token having only launched recently. It seems like everyone wants a piece of the cake — read on to find out why.

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What is Bonus Cake?

Bonus Cake is the first and only auto-claim rewards mechanism for CAKE. The CAKE token is better known as the governance token for PancakeSwap, an automated market maker (AMM) built on the Binance Smart Chain (BSC).

Simply holding BONUSCAKE in a wallet entitles you to rewards in CAKE, which are automatically received every hour. Of every BONUSCAKE transaction, 6% is redistributed to holders in the form of CAKE.

Meanwhile, the tokenomics reduce whale control and swing trading with a 1% sell fee, and provide automatic liquidity as a further 1% of each transaction is used to provide liquidity for PancakeSwap.

Should I buy BONUSCAKE today?

The new token is already generating buzz as one of the most-trending coins and one of the biggest gainers on CoinMarketCap. PancakeSwap is a popular project, providing a decentralised exchange (DEX) with lower fees than the Ethereum-based DEXs. So, the ability to earn passive income in CAKE is certainly driving a lot of BONUSCAKE buying pressure.

The token is still in its early days and upcoming roadmap milestones include partnerships with social media influencers, an augmented reality gaming app, BonusCakeSwap and a non-fungible token (NFT) platform.

These exciting developments, along with the continued success of PancakeSwap, could fuel further demand for Bonus Cake, meaning now might be the ideal time to invest in this interesting project.

This post was originally published on Coinjournal.