CAKE rises faster than Bitcoin! » Cryptocurrency experts

One of the most popular projects today is PancakeSwap (CAKE). This cryptocurrency was also often discussed in the premium environment for members of Crypto Insiders. CAKE is up a whopping 14% in the last seven days. In this article, we look at the potentially fundamental reasons why these CRYPTOCURRENCIES has risen in value and we analyze the price so you can make an informed decision to buy CAKE to buy or sell.

Recent Developments PancakeSwap

One of the biggest developments surrounding the project is the fact that PancakeSwap can now be used from the Binance app† This also means that PancakeSwap is the first decentralized finance (DeFi) project to work on Binance’s mobile platform. Of course, this is very good news for PancakeSwap as Binance is the largest exchange by volume in the world. The fact that the millions of daily active users can use PancakeSwap through the Binance app will provide a huge increase in volume.

Also, on the official PancakeSwap Twitter account, we see that the project has taken another big the burning of tokens is over† This means that a large number of CAKE tokens have been destroyed, reducing the total number of coins. This explains the shortage of PASTEL. In this token burn, a total of 6,854,583 tokens were destroyed, which is equivalent to $45 million.

What else can we expect from PancakeSwap?

Unfortunately, it is still not very clear what we can expect from PancakeSwap starting in the second quarter of this year. The most recent road map of the project concerned the first quarter of this year and the targets set out in this report have already been largely achieved. Still, there are a number of recurring updates to the roadmap. Therefore, we can expect these updates in the near future. Think about UI updates on the website, new non-fungible token (NFT) collections or lines and various listings of new coins. If there are new developments around the project, we will share it as soon as possible on the premium environment for members

Market sentiment and adoption

Looking at the social volume of PancakeSwap this year, i.e. how much the project is being talked about on social media, we see that it remains fairly stable with a small dip in February. This means that the project is still very popular and highly discussed. Of course, this is not surprising as PancakeSwap is a very popular and widely used DEX.

Then of course we can also see how much this DEX is used. We see that around $6.3 billion is tied up in PancakeSwap. This is part of the Binance Smart chain and for $1.5 billion there is sure to be a strike on the platform. If we look at the graph, we see that this number fluctuates between $5 and $10 billion.

Furthermore, the platform can also be used to trade various NFTs. In the following graph we see something striking. Here you can see that the number of NFTs that were traded is increasing sharply, but the number of unique addresses that bought more than $100,000 worth of NFTs is decreasing. Basically, this means that NFTs are now starting to become popular with retail traders as well. Fewer whales are buying NFTs, but smaller trades are taking place.

Finally, we also see that PancakeSwap is becoming more and more popular among developers. Developer activity on PancakeSwap has increased tremendously this month. Despite this, we still see a sharp drop in this volume. It will be interesting to see if this will increase in the near future.

Technical Analysis CAKE

CAKE is up about 1% in the last 24 hours and about 14% in the last seven days. In the past 30 days, CAKE has already made a beautiful comeback. During this period, the cryptocurrency increased by 22%. CAKE is ranked 55th by market value at the time of this writing.

If we look at the CAKE chart, we see a trend at the moment that bearish is. All the peaks go down and the bottoms sink with them. However, the price seems to want to go up a bit in recent days. If this gain and positive market sentiment continues, we may see a convincing breakout of the downtrend. Here you could find a good entry if the price tests the new support line.

How do I determine the right time to buy?

Considering taking a position at CAKE, but not sure when is the best time to do so? Ask an experienced analyst at our premium environment for members! Here, multiple analysts daily share additional technical analysis that digs deeper into the price. Here you can easily get in touch with several experienced crypto analysts and trainers, they will be happy to help you make an informed decision. Now you can try it free and without obligation for the first 30 days!

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