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Analysis

Will PancakeSwap’s Recent Popularity Affect CAKE In The Future?

December 29, 2022 - Around 3 mins mins to read

Key Points:

  • PancakeSwap [CAKE] announced that Primal, an athlete-fan token initiative, would begin working with its syrup pool farm on December 28.
  • The network’s burn rate for PancakeSwap seems to be somewhat optimistic, given that it recently burned 6,808,702 tokens worth more than $22 million.
  • The network’s burn rate for PancakeSwap seems to be somewhat optimistic, given that it recently burned 6,808,702 tokens worth more than $22 million.
PancakeSwap [CAKE] announced that Primal, an athlete-fan token initiative, would begin working with its syrup pool farm on December 28. Thanks to this new feature, users will now be able to bet CAKE to earn PRIMAL.
PancakeSwap

The farm will give out 0.2x CAKE awards for the first 48 hours, then 0.1x rewards. For users to earn tokens while exercising, PRIMAL interfaces with activity trackers like Fitbit, Apple, Oura, and Whoop.

CAKE’s response to this upgrade was subpar, as is shown on its daily chart, which was highlighted in red. In the last seven days, the price of CAKE has decreased by more than 4,4%, according to CoinCu. Additionally, it had a market value of more than $522 million at the time of publication and was trading at $3.144.

Screen Shot 2022 12 29 at 10.16.50 AM

Santiment’s research did, however, offer some solace since several on-chain metrics suggested that CAKE’s next price movement would soon be supported.

PancakeSwap on BNB CAKE 15.24.19 28 Dec 2022
Will PancakeSwap’s Recent Popularity Affect CAKE In The Future? 4

Over the past week, the token’s Market Value to Realized Value (MVRV) Ratio has decreased, which can be a sign that the market has reached a bottom. The velocity of CAKE also increased, which raises the possibility of a trend reversal even more.

Last week, CAKE’s social dominance frequently increased, demonstrating its appeal. Not only was CAKE’s social supremacy confirmed, but so was its appeal. This was because it had received the second-most mentions in the past 24 hours among the top BNB Chain initiatives.

The network’s burn rate for PancakeSwap seems to be somewhat optimistic, given that it recently burned 6,808,702 tokens worth more than $22 million.

Over the past week, the token’s Market Value to Realized Value (MVRV) Ratio has decreased, which can signify that the market has reached a bottom. The velocity of CAKE also increased, which raises the possibility of a trend reversal even more.

Last week, CAKE’s social dominance frequently increased, demonstrating its appeal. Not only was CAKE’s social supremacy confirmed, but so was its appeal. This was because it had received the second-most mentions in the past 24 hours among the top BNB Chain initiatives.

The network’s burn rate for PancakeSwap seems to be somewhat optimistic, given that it recently burned 6,808,702 tokens worth more than $22 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

CAKE

Market Value to Realized Value

MVRV

PancakeSwap

Primal

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Analysis

Will PancakeSwap’s Recent Popularity Affect CAKE In The Future?

Key Points:

  • PancakeSwap [CAKE] announced that Primal, an athlete-fan token initiative, would begin working with its syrup pool farm on December 28.
  • The network’s burn rate for PancakeSwap seems to be somewhat optimistic, given that it recently burned 6,808,702 tokens worth more than $22 million.
  • The network’s burn rate for PancakeSwap seems to be somewhat optimistic, given that it recently burned 6,808,702 tokens worth more than $22 million.
PancakeSwap [CAKE] announced that Primal, an athlete-fan token initiative, would begin working with its syrup pool farm on December 28. Thanks to this new feature, users will now be able to bet CAKE to earn PRIMAL.
PancakeSwap

The farm will give out 0.2x CAKE awards for the first 48 hours, then 0.1x rewards. For users to earn tokens while exercising, PRIMAL interfaces with activity trackers like Fitbit, Apple, Oura, and Whoop.

CAKE’s response to this upgrade was subpar, as is shown on its daily chart, which was highlighted in red. In the last seven days, the price of CAKE has decreased by more than 4,4%, according to CoinCu. Additionally, it had a market value of more than $522 million at the time of publication and was trading at $3.144.

Screen Shot 2022 12 29 at 10.16.50 AM

Santiment’s research did, however, offer some solace since several on-chain metrics suggested that CAKE’s next price movement would soon be supported.

PancakeSwap on BNB CAKE 15.24.19 28 Dec 2022
Will PancakeSwap’s Recent Popularity Affect CAKE In The Future? 8

Over the past week, the token’s Market Value to Realized Value (MVRV) Ratio has decreased, which can be a sign that the market has reached a bottom. The velocity of CAKE also increased, which raises the possibility of a trend reversal even more.

Last week, CAKE’s social dominance frequently increased, demonstrating its appeal. Not only was CAKE’s social supremacy confirmed, but so was its appeal. This was because it had received the second-most mentions in the past 24 hours among the top BNB Chain initiatives.

The network’s burn rate for PancakeSwap seems to be somewhat optimistic, given that it recently burned 6,808,702 tokens worth more than $22 million.

Over the past week, the token’s Market Value to Realized Value (MVRV) Ratio has decreased, which can signify that the market has reached a bottom. The velocity of CAKE also increased, which raises the possibility of a trend reversal even more.

Last week, CAKE’s social dominance frequently increased, demonstrating its appeal. Not only was CAKE’s social supremacy confirmed, but so was its appeal. This was because it had received the second-most mentions in the past 24 hours among the top BNB Chain initiatives.

The network’s burn rate for PancakeSwap seems to be somewhat optimistic, given that it recently burned 6,808,702 tokens worth more than $22 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News