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.

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.

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

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.

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