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Are the last 24 hours enough for investors to have a piece of CAKE?

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The last 24 hours have seen significant growth for the PancakeSwap Network. According to data from CoinGecko, the network saw gains of 11% over a 24-hour period. In fact, CAKE was the most traded highlight token on the BNB Chain. With a sales volume of $82,772,676, CAKE was ahead of tokens such as GAL and BSW, which followed it closely with a sales volume of $55,461,497 and $10,865,393, respectively.

Additionally, the latest data from DefiLlama showed that with a total value locked (TVL) of $2.89 billion, PancakeSwap is a leading DeFi protocol on the BSC Chain. For context, the total TVL for all protocols on the BSC Network stood at $5.83 billion. Therefore, with a TVL of $2.89 billion, PancakeSwap seems to enjoy 50% of the market share.

It’s a CAKE party!!! 

As many crypto-assets saw gains over the last 24 hours, CAKE tokens were not left out. Trading at $2.95 per CAKE at the time of writing, an 11% uptick in price was registered over the last 24 hours. During the trading session on 19 June, CAKE rallied by as high as $3.06. In addition, greater trading activity was spotted, with a 15% growth in trading volume. 

At 12.43, the MFI indicated that CAKE was severely oversold. Following a hike in the price, this represented a bearish divergence. This revealed that buying pressure has been dropping and sellers are gearing up to take over the market.

Also, at the time of press, the Relative Strength Index (RSI) was pegged at 31 in a downward curve. 

Source: TradingView

Down since April…

On-chain analysis revealed a gradual decline in CAKE’s social dominance and social volume since April. However, just last week, the social dominance of the token saw a high of 2.23% on 15 June. It thereafter suffered a decline, forcing it to mark a spot at 0.801% at press time. 

The social volume also registered a high of 2,194 on 15 June, following which, it depreciated. At press time, it was pegged at 602, shedding over 72% of its value in just about five days.

Source: Santiment

Interestingly, according to data from CoinGecko, PancakeSwap ranks high among decentralized exchanges by volume. Also, data from Nomics revealed a decline in trading volume on the platform over the last week.  



Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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