Are these updates enough to pump CAKE in the short-term again
PancakeSwap, the most popular Decentralized Exchange (DEX) for the Binance Smart Chain, recently grabbed the attention of many due to several developments happening in its community. The DEX has often been accused of snatching the market share of its competitors, including Uniswap and SushiSwap.
Here is AMBCrypto’s Price Prediction for PancakeSwap (CAKE) for 2023-24
In fact, CoinGecko’s data revealed that PancakeSwap is one of the top 5 DEXs in the world in terms of 24-hour trading volume. This, again, seemed to prove the popularity of the platform. Interestingly, not just PancakeSwap, but its native token CAKE also recently came into the limelight as it outperformed several other cryptos on a few fronts.
Recently, an announcement was made regarding the launch of EthereumSwap on PancakeSwap, a development that added much value to the DEX. With this new update, users can now not only swap BNB for stablecoins or CAKE and others, but also ETH for three stablecoins initially – ETH/USDC, ETH/USDT, and WBTC/ETH.
??Ethereum swap is Live on PancakeSwap
?We know some sharp eyes have already noticed this
— PancakeSwap ? #BSC (@PancakeSwap) October 4, 2022
Needless to say, CAKE soon generated some traction by beating most with a higher market cap. On 5 October, for instance, CAKE was the second-most popular coin on CoinMarketCap in terms of trending searches, only behind Cardano.
Not only this, but CAKE nabbed the first spot in the list of the top 10 BNB Chain projects in terms of total value locked over the last seven days.
Top 10 @BNBCHAIN Projects by TVL Last 7D
?@AlpacaFinance@Biswap_Dex @pinkecosystem@coinwind_com @UNCX_token@ankr @WombatExchange@Helio_Money @TechTreesCoin $BTCPAY $CAKE $ALPACA $TTC#TyranoAnalytics #PANCAKE #HAY pic.twitter.com/sr59y72gkD
— India wants crypto ?? #TTC #QUACK #BTCPAY #BTC (@Indiacrypto_) October 4, 2022
However, all the developments did not reflect on CAKE’s chart as it failed to register an uptick. At the time of writing, CAKE was over 5% down from last week and was trading at $4.70 with a market capitalization of over $673 million. Interestingly, a look into CAKE’s metrics revealed that several of them were not working in its favor. Each of these might have restricted the altcoin’s northbound movement.
These aren’t in favour of CAKE
While CAKE’s price struggled to climb the ladder, its development activity also fell considerably over the last week. This is a negative signal as it reflects less effort by the developers in improving the network.
CAKE’s volume also followed a similar route and registered a decline over the week. Even so, CAKE’s social dominance skyrocketed over the last two days, which corresponded to its popularity as it was trending on CoinMarketCap.