Altcoin
Assessing PancakeSwap’s performance during the concluding weeks of Q1
PancakeSwap’s Q2 began on a happy note with the launch of v3. Nonetheless, Q1 also ended well, as was evident from its network stats. But can we expect CAKE’s price to respond positively to these developments?
- PancakeSwap’s trading volume reached $7.5 billion in March, while the number of CAKE holders exceeded 1.3 million.
- Investors’ interest in CAKE went up, but the token’s price failed to go up.
PanceSwap’s [CAKE] Q2 2023 began with the major announcement of its v3 launch. Q2 started on a good note, meanwhile, PancakeSwap posted on 12 April a blog regarding its performance in March.
✍️ PancakeSwap March Recap
? Want to know what we've been cooking up in the Kitchen this past month?
?Ready to join us on v3?
1️⃣ Market Maker Integration now on BNB Chain
?PancakeSwap Blog & Academy
? Read more here: https://t.co/fEKDBhg0dE pic.twitter.com/iGJZuABhLe— PancakeSwap?Ev3ryone's Favourite D3X (@PancakeSwap) April 12, 2023
Realistic or not, here’s CAKE’s market cap in BTC terms
March was a happening month for PancakeSwap
As per the blog, in the month of March, CAKE’s trading volume reached $7.5 billion and the number of unique traders touched 1.6 million.
PancakeSwap’s burning activity was also high as suggested by the number of tokens burned. The blog stated that more than 28 tokens worth $108 million were burned last month.
CAKE worth over $4 million was brought back from the market to be burnt in March. It was also mentioned that the total number of CAKE holders reached 1.3 million.
Network development hikes!
Eight new Syrup Pools were added to CAKE’s pools section in March. Apart from this, PancakeSwap took quite a few steps ahead of the v3 launch, including the Farm multipliers adjustments proposal.
The aim of the proposal was to redirect rewards to high-value, high-performing farms—optimizing the network’s emissions.
Coming back to the present, the latest development in the PancakeSwap ecosystem was the result of its Ambassador program.
? Meet the Pancake Masters, our new ambassadors for the #PancakeSwap community!
? They'll represent us in their regions, sharing expertise to empower & connect users globally.
? Stay tuned for updates on their contributions!
ℹ️ More info: https://t.co/eVFKEcxWNY pic.twitter.com/0B4aTcsIbU
— PancakeSwap?Ev3ryone's Favourite D3X (@PancakeSwap) April 12, 2023
The program began in February, and PancakeSwap received over 2,000 applications. The program was divided into four categories: moderation, translation, content creation, and event organizers and local representatives. The results for the same are now available.
Investor interest in CAKE jumped
Santiment’s chart revealed that CAKE’s volume increased considerably last month, suggesting more investors’ interest in trading the token.
CAKE’s daily active addresses also spiked during the concluding days of March, which looked optimistic. Moreover, sentiments around CAKE seemed to have improved in March, as it was evident from the weighted sentiment metric.
Source: Santiment
PancakeSwap v3 continues to grow
Not only did CAKE’s metrics look good, but the same remained true for PancakeSwap v3’s performance. Dune’s data revealed that v3 was registering continuous growth since its launch.
PancakeSwap v3’s daily volume has been rising, suggesting more usage. This was further proven as similar growth was noted in terms of a number of users and transaction count, both on Ethereum [ETH] and BNB Chain [BNB].
Source: Dune
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
CAKE’s price action seems dormant
Investors might not be the happiest considering CAKE’s sluggish price movement. The token failed to register growth, as its daily and weekly charts were painted red.
According to CoinMarketCap, CAKE was down by 1.7% in the last seven days. At the time of writing, it was trading at $3.62, with a market capitalization of over $670 million.
