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Can CAKE sustain its January highs throughout Q1? Analyzing…

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2 years ago

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Source: Unsplash

  • PancakeSwap’s January recap highlighted quite a few notable achievements.
  • Price action and on-chain metrics looked bullish for CAKE.

PancakeSwap [CAKE] posted its January 2023 recap on 17 February, in which it highlighted the state of the network during the first month of 2023. As per the report, PancakeSwap reached quite a few milestones during January. 

Realistic or not, here’s CAKE market cap in BTC’s terms

Achievements of 2023

In January, PancakeSwap’s average daily volume reached $162 million, with a total volume of $5 billion,. Moreover, the total number of unique traders reached 1.5 billion, while the number of unique on-site users touched 3 million.

Apart from the statistics, PancakeSwap has also reached new heights in the DeFi space, as it achieved over 50% dominance on the Aptos Network. This development made CAKE the leading DEX on both BNB and Aptos, which was also quite an achievement in itself. Besides that, CAKE has been deploying, analyzing, and improving the liquidity levels, trading experience, and general UI/UX on Aptos since the multichain vote.

Interestingly, PancakeSwap also announced the launch of its new Ambassador Program, which is designed to bring the PancakeSwap community together and empower its users to represent PancakeSwap in their local regions. 

 

Is the PancakeSwap network still growing? 

CAKE’s growth does not seem to have come to a halt in February, as several developments suggested that the future looked promising. For instance, CAKE’s price increased by over 17% in the last 30 days. According to

CoinMarketCap, CAKE’s daily price registered an increase of over 3%, and at press time, it was valued at $4.21 with a market capitalization of more than $807 million.

Not only this, but CAKE was also the second most traded highlight project on BNB in the last seven days. 

Read PancakeSwap’s [CAKE] Price Prediction 2023-24

Santiment’s chart revealed that CAKE’s performance on the metrics front was also positive.

CAKE’s daily active addresses registered a sharp uptick in the last seven days, indicating increased usage of the network. The crypto community’s confidence in CAKE also seemed to increase, which was evident from a look at its positive sentiment as it went up lately.

LunarCrush’s data revealed that CAKE’s market dominance increased considerably in the last seven days, which was also a positive sign. However, despite the price uptick, CAKE’s MVRV Ratio remained relatively low throughout the last week.

Source: Santiment

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