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PancakeSwap: Assessing what’s in store for CAKE considering these updates 

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PancakeSwap: Assessing what's in store for CAKE considering these updates 
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  • CAKE becomes the most traded token among the top 100 BSC whales.
  • CAKE’s price pump might continue further as the metrics and indicators are positive. 

PancakeSwap [CAKE] revealed new information for bCAKE farmers on 13 January. With this new update, farmers can now activate boosters on two farms with an adjusted boost multiplier. To take advantage of the new boost, farmers will need to unset the current booster and reapply it. 

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

Not only that, but CAKE also remained popular among the whales. As per a WhaleStats tweet on 13 January, CAKE recently flipped BTCB to become the most traded token among the top 100 BSC whales. 

CAKE’s price action has been optimistic of late, as its price went up by 10% in the last 24 hours. CoinMarketCap’s data revealed that CAKE registered over 17% weekly gains, and at press time, it was valued at $3.87 with a market capitalization of more than $651 million.

Additionally, CAKE made it to the list of top BNB Chain projects with the highest bullish sentiments, as per a tweet on 12 January. 

What do the PancakeSwap metrics suggest?

CAKE’s on-chain metrics provided a better understanding of which way the token was headed in the coming days. The token’s price rallied alongside its volume, which legitimized the price hike.

CAKE’s social volume also spiked a few times over the last week. The daily on-chain transaction volume in profit went up, which was a positive signal. However, the velocity decreased in the last few days, which might be troublesome. 

Source: Santiment

How much are 1,10,100 CAKEs worth today?

The bulls are leading the market!

As per the market indicators, the bulls were leading the market. For instance, the Chaikin Money Flow (CMF) and the On Balance Volume (OBV) were both relatively up. The MACD also revealed a bullish upper hand in the market.

CAKE’s price was entering a high volatility zone as indicated by the Bollinger Band, further increasing the chances of a northbound movement. The only concerning indicator was the Money Flow Index (MFI), which had entered the overbought zone. 

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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