- CAKE’s price increased by 5% in the last 24 hours.
- Metrics looked bearish while the market indicators supported the bulls.
PancakeSwap [CAKE] recently announced that it will launch a new lottery jackpot to celebrate the lunar new year. This special Lunar New Year lottery campaign offers the chance to win up to 26,530 CAKE.
Users can start purchasing tickets from 27 January. Following the first sale of 3,000 tickets, the jackpot will receive 100 CAKE for every 1,000 tickets sold. Interestingly, PancakeSwap will add 0.1 CAKE to the jackpot for each retweet and like of the campaign tweet.
⏰ The Lottery Jackpot will be drawn on Round 792, Saturday 28, 12pm UTC, 2023
✅ Users can start purchasing tickets from the 27, Friday, 12am UTC, 2023
?️ Buy your ticket at: https://t.co/Myhip2k5nZ
? Read the article to learn how to take part: https://t.co/5hWyu1gPma
— PancakeSwap ? #Multichain (@PancakeSwap) January 20, 2023
Realistic or not, here’s CAKE’s market cap in BTC’s terms
Soon after this announcement was made, PancakeSwap witnessed an increase in the number of users on the network. Token Terminal’s data revealed that PancakeSwap was among the top five Dapps and blockchains in terms of daily active users. BNB, Ethereum, and Polygon topped the same list.
? Daily active users in crypto ?
?BNB Chain 777.5k
?Ethereum 325.3k
?Polygon 313.9k
4⃣Solana 222.9k
5⃣PancakeSwap 113.6k
6⃣Near 68.2k
7⃣OpenSea 49.8k
8⃣Fantom 45.0k
9⃣Arbitrum 43.0k
?Uniswap 41.2k
11. Optimism 31.1k
12. Avalanche 27.0k
13. Blur 9.7k
14. Starknet 7.8k pic.twitter.com/9LM1kalScI— Token Terminal (@tokenterminal) January 20, 2023
Should the investors be happy?
Following these developments, CAKE’s price increased by more than 5% in the last 24 hours, resulting in gains on its chart. As per CoinMarketCap, at the time of writing, CAKE was trading at $3.82 with a market capitalization of over $646 million.
CAKE’s MVRV Ratio went up in the last few days, which might have played a key role in this recent price increment. Nonetheless, CAKE’s velocity decreased sharply on 20 January. In fact, its popularity also went down over the last week as its social volume decreased.
Source: Santiment
How much are 1,10,100 CAKEs worth today
But there is hope
Most of the metrics were unsupportive of a price surge and CAKE’s daily chart provided much-needed hope. The Relative Strength Index (RSI) was resting above the neutral mark, which was bullish.
CAKE’s Chaikin Money Flow (CMF) was also relatively up, further increasing the chances of a price surge. Furthermore, the Exponential Moving Average (EMA) Ribbon revealed that the 20-day EMA was fast approaching the 55-day EMA, suggesting the possibility of a bullish crossover in the coming days.
Source: TradingView
