- There have been some major changes regarding CAKE’s farm auction
- Growth noticed in CAKE’s NFT space
- MVRV Ratio and positive sentiments increased
PancakeSwap [CAKE] recently announced its newly adjusted farm auctions, which will take effect from 30 November during CAKE’s 34th farm auction.
The exchange’s farm auctions are a highly effective method of boosting project volume and attracting organic traffic, besides immediately boosting project token liquidity.
They also give liquidity providers the opportunity to farm CAKE at a high APY.
Attention!!!
We are introducing newly adjusted farm auctions.
The farm auctions aims to be more inclusive and give projects a platform to engage with our community.
To vote, click here ⤵️https://t.co/V5PLpsYWxX
— PancakeSwap ? #BSC (@PancakeSwap) November 24, 2022
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
With this new announcement, there will be some changes to the farm auction process. Notably, the minimum bid for CAKE will be changed from 7,000 to 3,000 CAKE. The farm duration has also been updated to eight days from the initial 10 days.
CAKE looks bullish
This development looked positive for the CAKE ecosystem. According to LunarCrush’s data, the token grabbed the second spot on the list of projects on BNBChain that had the highest bullish sentiment, which was definitely a piece of good news.
?Top #BNBCHAIN Projects with Highest Bullish Sentiment?
? $QUACK @RichQuack
? $CAKE @PancakeSwap
? $BABYDOGE @BabyDogeCoin$FLOKI @RealFlokiInu$SFM @safemoon$YOOSHI @yooshi_official$VINU @VitaInuCoin$SFUND @SeedifyFund$LEON @swapleonicorn$CATE @catecoin#BNB #WEB3? pic.twitter.com/FRbumPFKOH— BSCDaily (@bsc_daily) November 23, 2022
CAKE also witnessed improvement in its NFT space over the last week. As per Santiment’s chart, the token’s total NFT trade count, along with total NFT trade volume in USD, registered a spike on 23 November, reflecting the increased popularity of the network in the NFT community.
Source: Santiment
What the metrics suggest
CAKE’s on-chain metrics also painted a bullish picture. Its MVRV Ratio registered an uptick, instilling hopes of the month ending in the token’s favor. The alt also remained pretty popular as its social volume was high, and so was its positive sentiment, reflecting investors’ trust.
Furthermore, LunarCrush’s data revealed that CAKE’s volatility increased by over 60% in the last seven days. Thus, suggesting a further uptrend in terms of its price. Nonetheless, BNB’s velocity went down over the week, which was a negative signal.
Source: TradingView
