PancakeSwap’s latest move brings CAKE to the table, but will investors indulge
PancakeSwap didn’t manage to have a satisfactory performance in the last seven days due to the price drop witnessed by the token. However, that may change in the days to come.
With the entry of cIFOs into the market, PancakeSwap may have caught the attention and gained favorable feedback from the crypto community. The potential for this commercial technology to improve PancakeSwap’s unfavorable circumstances could be significant.
Here’s AMBCrypto’s Price Prediction for PancakeSwap for 2022-2023
cIFO or community initial farm offering is a new instrument devised by the team at PancakeSwap to engage their community. cIFO will allow long term holders of PancakeSwap to invest in exclusive projects on the basis of ‘points’ accumulated over time.
This move by PancakeSwap helped the platform garner some attention on the social front.
? Join the upcoming IFO: https://t.co/GbmwKt0w1s
— PancakeSwap ? #BSC (@PancakeSwap) October 7, 2022
According to LunarCrush, a social media analytics website, the number of social mentions directed toward PancakeSwap doubled over the past week. The social mentions grew by 100.8% over the last seven days.
Furthermore, there was an uptick observed in both the social volume and the weighted sentiment for CAKE. Since 7 October, both these avenues witnessed growth. This indicated that the crypto community had a positive outlook towards PancakeSwap.
Here comes the bad news
Despite PancakeSwap getting all the growth on the social front, the development couldn’t gather enough support for the platform’s NFT sales.
As can be seen from the image below, the NFT sales showed a decline since the past few days.
Furthermore, the decline in their NFT sales was also accompanied by a decline in volume for CAKE. Over the past couple of days, CAKE’s volume fell by about 50% and came all the way to 23.04 million at press time.
Meanwhile, CAKE also observed a decline in market capitalization and development activity, both indicators of a bearish future.
PancakeSwap’s price movement wasn’t exactly positive either. After testing the $4.80 resistance on 5 October, CAKE depreciated by 6.21% and could decline all the way to test a new support level of $4.45.
The Chaikin Money Flow (CMF) was also on a decline at the time of writing, indicating that the money flow was not with the buyers. The Relative Strength Index (RSI) was also observed to be going on a downward trend indicating that the momentum was with the sellers and implying a bearish outlook for the PancakeSwap token.