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What PancakeSwap [CAKE] transactions have to do with network performance

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Analyzing PancakeSwap's [CAKE] transactions and its relation to network performance
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  • PancakeSwap announced its v3 will launch in April 2023
  • NFT space’s performance is not on par, but whale interest has increased in CAKE.

PancakeSwap [CAKE] has been setting up its game in terms of network performance over the last few months. Dune’s data revealed that the total number of transactions on PancakeSwap has been on an uptrend since the beginning of this year, after a disappointing Q4 2022. This increase represents increased adoption and usage of the network.

Source: Dune

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

The hype can pump more!

As the transactions increased, CAKE made a major announcement regarding the launch of its new v3. The timeline of the launch seemed to have been in check, as at the end of January, CAKE revealed that the release will happen during the end of Q1 2023.

The announcement also mentioned that the launch will come with several new features, such as new NFT and VIP programs. Therefore, the possibility arises that the v3 launch can also help PancakeSwap’s declining NFT marketplace’s performance.

As of now, CAKE’s NFT space has also failed to perform up to the mark as its NFT marketplace volume has declined. Not only volume, but the number of users in CAKE’s NFT marketplaces has also declined lately.

Source: Dune

Whales are here for rescue

Whales’ interest in CAKE, however, increased in the last few days as it became one of the top 10 tokens by trading volume among the top 100 biggest BSC whales. 

Santiment’s chart also pointed out a similar happening as whale transaction counts spiked on 2 March. Not only whales, but PancakeSwap topped the list of the top DeFi projects by Twitter audience in the last 30 days, reflecting its immense popularity. Moreover, before registering a decline, CAKE’s velocity was up, suggesting higher movement of the asset between addresses. 

Source: Santiment

Here is a massive green signal for CAKE

Though increased whale interest is a positive signal, CryptoQuant’s data gives better reasons to be optimistic for CAKE. As per the data, CAKE’s Relative Strength Index (RSI) was in an oversold position, which can initiate an increase in buying pressure.

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

At press time, CAKE was down by more than 5% in the last seven days and was trading at $3.77 with a market capitalization of over $697 million.

A look at CAKE’s daily chart revealed that the Money Flow Index (MFI) was also just about to enter the oversold zone. Moreover, CAKE’s Chaikin Money Flow (CMF) registered an uptick, which looked bullish. However, the Exponential Moving Average (EMA) Ribbon displayed the possibility of a bearish crossover soon.

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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