What PancakeSwap [CAKE] transactions have to do with network performance
- 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.
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.
?Brace yourselves – PancakeSwap V3 is coming on the 1st week of April!
?A host of new features and exciting campaigns coming to enhance your DeFi experience:
?Airdrop – Add liquidity on BSC PCS now?
✨VIP program with amazing rebate
Keep an ? out for more pic.twitter.com/YL9O5hL85p
— PancakeSwap ? #Multichain (@PancakeSwap) March 3, 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.
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.
Check the top 100 whales here: https://t.co/0SYnjw0xQs
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) March 3, 2023
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.
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.