CAKE is a token of the platform PancakeSwap. Its current price is around $4.56 at the time of writing, with a low of $2.51, and it has a market cap of 755 million dollars. Pancake Swap is growing at a gradual pace but has the potential to reach new highs.
What is PancakeSwap (CAKE)?
CAKE is the coin of the PancakeSwap platform, which is around $4.56 at the time of writing, with a low of $2.51. It reached a high of $10.22, and its current ranking is #65, according to CoinMarketCap, with a market cap of 755 million dollars. PancakeSwap is a DEX (Decentralized Exchange) that enables users to trade cryptocurrencies without going through the hassle of centralized exchanges. Transactions here are done securely, quickly, and in a decentralized manner.
CAKE is a BEP20 token created for PancakeSwap, based on the Binance Smart Chain. It encourages users to provide liquidity to the platform and is rewarded for doing so. Users of this platform can stake their tokens to earn rewards. To do this, they need to deposit Liquidity Provider tokens and lock them up for a while.
CAKE Coin Market Analysis
CAKE has a total supply of 365,184,956 coins worth around $4.56 with a market volume of 60 million dollars, whereas the market capitalization is 755 million dollars at writing. Furthermore, CAKE’s assigned risk rank indicates that the digital asset is currently viewed as having moderate volatility and risk. Thus, investors focused on minimizing risk can take advantage of and avoid risky investments.
CAKE Price Prediction
PancakeSwap prices have seen significant growth, making it a viable investment considering its current token value. However, in the 4H timeframe, the price action of $CAKE/USDT has broken the rising wedge support trendline. Currently, the price is going down.
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Closing Thoughts
The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
