CAKE Price Analysis January 2023

CAKE is a token of the platform PancakeSwap. Its current price is around $3.49 at the time of writing, with a low of $2.51, and it has a market cap of 566 million dollars.

What is PancakeSwap (CAKE)?

CAKE is the coin of the PancakeSwap platform, which is around $3.49 at the time of writing, with a low of $2.51. It reached a high of $12.15, and its current ranking is #65, according to CoinMarketCap, with a market cap of 566 million dollars. 

PancakeSwap is a decentralized exchange beneficial for token trading. Not only does it provide opportunities to make profits from liquidity pools & staking, but what sets PancakeSwap apart from its peers like Uniswap & SushiSwap is that it runs on the Binance Smart Chain (BSC) instead of Ethereum.

CAKE Coin Market Analysis 

CAKE has a total supply of 358,479,771 coins worth around $3.49 with a market volume of 56 million dollars, whereas the market capitalization is 566 million dollars at writing. PanCakeSwap has become the top-ranking DEX and is further increasing its breadth and reach by launching PanCakeSwap V2, which added 1,426 token pairs to facilitate smooth trading activities.

PancakeSwap V2 is one of the most used DEXs on the BNB Chain and is considered the top global DEX in market share. It offers a decentralized platform for users to easily trade BEP-20 tokens without worrying about centralized authority. PancakeSwap V2 allows users to trade against liquidity pools and earn a passive income with cryptocurrencies by providing liquidity.

CAKE Price Prediction

Reports suggest that the PancakeSwap token will likely see a steady price rise over the years. In 2024, the predicted value of one token is $25.52, while 2025 marks it at $45.67. In the 6H timeframe, the price action of $CAKE/USDT has broken the horizontal resistance zone. Currently, the price is bouncing above the resistance zone. A further upward movement is expected from here.

For any time, on-demand analysis on $CAKE or any other coin can join our Telegram channel.

Cake Price Analysis
CAKE Price Analysis

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.

Pratyaksh
Pratyaksh

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