CAKE is a token of the platform PancakeSwap. Its current price is around $3.19 by the time of writing, with a low of $2.51, and has a market cap of 495 million dollars.
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What is PancakeSwap?
PancakeSwap is a decentralized coin exchange that runs natively on BNB Chain. It shares similarities with established platforms because users can swap coins without involving middleman services. PancakeSwap is a decentralized crypto swapping platform that utilizes user-generated liquidity pools like Uniswap. This means that the service can be accessed on Ethereum’s DeFi AMM protocol, and there is no need to use an aggregator or other centralized service.
What is CAKE?
CAKE is the coin of the PancakeSwap platform, which is around $3.19 by the time of writing, with a low of $2.51. It reached $26.5, and its current ranking is #77 according to CoinMarketCap, with a market cap of 495 million dollars. Binance Smart Chain originally established the CAKE token. The main function of this token is to incentivize liquidity provision to PancakeSwap platforms, a part of the BEP20 platform.
CAKE Coin Market Analysis
CAKE has a total supply of 750,000,000 coins worth around $3.19 with a market volume of 44 million dollars, whereas the market capitalization is 495 million dollars at writing.
CAKE Price Prediction
PancakeSwap tokens are doing well, as the price has increased over time. It is a good investment if you’re interested in its token value. PancakeSwap prices in the past have been trending downward, and it can be estimated that the minimum price in 2023 will be around $7.22. The maximum expected price may be around $8.70, meaning that, on average, the current price is around $7.43.
On the 1D timeframe, the price action of $CAKE/USDT consolidates inside the Ascending triangle. We have to wait for a successful breakout or breakdown.
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Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we discussed might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.