CAKE Price Analysis October 2022

CAKE is a token of the platform PancakeSwap. Its current price is around $4.74 by the time of writing, with a low of $2.51, and it has a market cap of 680 million dollars.

CAKE Coin Market Analysis 

CAKE has a total supply of 335,342,479 coins worth around $4.74 with a market volume of 51 million dollars, whereas the market capitalization is 680 million dollars at writing. CAKE is already the go-to coin swap platform for many crypto investors. 

Alongside strong & passive income options, it allows you to purchase many coins before they’re released on other platforms like Binance. After a very successful ICO, CAKE aims to provide trading services that can compete with Uniswap. Some analysts also believe it has the potential to surpass them shortly.

The PancakeSwap Decentralized Exchange on Binance Chain has introduced new updates. These include a multichain expansion and reduced fees for active users. In addition, the DEX is active with airdrops, contests, and initial fundraising campaigns.

The PancakeSwap Bridge now has the same small fee as Stargate at 6bps (or 0.06%). The Stargate network is a liquidity transport protocol that powers the PancakeSwap Bridge. In addition, DEX launched the PancakeSwap Stable Swap to allow its community and CAKE token holders to trade several stablecoin pairs quickly and with less slippage.

What is CAKE?

CAKE is the coin of the PancakeSwap platform, which is around $4.74 by the time of writing, with a low of $2.51. It reached a high of $21.29, and its current ranking is #62, according to CoinMarketCap, with a market cap of 680 million dollars.

CAKE Price Prediction

On the 1D timeframe, the price action of $CAKE/USDT has broken the resistance zone and moved upwards. If it breaks the next resistance zone, we will see the further pump in it.

On-demand analysis on $CAKE or any other coin can join our Telegram channel anytime.

Cake Price Chart October 2022
CAKE Price Chart October 2022

Closing Thoughts

Discipline and Patience are the most critical 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.


Pratyaksh
Pratyaksh

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