Since its launch to date, Pancake Swap (CAKE) has never been in such a stark sliding door: let’s take a closer look at it together.
PancakeSwap (CAKE) seen up close
PancakeSwap (CAKE) is trending on CoinMarketCap, the price has been on a modest uptrend, whereas the DEX TVL and capitalization remain stable far from the hype that Cake would require for a push to leave behind $5.
CAKE trades at $4.53 with an appreciation of only 0.51% despite the crypto’s strength being the highest seen in the last week of trading.
Earnings in the cake house unfortunately remain too modest for an upside breakout to set the bar above $5.
On the weekly chart, PancakeSwap is down 4%. However, it remains firmly among the most trending cryptocurrencies such as Ethereum, ADA, and APT.
A slight bullish boost is offered by Crypto Twitter, which cites PancakeSwap as the second most mentioned project along BNB Chain only behind RichQuack this week on the web and among insiders.
However, the nudges coming from chatter or analyst interest do not bridge the gap with the substance that could come from news of chain improvements with PancakeSwap’s price still below $4.6 within striking distance of that $5 needed for the breakthrough.
This past week the chain saw an increase in the TVL from $3.19 billion to $4.15 billion, appreciating by nearly 30% despite the fact that the TVL is down 58% from the high reached in November last year which touched $10 billion.
Substantial investment and chain improvement in addition to privacy could reverse the trend and show investor interest to the point of CAKE moving up in price in the future.
PancakeSwap is interested in Aptos blockchain
PancakeSwap wants to improve the Aptos mainnet, and interest in it could be a very important piece in achieving a market run.
PancakeSwap which is based on BNB Chain processing about $47 million in trade volume per day wants to migrate and grow into Aptos:
“Aptos is a next-generation L1 with low transaction costs, high transaction throughput and fast transaction speeds, which uses an innovative and developer-optimized approach to parallel execution. PancakeSwap has developed a strong relationship with the Aptos team and a large number of its developer ecosystem are well suited to the PancakeSwap partnership and products.”
When and if the partnership sees the light of day they will aim to implement swaps, farms, pools, and initial farm offerings on DEX by Q4 2022.
The intention is to also bring native CAKE token into the new DEX although this is still up for a vote.
In June Cake lost 40% of value after launch but the investments made and the interest placed in projects like this could bring new life to the coffers through the confidence of analysts who would buy a prospective asset.
Source: https://en.cryptonomist.ch/2022/10/28/pancakeswap-cake-token-balance/