PancakeswapPrice Analysis

Cake Trading Bullish, as It Continues to Record All Time Highs

Currently trading at an all time high of $43.34, the cake is up by 19% during the last 24 hours and has gone through the growth of approximately 6500% since the dawn of the year 2021 as at the start of the year, the coin traded at a price level of $0.60.

The cake is a native token of worlds 5th largest Decentralized exchange (DEX) Pancakeswap, which has a 24-hour volume of $335,820,024 and occupies 5.1104% share of the market. Falling behind MDEX, MDEX (BSC), Uniswap (V2), and Burgerswap, Pancakeswap is an AMM (Automated Market Maker) exchange built on Binance smart chain that allows users to exchange tokens on BSC. Further, the users can also earn tokens through Yield farming, staking, and syrup pools.

Whereas the exchange’s governance token; Cake is the 23rd largest token in the whole crypto market and fourth-largest in the DeFi market, falling behind UNI, LINK, and WBTC. Cake has a market cap of $6,998,480,900 and its 24-hour volume is 1,102,131,508.

Investor and crypto analyst Andrew Kang tweeted earlier today that there is a 30% probability of Cake superseding the UNI.

Kang’s tweet is the manifestation of the competition that is going around since the launch of Pankswap Cake back in Sep 2020.

He further illustrated his projection as he tweeted:

He also denied the public perception about the Pancakeswap that it is “a simple Uni fork” as he tweeted: that the people do not realize that “they’ve built a full product stack. Nothing really compares to it – Syrup Pool/Farm Program – IFOs – Trading Battles – NFT/Collectibles – Predictions (Binary options) – Lottery”

Lastly, it is significant too that the UNI is also bullish at the time of press as, after recording an all time high of $43.89 just yesterday, it is currently trading at $42.00.

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Cora Joe

Cora is an cryptocurrency enthusiast. She is doing freelance writing for over four years, researching and writing crypto guides, reviews, and latest cryptocurrency and blockchain news for various blogs and individuals world over.

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