Will PancakeSwap’s newfound popularity impact CAKE in the days to come

  • Primal joined PancakeSwap’s Syrup Pool Farm 
  • Despite updates round the ecosystem, investor considerations nonetheless revolve round the way forward for CAKE

PancakeSwap [CAKE] lately introduced that Primal, an athlete-fan token undertaking, joined its syrup pool farm beginning 28 December. With this new growth, customers will now have the ability to stake CAKE in order to earn PRIMAL.

For the first 48 hours, the farm will supply 0.2x CAKE prizes, adopted by 0.1x rewards. To speak about PRIMAL, it integrates with exercise trackers, similar to Fitbit, Apple, Oura, and Whoop in order that customers can earn tokens whereas understanding.

Read PancakeSwap’s [CAKE] Price Prediction 2023-24

Did CAKE rise to the event?

CAKE’s response to this replace was not up to par, as its every day chart was painted crimson. According to CoinMarketCap, CAKE’s worth registered a decline of greater than 4% in the final seven days. Furthermore, at press time, it was buying and selling at $3.25 with a market capitalization of over $522 million.

Nonetheless, Santiment’s information offered some reduction, as some on-chain metrics revealed that issues would possibly quickly favor CAKE’s subsequent worth motion.

Source: Santiment

The token’s Market Value to Realized Value (MVRV) Ratio declined significantly over the previous week, which could be a doable indicator of a market backside. Moreover, CAKE’s velocity additionally registered an uptick, additional rising the possibilities of a development reversal.

CAKE’s social dominance spiked fairly a number of occasions final week, reflecting its popularity. Not solely its social dominance, however CAKE’s popularity was but once more confirmed. This was as a result of it ranked second on the record of the prime BNB Chain tasks in phrases of most mentions in the final 24 hours.

PancakeSwap’s burn rate additionally seemed fairly optimistic for the community because it lately burned 6,808,702 tokens, which had been price greater than $22 million.

A 611.31x hike on the playing cards if CAKE hits Bitcoin’s market cap?

The bulls nonetheless have a conflict to combat

Though the metrics had been in CAKE’s favor, market indicators painted a grim state of affairs that was in favor of the bears. The Exponential Moving Average (EMA) Ribbon revealed sellers’ benefit in the market as the 20-day EMA was resting beneath the 55-day EMA.

Furthermore, CAKE’s Chaikin Money Flow (CMF) additionally registered a downtick, which seemed bearish. However, the Relative Strength Index (RSI) offered reduction because it was simply close to the oversold zone. This may give traders some hope of an upcoming worth pump. 

1672274577 290 Will PancakeSwaps newfound popularity impact CAKE in the days to

Source: TradingView

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