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PancakeSwap To Burn 300 Million CAKE, Why Is This Whale Moving Coins?

Amidst PancakeSwap’s proposal to burn 300 million CAKE and reduce the total supply from 750 million to 450 million CAKE, on-chain data indicates that a whale has been moving a significant amount of CAKE, the decentralized exchange’s governance token.

Whale Is Moving Tokens As Key PancakeSwap Voting Event Proceeds

According to a report from Scopescan, a blockchain analytics platform, a whale has moved approximately 1.7 million CAKE worth $1.3 million in the past week from Binance, Gate.io, and Bitget to a series of crypto addresses. The timing of this transfer is noteworthy since it coincides with key voting that would permanently shape PancakeSwap’s tokenomics.

CAKE whale moving coins from exchanges | Source: Scopescan via X

The proposed token burn is gathering significant support, with over 90% of CAKE holders in agreement. According to the proposer, reducing the total supply to 450 million CAKE is reasonable. It would also ensure sufficient supply for future growth while achieving “ultrasound CAKE.”

Herein, the idea is to make CAKE deflationary over the long term, and this may support prices as PancakeSwap continues to play a vital role in token swapping in the broader BNB Chain ecosystem. 

According to DeFiLlama data, PancakeSwap is the largest DEX in the BNB Chain ecosystem, with a total value locked (TVL) of $1.6 billion, commanding roughly half of the network’s TVL of around $3.5 billion. Notably, PancakeSwap has been resilient and continues to evolve, shaking off competition even after the deployment of Uniswap v3 on the BNB Chain.

In the past 24 hours, PancakeSwap has generated over $815,000 in fees, more than 7.5X that of Venus, a lending protocol, the second largest in the BNB Chain ecosystem.

PancakeSwap TVL | Source: DeFiLlama

Is CAKE Ready For $10? 

Notably, the token burn proposal also comes when PancakeSwap is undergoing significant changes, including the recent introduction of veCAKE and Voting gauges, whose voting concluded on November 22. With this proposal passing with over 99% community support, veCAKE holders can now vote on where future CAKE farm emissions will be directed.

This gives CAKE holders greater governance influence. Supporters maintain that this crucial decision makes the DEX more decentralized and community-facing.

Ahead of PancakeSwap’s plans to burn 300 million CAKE, prices have been rallying. From the weekly chart, CAKE is up by over 260% from 2023 lows, roaring as demand increases. While bullish, bulls are yet to reverse losses of this year. A critical resistance level remains at around $5. A solid, high-volume break above this line could propel CAKE to around $10 in the coming months.

PancakeSwap price trending upward on the daily chart | Source: CAKEUSDT on Binance, TradingView

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PanCakeSwap Soars Over 50% After 10 Million Tokens Burned – Details

The recent increase in value of PancakeSwap has captured the attention of the cryptocurrency community, as its token, CAKE, witnessed an extraordinary 54% surge in just the past seven days.

With a robust market capitalization of nearly $900 million and an impressive fully diluted valuation of $1.3 billion, PancakeSwap has solidified its position as a significant player in the decentralized finance (DeFi) space.

Strategic Token Burn Propels PanCakeSwap Ascendancy

One of the key strategies contributing to PancakeSwap’s success lies in its proactive approach to managing token supply.

In a strategic move to boost scarcity and create a more attractive investment proposition, PancakeSwap executed a token burn, incinerating more than 10 million CAKE tokens, valued at approximately $34 million, on December 26.

This deliberate reduction in the total supply by 40% has not only impressed investors but also earned PancakeSwap the endearing title of “everyone’s favorite DEX” (Decentralized Exchange).

Despite prevailing market consolidation, the CAKE token has managed to defy the odds, maintaining a price above $2.1 and extending its recovery trend. Within just one week, the coin’s price soared to the current trading value of $3.37, breaking decisively from a falling wedge pattern.

This latest burn has resulted in a notable reduction in the circulating supply of CAKE tokens, decreasing from 275 million to 265 million. Consequently, this development propelled the CAKE price by 18%, pushing its market cap to $894 million.

Crypto burns play a pivotal role in the digital assets sector by reducing asset supply, thereby creating heightened demand and boosting the value and prices of cryptocurrencies.

Although a proposal to cap the maximum supply at 450 million was previously made by the network to recover losses suffered by CAKE crypto, it is yet to be implemented. Meanwhile, the team will continue with substantial burns to support price movement until an alternative decision is reached.

Weekly Token Burns Signal PanCakeSwap’s Commitment

The PancakeSwap team has further disclosed their intention to continue these token burns on a weekly basis, demonstrating a commitment to this approach until a decision is made to alter it.

This diminishing supply, coupled with the optimistic technical outlook, is anticipated to sustain a robust recovery trend in CAKE price.

Meanwhile, the coin’s 24-hour trade volume increased by 37% to $284 million, with one-month gains exceeding 50%. Moreover, the token reached a new 30-day peak of $3.65 on Tuesday.

As of the latest update, CAKE maintains a bullish stance, registering a 27% increase in the previous day’s trading and gaining over 6% within one hour of the most recent token burn.

The altcoin has also garnered increased crowd interest, with daily volume soaring by 75% to $330 million, although it remains 90% down from its April 2021 all-time high of $44.20.

Featured image from Shutterstock

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Altcoins Rally: What’s Next After The Breakout

Altcoins have witnessed a significant surge recently, with their collective market capitalization rising from $575 billion to $615 billion in just a few days – an increase of 7%. This momentum hints at the potential for further growth in the Altcoin sector.

Breakout From Descending Triangle

The Altcoin market capitalization had been trading within a descending triangle pattern since its yearly peak in April. This technical pattern, characterized by a series of lower highs but consistent lows, typically signals a bearish sentiment – suggesting that each rally is met with increasing selling pressure, keeping upward price movements in check.

Related Reading: November Outlook For Bitcoin Price: Another Pump Or Retrace?

However, this past weekend marked a pivotal change. The market capitalization decisively broke through the pattern’s upper resistance line, surging by 7%. Such a breakout from a descending triangle is a bullish pattern, often indicating a reversal of the prior downtrend. With this breakout, the market cap is now eyeing the target set by the initial peak of the pattern, which could mean an additional increase of 7%.

 

The significance of this breakout is further highlighted by the fact that the Altcoin market cap has not only broken through the resistance but also surpassed the previous high set in July. This breach could signal that the market is transitioning from a bear-dominated phase to a bullish one, where buyers are regaining control and pushing the market to new heights.

Bitcoin Decreasing Dominance

Bitcoin’s dominance on the market has recently slipped to 52.50%, down from its annual peak of 54%. This is a normal market fluctuation, considering Bitcoin had been on a ten-week streak of increasing dominance.

Related Reading: Bitcoin Season: Leading The Charge In The Crypto Market

Yet, it’s crucial to note that Bitcoin’s market share has dipped below the pivotal 53% support level. Should Bitcoin fail to reclaim dominance above this support level, we could anticipate a further decrease to the next support at 49%, opening the door for Altcoins to capture a greater portion of the cryptocurrency market cap.

In bear markets, Bitcoin’s dominance tends to increase as the market pulls back, which suggests that if Bitcoin manages to hold or increase its price, Altcoins could experience further rallies.

 

Conversely, an increase above the 53% support could set Bitcoin out for the next resistance at 58%, at the expense of Altcoins’ market share.

Historically, bull markets often begin with Bitcoin leading the way due to events like the halving event, which reduces the inflow of new Bitcoin.

Nonetheless, there are still phases when Altcoins rapidly gain momentum, experiencing significant and rapid price increases. The current market breakout, along with a reduction in Bitcoin’s dominance, hints that such a phase could potentially unfold now.

Top Altcoins Gains

In the past week, many Altcoins have witnessed remarkable gains. Here are the top performers:

  • Pancake Swap: +95%
  • Trust Wallet Token: +53%
  • Neo: +48%
  • MultiversX: +46%
  • Blur: +45%

Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.

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PancakeSwap V3 Takes The Stage On Ethereum’s Layer 2 Linea Mainnet

PancakeSwap, a leading decentralized finance (DeFi) platform, has officially launched its anticipated Version 3 (V3) on the Linea Mainnet. 

According to the announcement, the collaboration between PancakeSwap and Linea aims to provide a seamless trading experience with lower fees, increased liquidity provider returns, and enhanced capital efficiency.

PancakeSwap V3 On Linea

Linea, formerly known as ConsenSys zkEVM, stands as Layer 2 scaling solution powered by ConsenSys. Linea achieves faster transaction speeds and reduced gas costs while ensuring security by utilizing zero-knowledge proofs and maintaining full Ethereum Virtual Machine (EVM) equivalence.

Developers can seamlessly create or migrate Ethereum apps without code modification or smart contract rewriting. With native integrations of popular tools like MetaMask and Truffle, Linea empowers developers with flexibility and scalability on the zkEVM.

The collaboration has provided PancakeSwap users with insights into Layer 2 scaling solutions and the Linea platform, contributing to the development and adoption of decentralized financial solutions.

Per the announcement, PancakeSwap v3 on Linea introduces two key features: advanced Swap and Liquidity Provision functionalities. These features enable users to trade tokens and participate in liquidity provision directly on the platform. 

The core principle of PancakeSwap v3 is maximizing capital efficiency, allowing liquidity providers to concentrate their capital within specific price ranges where most trading occurs. 

By optimizing asset utilization, liquidity providers can enhance their earnings. PancakeSwap v3 enables liquidity providers to achieve a capital multiplier of up to 4000x compared to its predecessor, v2, thus maximizing returns.

While the provision of Linea incentives to PancakeSwap has not been communicated at this point, if they are provided, PancakeSwap intends to share them with various stakeholders, including the CAKE community, CAKE stakers, projects contributing to PancakeSwap’s development, and ecosystem contributors. The protocol’s “Chefs” concluded the announcement by stating: 

We anticipate the exciting opportunities ahead as PancakeSwap v3 takes its momentous leap onto Linea. We are thrilled to work hand in hand with other projects, developers, builders, and our vibrant community as we continue to push the boundaries of Multichain DeFi. Together, we can foster innovation, drive adoption, and shape the future of decentralized finance. We invite you all to join us on this remarkable journey as we unlock new realms of possibility and create a thriving ecosystem that benefits everyone involved.

PancakeSwap

Currently priced at $1.28, PancakeSwap’s token (CAKE) has experienced a slight downward movement in the past 24 hours, with a decrease of 0.02%. 

Over 7 days, it has seen a decline of 7.89%, and over 30 days, a decrease of 13.85%. Looking at a longer timeframe, PancakeSwap has encountered significant volatility, with a decline of 68.79% over the past 180 days.

Featured image from Unsplash, chart from TradingView.com

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PancakeSwap Joins The Ranks Of DeFi Giants On zkSync Era: Here’s Why It Matters

Decentralized Exchange (DEX) PancakeSwap (CAKE), has announced the launch of PancakeSwap v3 on zkSync Era, a Layer 2 scaling solution that promises to deliver improved scalability, efficiency, and cost-effectiveness to its users.

According to the announcement, with the popularity of ZK rollups increasing and users and builders increasingly looking to L2 solutions, PancakeSwap is thrilled to offer users and developers even more reasons to build and trade on its DEX.

The Benefits Of PancakeSwap v3’s Swap Feature On zkSync Era

PancakeSwap v3 on zkSync Era comes with several exciting features, including Swap, Liquidity Provision (LP), Farms, and Initial Farm Offering (IFO). 

The Swap feature allows users to enjoy quick and cost-effective token swaps through a user-friendly interface. With multi-tier fee structures ranging from 0.01% to 1%, traders can select the fee structure that aligns best with their trading preferences and liquidity pool engagement. 

With low trading fees, users can trade their favorite tokens seamlessly while enjoying enhanced liquidity and reduced slippage.

Moreover, the Liquidity Provision feature lets users become part of PancakeSwap’s thriving decentralized exchange ecosystem by providing liquidity. Liquidity providers earn passive income through trading fees when people use their liquidity pool to complete swaps. 

Per the announcement, with the scalability of zkSync Era, users can maximize their returns, achieving an impressive capital multiplier of up to 4000x.

Users can engage in Swap, LP, and social media tasks to earn loyalty points and unlock exclusive NFTs. The Galxe campaign provides an opportunity to explore and experience the power of PancakeSwap on this ecosystem, unlocking the full potential of the platform.

Ultimately, the integration with zkSync Era allows PancakeSwap to increase its transaction capacity and reduce congestion on the Ethereum network. As the popularity of DeFi continues to grow, the Ethereum network has become congested, leading to high gas fees and slower transaction times. 

By leveraging Layer 2 scaling solutions like zkSync, PancakeSwap can significantly increase its transaction capacity, reduce congestion, and offer users a more reliable and cost-effective trading experience.

What’s more, the integration with zkSync Era is expected to pave the way for the mass adoption of DeFi. By offering users faster and cheaper transactions, PancakeSwap can attract more users to the platform, increasing the adoption of DeFi as a whole. 

PancakeSwap’s Revenue Hit By Market Conditions

PancakeSwap has experienced some fluctuations in its market performance recently. According to Token Terminal data, PancakeSwap’s circulating market cap is currently $313.88 million, with a 1.16% decline in the past 24 hours. 

Meanwhile, its fully diluted market cap has declined by 3.22% in the same period, currently standing at $1.12 billion. 

Similarly, the total value locked on the platform has also decreased by 0.77% in the past 24 hours, currently sitting at $1.23 billion.

Over the past 30 days, PancakeSwap has generated $1.20 million in revenue, representing a decline of 26.02%. Its annualized revenue has also decreased by 32.11% to $14.55 million. The trading volume on PancakeSwap for the past year is $40.22 billion, indicating a 16.00% decline.

The fully diluted P/F ratio of PancakeSwap has increased by 31.2% to 26.21x, while its P/S ratio has also increased by 29.1% to 76.46x. In the past 30 days, PancakeSwap has generated $3.49 million in fees, representing a decline of 27.23%. Its annualized fees have decreased by 32.59% to $42.45 million.

These figures suggest that PancakeSwap’s performance has been impacted by recent market trends. Despite the decline in revenue and trading volume, the platform’s P/F and P/S ratios have increased, indicating a higher valuation for the company.

PancakeSwap

Featured image from Unsplash, chart from TradingView.com

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PancakeSwap (CAKE) Plummets 24% Amidst Debate Over Reduced Staking Rewards

PancakeSwap (CAKE) token holders have been on a roller coaster ride as stakers brace for reduced rewards. The community is debating a change in the token’s economic model.

Over the past week, governance token, CAKE, has suffered a continuous downward trend, dropping by 24%. Though the proposed change appears favorable to PancakeSwap, the heated debate has impacted the token’s value. 

Community Debate Over Slashed Staking Rewards

PancakeSwap is a decentralized exchange (DEX) built natively on the Binance Smart Chain (BSC). It allows users to trade cryptocurrencies, provide liquidity on trading pools, and earn rewards in the form of CAKE tokens.

Though the DEX has gained popularity recently due to its low fees, fast transactions, and innovative features, the economic proposal has brought uncertainty to its investors. According to the proposal, the developers will reduce CAKE’s inflation rate from above 20% to 3-5%.

This move is aimed at improving PancakeSwap’s “long-term health.” However, at the same time, it will lower the amount of tokens stakers can earn, leading to a decline in staking rewards. Voting for the proposal began on April 26 and is scheduled to conclude tomorrow, April 28th. 

The community has already given a thumbs up to the “aggressive reduction” of staking rewards, which would reduce more than half the number of tokens emitted.

Notably, Staking rewards are a vital component of any cryptocurrency. They incentivize token holders to keep their tokens in a platform or wallet rather than sell them on the market. Staking rewards are similar to interest earned on savings in a bank account.

PancakeSwap’s staking rewards have been a significant selling point for the project, ranging from 50% to 200% per annum, depending on the trading pool. The proposed change has sparked a debate within the community, with some arguing that reduced staking rewards will drive investors away from the project, leading to a decline in demand.

Although the proposed change aims to enhance tokenomics by reducing the dilution of CAKE’s supply, it has led to an exodus of stakers. As a result, the token’s price has dropped concurrently with the amount of CAKE unstaked, as seen in the chart below. 

Meanwhile, the tokenomics change proposed by the team on April 19 has also significantly reduced staking activity. The amount of CAKE staked fell from 1.007 billion to 677.851 million CAKE as of April 27. 

PancakeSwap staking.

CAKE Plummets 24% In A Week

The PancakeSwap (CAKE) token has experienced a sharp decline of over 24% in the past week following the proposed proposal to reduce the token’s inflation rate. CAKE has dropped by 24% in the past seven days, from a high of $3.43 on April 20 to a low of $27.57 on April 27. 

PancakeSwap (CAKE) price on TradingView

The token’s market cap has also dropped from a high of $636 million to a low of $506 million over the same period. The sudden drop in CAKE’s price reflects the crypto community’s perception of the proposed change. If passed, the proposed change will significantly affect the project’s stakes earnings and likely reduce the token’s demand.

Featured image from iStock, Chart from TradingView

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CAKE Not Looking Delectable For Investors Despite PancakeSwap’s Progress

As of late, PancakeSwap has been working with Hashflow to offer HFT payouts on its staking platform. The Tweet implies that this will make it possible for someone to utilize PancakeSwap to “farm” HFT tokens for profit.

For a decision to be voted on by PancakeSwap users, it must be supported by the votes of 60% of HFT token holders, as is customary in the DeFi community.

Let’s take a quick glance of how CAKE has been performing of late:

  • Overall, the DEX is making great strides
  • When compared to its risk, CAKE’s volatile price and low return make it unappealing
  • If a bearish breach occurs, the price might fall below $3.575

The positive developments for PancakeSwap don’t end here. The DEX made headlines in October when it offered to its community that it switch from the BNB chain to the Aptos mainnet. The overwhelming majority of locals responded favorably to this plan.

In contrast, CAKE, PancakeSwap’s native coin, is struggling. From what we can tell, CAKE is on the upward, but a monthly pessimistic comment casts a shadow over the positive picture.

Not Appealing Enough To Potential Financiers?

CAKE may be a sweet-sounding asset, but it is currently performing poorly. After dropping precipitously due to FTX’s demise, the price is now only fluctuating sideways.

The token has recovered since then, with recent support being located at $3.943. Its price fluctuates between $4.433 and $3.575 per share.

Chart – TradingView

As a token, Messari metrics likewise do not look particularly attractive. Sharpe’s ratio is -1.96, indicating a discrepancy between the asset’s inherent risk and return on investment. The asset’s volatility is also at its highest level since June.

The technicals are a mixed brew of neutral and bullish indicators. With an R-value of 0.22, regression analysis indicates that the sideways trend will continue.

The RSI is on the rise, which may be indicative of a near-term price increase.

Can CAKE Once Again Be Tasty?

The unexpected stability of the Bollinger band increases the sideways price movement.

As most moving averages, including the EMA ribbon, are displaying strong sell signals, the moving averages pose an issue.

The support at $3.93 is unquestionably robust, as the red candle currently has a longer bottom wick as a sign of strength. However, the rising triangular formation will provide some support for bears.

If the bears gain traction and break through $3.93, investors and traders can take consolation at $3.847, and a drop to $3.575 is possible.

CAKE total market cap at $636 million on the daily chart | Featured image from Taste, Chart: TradingView.com

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Consultancy Uncovers Best Altcoins To Profit From FTX Collapse

Eight, a cryptocurrency consultancy founded by Michaël van de Poppe in 2018, has uncovered the best altcoins that can benefit from FTX’s demise. According to analysts, recent events are promoting a narrative that is strongly associated with decentralization.

Following the FTX news, leading hardware wallet manufacturer Trezor and Ledger reported skyrocketing and record-breaking sales. This was also accompanied by the trend of massive amounts of Bitcoin (BTC) and ETH (ETH) being withdrawn from exchanges.

As Glassnode reported, Bitcoin investors have withdrawn a historic 106,000 BTC/month to self-custody following the collapse of FTX. This only compares to only three other times: April 2020, November 2020, and June-July 2022.

Which Altcoins May Benefit From FTX Collapse?

The altcoin market is often dominated by narratives or special trends. For example, in recent months and years, “Ethereum killers” and layer 2 solutions for Ethereum have been strong trends that have given investors above-average profits.

According to Eight, the new trend for the next few months could be decentralization.

In that sense, Eight’s first pick is GMX, a decentralized spot and perpetual exchange that supports low swap fees and trading without price impact.

As the analysts note, the advantage of decentralized exchanges is that traders do not have to deposit their coins on an exchange and are therefore not exposed to the security risks of a centralized exchange.

The GMX token is ranked 87th among all cryptocurrencies and has recorded a strong price increase of about 20% over the last seven days.

In a similar vein is the second recommendation, DYDX. The platform is also a decentralized exchange platform for cryptocurrency margin trading for assets such as BTC, ETH, SOL, DOT and more.

The DYDX token currently ranks 144th by market cap and is even posting a gain of about 30% over the past seven days.

With UNI, Eight lists another decentralized exchange token that it is far from being an insider’s tip anymore. The decentralized exchange made headlines in recent days as the daily trading volume of the ETH/USD pair on Uniswap was 500 million higher than on Coinbase. Uniswap came in 2nd behind Binance.

Another interesting decentralized exchange is PancakeSwap, which is based on the BNB chain and aims to provide a faster and cheaper alternative to Ethereum. CAKE currently ranks 66th, but unlike the others, it has recorded a slight loss over the last seven days.

What Else?

Lastly, Eight recommends not only decentralized exchanges, but also decentralized wallets. Specifically, we are talking about the Trust Wallet and the SafePal app. The former acts as an intermediary, connecting different blockchains through the use of its nodes.

It has a robust mechanism for sending, receiving and storing multiple cryptocurrencies, and currently supports over a thousand crypto coins.

The TWT token was trading at $1.15 a week ago and has skyrocketed over the past week. At press time, TWT was trading at $2.14.

In conclusion, the analysts said:

These are just some of the projects that represent alternatives to trading and custody services offered by centralized exchanges and witnessed increased rate of attention and user adoption after the bankruptcy of FTX. Therefore, we suggest that you add them on your watchlist!

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PancakeSwap Watch: CAKE Trading Volume Spikes Over 50% In 24 Hours

PancakeSwap (CAKE), just like any other cryptocurrency, has had its share of ups and downs.

  • PancakeSwap registers over 53% increase in 24-hour trading volume
  • PancakeSwap among trending BNB projects today
  • CAKE’s next resistance level could be at $5

Just two months after it was launched on September 2020, the token hit its all-time low to date. Back then, it was trading at just merely $0.19.

Today, a quick glance of data provided by CoinGecko shows the 68th ranked crypto by market capitalization trading at $4.80. It is way below its $43.96-all-time high that was attained on April 30, 2021.

CAKE might have lost 89% of that impressive trading value, but that does not necessarily mean the token is not commanding strong interest among traders.

If anything, current data shows Christmas came early for the digital asset.

PancakeSwap Outperforms Many Cryptocurrencies

The crypto market is continuing to deal with bearish conditions, but CAKE was able to pull off an impressive feat – close the day and the week in green and outperform many of its competition.

Over the last seven days, the governance token of PancakeSwap was able to increase its value by 9.4% and is one of the few digital assets to be “on the green” in today’s market.

Source: CoinGecko

Its price recovery is not the only thing that is impressive about CAKE right now. Its 24-hour trading volume is also standing mighty strong.

In fact, there was a 52% increase in the token’s trading volume, even reaching over $55 million before slightly reverting to above $51 million at the time of this writing.

Even with that, PancakeSwap has shown some impressive leaps for the past week.

Will The Token Sell Like Real Pancakes?

If its most recent trading volume is any kind of indication, the digital currency, by the looks of it, actually sold like pancakes.

After all, high trade volumes often denote “high retail excitement” and in crypto space, this might work wonders for an asset’s price.

Over the past week, CAKE placed high on the watch list of crypto investors and is among the trending BNB projects.

The PancakeSwap bulls, though, needs to capitalize on this momentum in order to sustain price level of above $4.50 as this will lead to $5 as the next resistance level.

If the pressure for buyers remains strong, CAKE’s short-term trajectory could be a sweet one.

CAKE total market cap at $676 million on the daily chart | Source: TradingView.com

Featured image from Cryptopolitan, Chart: TradingView.com

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CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death

The Pancakeswap token (CAKE) has been one of those cryptocurrencies that have been steadily growing in the background. The popularity of the decentralized exchange (DEX) contributed tremendously to its rise until it took a hit in the bear market like other digital assets. However, a new development has opened up new promises as millions of CAKE tokens have been removed from circulation.

7 Million Burned CAKE 

A scheduled burn had seen millions of CAKE tokens taken out of circulation. Pancakeswap announced the burn on Twitter with figures showing that a total of 7,123,715 CAKE had actually been sent to a burn address. The total dollar value came out to around $29 million.

The team also reported growth across various spheres. The first was a 17% increase in trading fees, accounting for 334,000 CAKE and a dollar value of $1.38 million. Lottery and pottery saw a 28% increase with 40,000 CAKE with a dollar value of $166,000. The largest increase was in the NFT Market, Profile, and Factory, with a 215% increase of 16,000 CAKE and a dollar value of $65,000.

CAKE finds support above $4 | Source: CAKEUSD on TradingView.com

Others, such as the Prediction and Auction, were listed with declines. The auction had seen a decline of 1%, translating to 15,000 CAKE with a dollar value of $62,000, while Prediction dropped 18% with 75,000 CAKE, a dollar equivalent of $308,000.

Ready For Another Bounce?

The burn announcement had sent CAKE’s price on an initial impressive rally that saw it break above $4.2. The digital asset had initially been trending below $4 for the better part of last week before the news of the burn.

However, the uptrend didn’t last long as momentum had died down. This first bounce was obviously fueled by the hype created with the burn announcement, so a correction was expected. With a trend like this, though, there is usually another bounce that comes after the first once the digital asset finds its footing.

CAKE has now found support right above the $4 level, which has landed it above the 50-day moving average. With the rise in the popularity of decentralized finance (DeFi) once more following the Ethereum Merge, decentralized exchanges such as Pancakeswap are expected to see more volume. With this volume will come a demand for digital assets such as CAKE, and this demand is expected to push the price of the digital asset towards $5.

CAKE’s price is up 1.16% in the last 24 hours and ranks 3rd on the list of top trending coins on Coinmarketcap at the time of this writing. With a market cap of $577.8 million, it is the 68th largest cryptocurrency by market cap.

Featured image from The Coin Republic, chart from TradingView.com

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PancakeSwap Adds Some Sweetness, Expands 6% In Last 7 Days

PancakeSwap (CAKE) most recent recovery sped up its bullish momentum as shown in the daily 20 and 50 EMA.

  • PancakeSwap looking bullish
  • CAKE price plunges 3.25%
  • DMI shows neutral

With the current economy of cryptocurrencies, traders need to know when it’s time to dip their toes and carve their potential to become millionaires.

The ensuing growth of PancakeSwap has brought the alternative coin dangerously close to its short-term EMAs. But in the upcoming sessions, the $4.4-$4.2 area might continue to present obstacles to recovery.

CAKE Shows Rising Wedge Recovery

The rising wedge recovery that CAKE experienced set the stage for its bullish revival. But by re-igniting the relatively brief selling pressure, the $4.2-$4.4 range changed from support to resistance.

According to figures by Coingecko, PancakeSwap is up 6% in the last seven days, and trading at $3.95 as of press time.

Before hitting roadblocks in the immediate resistance range, a potential rebound from trendline support might help buyers advance near-term gains.

Near the EMAs, a slow-moving phase has been caused by these motions. A strong reversal from the trendline support might give the bulls the upper hand and spark a choppy break.

The 20 EMA was able to go above the 50 EMA despite a patterned breakdown, and the currency found support close to the trendline resistance.

Source: TradingView.com

In the $4.2-$4.4 level, the current bounce from trendline support may reverse. A bounce back from this range would set up the coin for another attempt at the support of the trendline.

In either scenario, a slide below the trendline’s level of support would send a sell signal and confirm a bullish invalidation.

In order to show a reduction in the selling pressure, the Relative Strength Index (RSI) crawled itself just over the midline point. The bullish advantage might be reaffirmed by maintaining a position above the 50-level.

More so, the selling activity indicated a little ease in the Chaikin Money Flow (CMF). To support their bullish bias, however, traders should watch for a potential closure above the equilibrium.

Meanwhile, the $4 area may present obstacles for the current comeback from the trendline support. Buyers should keep an eye out for a sustained closure above the 20/50 EMA to confirm the bullishness because the indicators are flashing conflicting signals.

PancakeSwap – A Reliable DeFi

The previously discussed possible targets would continue to exist. Finally, keeping an eye on the king coin’s movement may enable you to place a successful wager.

PancakeSwap is the top DEX (decentralized exchange) on the Binance Smart Chain. The most frequented decentralized exchange is this food-themed DEX, which was founded anonymously in 2020 and has quickly gained popularity among DeFi aficionados.

The native token, CAKE, is given to investors in exchange for liquidity and can later be staked once to generate additional CAKE in a supercharged earning process. CAKE is regarded as one of the most reliable DeFi coins and a crucial investment.

CAKE total market cap at $566 million on the daily chart | Source: TradingView.com

Featured image from 10Clouds, chart from TradingView.com

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These 3 Altcoins on Binance Smart Chain Could Skyrocket, Says Lark Davis

Popular crypto YouTuber Lark Davis talked about Binance Smart Chain (BSC) many opportunities for investors. With its low fees and fast transactions, Davis believes this ecosystem provides the kind of experience that the people want.

BSC flagship product PancakeSwap (CAKE) has given its competitor a run for their money and even managed to “eclipse Ethereum” in terms of transaction volume, according to Davis.  The analyst cited data from DappRadar that claims BSC outperformed Ethereum on this metric, at least for a 24-hour period.

Binance Smart Chain BNB CAKE
Source: DappRadar

PancakeSwap experienced an all-time high number of users during the past week and registered some issues due to the high congestion. Davis said:

Binance Smart Chain hit a an all-time of 8.5 million transactions. I think it is pretty obvious what we are seeing right here. People want exposure, they want to get into DeFi. They want to get into crypto and use the different products.

The analyst reiterated Ethereum’s disadvantages and the high number of users that have been price out of the platform. When it comes to adoption, the “numbers speak for themselves”. PancakeSwap’s native token trading volume sits at $1.1 billion in the daily chart. Ethereum DEX Uniswap record a similar number but has been lagging behind its competitor. David added:

I suspect that we’re going to continue to see Pancakeswap moving up the charts and becoming a more and more prominent decentralized exchange. The users are there. The daily volume’s there. Just the market cap is a bit behind in comparison to Uniswap which only does half the daily volume right now.

Binance Smart Chain (BSC) Expansion And New Opportunities

This ecosystem is anything but static and will be making an entry into other crypto trends, like non-fungible tokens (NFT). For that, they will launch the BSC Station to allow users to do auctions for these assets to a “wide” audience. The platform will also integrate a BSC Swap feature along with the NFTs.

This development will be supported by Morningstar Ventures, NGC, BSCPad, x21, and many others. Its growth could positively impact PancakeSwap (CAKE), and the other projects on Davis’ list, Refinable (FINE), and Smoothy Finance (SMTY).

Refinable seeks to leverage the NFT’s nascent period. Davis believes this project could “get a good share of the market”. The platform is supported by Mr. Beast, a YouTuber with 60.4 million subscribers, in cooperation with Binance.

The platform’s native token FINE will give power to their holders, the NFTs creators trading on Refinable. For example, FINE holders can increase the royalties and distribution of an asset and participate in the governance model.

Davis’ second project, Smoothy Finance (SMTY) is also doing some “serious stuff”. Users can leverage their swap feature with 0 slippages to trade different dollar-pegged coins. Davis added:

(…) this is the infrastructure that actually allows DeFi to work in a smooth fashion for people. It allows it to be a good user experience where you’re not getting crushed on fees, you’re not getting crushed on slippage and so this kind of product actually allows users to have that nice user experience.

Binance native token BNB is trading at $500 moving sideways in the daily chart. In the weekly and monthly chart, BNB has a 3.1% loss and a 113% gain in respectively.

Binance Smart Chain BNB CAKE PancakeSwap
BNB with sideways movement in the 24-hour chart. Source: BNBUSDT Tradingview
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PancakeSwap Approves “Big Burn” For CAKE, Why It Could Be Massively Bullish

Centralized and decentralized exchanges are stepping up their game, with the upcoming launch of Uniswap v3, competition in the sector is bound to be fierce. PancakeSwap’s second iteration is also around the corner. CAKE holders will be able to profit.

In a recent vote, PancakeSwap’s community decided to approve a feature called the “Big Burn”. Therefore, after April 23rd “Great Migration” the exchange will buy back and burn more CAKE “than ever before”. Every trade in PancakeSwap v2 will “contribute” to this mechanism.

The exchange’s daily trading volume sits at around $4 billion. According to the recently approved burn mechanism, this figure will be multiple by 0.05%. As a result, around 2.2 million CAKE could be buyback and burned each day. If PancakeSwap maintains its current daily trading volume, its native token buying pressure could skyrocket for the benefit of investors.

PancakeSwap CAKE CAKEUSDT
Source: PancakeSwap

Analyst Vivian Medithi published an article on Nasdaq making some bullish predictions on CAKE. At that time, CAKE was trading at $21.26 following a 1,200% year-to-date rally in February. The analyst highlighted the bearish sentiment of some investors and the token’s capacity to prove them wrong.

Medithi quotes Coinpedia, Wallet Investor, and Digital Coin to backed up a bullish case for this token. The predictions place CAKE between $44 to 80 by the end of 2021. Next year, CAKE could trade for $150 and $280 by 2026. These predictions were made before the “Big Burn” was approved and don’t take into account the new potential increase in buying pressure.

What’s PancakeSwap “Great Migration”?

Tomorrow at 5:00 am UTC, the “Great Migration” will take place on PancakeSwap. Due to the upcoming update, the exchange’s smart contract PancakeSwap Router and PancakeSwap Factory required a change in their feed structure. CAKE holders can vote to modify this component.

They were presented with 4 options: Split (increase trading fee to 0.22%), Burn (0.22%), Big Split (0.25%), and Big Burn (0.25%). As mentioned, users opted for the latter which also provides a 0.17% fee for liquidity providers and keeps PancakeSwap’s fee below the “tradition 0.3%” used by their competitors, according to an official post. The migration will also add the following:

(…) we’re creating a new set of LP Tokens, and our farms and exchange will start supporting the new type instead of the old ones.

Investors with tokens on this exchange should be aware that they will stop receiving rewards for the “old type of LP Tokens. Instead, the rewards will shift to the new ones. Users must take their tokens out of all PancakeSwap’s products and add liquidity with the new token to re-stake in new farms to maintain their rewards. The team behind the exchange added:

We’ll also make a new set of farms with the same rewards and token pairs as the old ones. The old farms will stop giving out rewards, so you’ll need to transfer to the new ones to keep farming yield.

CAKE is trading at $26,85 with a 2.9% loss in the daily chart. In the weekly and monthly chart, CAKE has 17.1% and 144.9% profits, respectively.

PancakeSwap CAKE CAKEUSDT
CAKE with moderate losses in the daily chart. Source: CAKEUSDT Tradingview