- There have been some important changes regarding the CAKE farm auction.
- Growth noticed in the CAKE NFT space
- MVRV ratio and positive sentiments increased
pancake swap [CAKE] recently announced its newly adjusted farm auctions, which will go into effect on November 30 during CAKE’s 34th Farm Auction.
Exchange farm auctions are a very effective method of increasing project volume and attracting organic traffic, as well as immediately boosting the liquidity of the project token.
They also give liquidity providers the opportunity to farm CAKE with a high APY.
Attention!!!
We are introducing newly adjusted farm auctions.
Farm auctions aim to be more inclusive and give projects a platform to engage with our community.
To vote, click here ⤵️https://t.co/V5PLpsYWxX
— PancakeSwap 🥞 #BSC (@PancakeSwap) November 24, 2022
Read PancakeSwap’s [CAKE] price prediction 2023-24
With this new announcement, there will be some changes to the property auction process. In particular, the minimum bid for PIE it will be changed from 7,000 to 3,000 PIE. The farm duration has also been updated to eight days from the initial 10 days.
CAKE seems optimistic
This development seemed positive for the CAKE ecosystem. According to LunarCrush data, the token ranked second on the list of projects on BNBChain that had the highest bullish sentiment, which was definitely good news.
🎉Up #BNBCHAIN Projects with the highest bullish sentiment🚀
🥇 $QUACK @RichQuack
🥈 $CAKE @PancakeSwap
🥉 $BABYDOGE @BabyDogeCoin$FLOKI @RealFlokiInu$SFM @moonseguro$YOOSHI @yooshi_official$VINU @VitaInuCoin$FUND @SeedifyFund$LION @swapleonicorn$CATE @catecoin#BNB #WEB3🔥 pic.twitter.com/FRbumPFKOH—BSCDaily (@bsc_daily) November 23, 2022
PIE also witnessed an improvement in their NFT space over the past week. According to Santiment’s chart, the total token NFT trade count, along with the total USD NFT trade volume, recorded a peak on Nov. 23, reflecting the network’s increasing popularity in the NFT community.
Source: Feeling
What the metrics suggest
PIEOn-chain metrics also painted a bullish picture. Its MVRV ratio posted an uptick, instilling hope that the month would end in the token’s favor. The alt also remained quite popular as its social volume was high, as was its positive sentiment, reflecting investor confidence.
Also, LunarCrush data revealed that CAKE’s volatility increased by more than 60% in the past seven days. Therefore, suggesting a further uptrend in terms of its price. However, the velocity of BNB decreased during the week, which was a negative sign.
Source: TradingView