- PancakeSwap continued to be popular with whales.
- However, the metrics and market indicators gave a mixed picture.
pancake swap [CAKE] it has remained fairly consistent with its burning process, which reflects the deflationary characteristic of the token. The network recently revealed that it burned over $27 million worth of CAKE.
🔥 6,992,717 $CAKE just burned, that’s $27 million!
💰 Trading Fees (exchange and perpetual): 212k CAKE ($816k) + 68%
🔮 Prediction: 61k CAKE ($236k) -14%
🎟️ Lottery: 36k CAKE ($138k) +36%
🔒 NFT Market, Profile & Factory: 1134 CAKE ($4k) +10%
🛍 IFO: 3k PIE ($11k) pic.twitter.com/2xEiNFPIv0
— PancakeSwap 🥞 #Multicadena (@PancakeSwap) January 23, 2023
Not only that, but CAKE was also one of the best choices of the whales. WhaleStats, a popular Twitter user who posts updates on whale activity, noted that CAKE it was on the list of tokens held by the top 100 BSC whales. This was good news, as it demonstrated the whales’ trust in CAKE.
🐳 Top 100 #BSC the whales are hodling
Whale Ranking 👇https://t.co/0SYnjw0xQs pic.twitter.com/enl5xZ9TR4
— WhaleStats: Top 1000 BSC list (@WhaleStatsBSC) January 24, 2023
Realistic or not, here it is CAKE market capitalization in terms of BTC
The CAKE is baking, but here’s the trick!
While CAKE attracted interest from whales, its performance on the price front was also upbeat, posting double-digit weekly gains. CoinMarketCaps data revealed that the price of CAKE has risen more than 7% in the last 24 hours and, at the time of writing, was trading at $4.15 with a market capitalization of more than $683 million.
Although the price action was in favor of investors, CryptoQuant’s data revealed that CAKE’s RSI was in an overbought position.
Furthermore, while CAKEThe price of ‘s increased, its volume increased simultaneously, which legitimized the increase. However, the MVRV ratio has risen substantially in recent days, indicating a market top. Daily active addresses were down, suggesting fewer users on the network.
Positive sentiments around CAKE also declined, reflecting lower investor faith in CAKE. Interestingly, although the positive feelings waned, CAKE made it to the ready of the 10 best projects of the BNB Chain by social activity.
Read PancakeSwap’s [CAKE] price prediction 2023-24
Caution is advised
CAKEThe daily chart for showed that there was a chance of a continued rise, but things could also choose to follow the opposite trend. For example, the MACD readings were bullish, as was the exponential moving average (EMA) ribbon, which showed a bullish crossover.
However, the money flow index (MFI) entered the overbought zone, which could indicate selling pressure in the coming days.