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CAKE in a price consolidation phase

CAKE in a price consolidation phase


  • PancakeSwap launches NFT.

  • Community votes to reduce the number of CAKE in circulation. 

  • CAKE is experiencing price consolidation.

PancakeSwap is what is referred to in the crypto space as an automated market maker (AMM). It’s a decentralised finance (DeFi) application that allows users to exchange tokens and provide liquidity via farming. In return, PancakeSwap earns from transaction fees.

There is no data concerning the maximum supply of CAKE available on the blockchain. However, there is a total supply of about 245 million tokens. The total supply and circulating supply are equal.

PancakeSwap (CAKE) is ranked 53rd place on CoinMarketCap. It has an all-time high (ATH) of $44.18 (30th of April 2021) and an all-time low of $0.198 (3rd of November, 2020).

CAKE has a market cap of $3,435,019,864.12 and Total Value Locked (TVL) is $6,116,150,394.

CAKE/ TetherUS daily candlestick chart (Source: Tradingview)

From the chart above, CAKE is currently moving towards its July low. If cake touches this bull market support band, we may see a partial recovery in the coming weeks.

Recently, the price ranges have been between $13.73 and $14.77, with a daily trading volume of over $270 million.

PancakeSwap (CAKE) can be used as a stake by users to earn more rewards; this is called farming. CAKE is used to enter the lottery on PancakeSwap. Each lottery session lasts for about 6 hours. However, a single ticket cost 10 CAKE.

PancakeSwap launches non-fungible token (NFT) on 30 September 2021. It was delayed from its 22 September 2021 launch date.

Summary

In summary, PancakeSwap (CAKE) has great profit potential. In the long term, simply buying and holding the token can also give you a good potential for profits.



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