Can PancakeSwap (CAKE) token sustain its rally?

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 Can PancakeSwap (CAKE) token sustain its rally?
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  • PancakeSwap crypto is down on a YTD basis, whereas altcoins like WAVES and ETC are up
  • CAKE token is native to the project, and it enables staking and voting for the users
  • Over the past 24 hours, the token has gained slightly, but it has manifested volatility this year

The cryptocurrency universe seems to have moved beyond its largest asset Bitcoin (BTC). Ethereum’s ETH may be the second largest crypto asset after BTC, but other altcoins are fast catching up.

As of writing, while both BTC and ETH were in the red on a year-to-date (YTD) basis, a few altcoins like Waves (WAVES) and Ethereum Classic (ETC) managed to defy the odds with YTD in green. One of the altcoins that although had lost so far in 2022 but had gained over the past 24 hours was the CAKE token of PancakeSwap.

Defining The Correlation Between Ethereum NFT Sales And The Crypto Market

What does PancakeSwap DEX do?

The project is a participant in the popular Decentralized Finance (DeFi) sector. Unlike exchanges like Coinbase, which have a central controlling entity, the PancakeSwap exchange is decentralized.

Also read: What is Big Time blockchain game & does it have a crypto token?

Powered by the BNB Smart Chain, this DEX claims to have lower transaction fees as compared to other exchanges. The project states crypto asset swapping, liquidity pool, yield farming, and listing of tokens in Initial Farm Offerings (IFO) as its primary functions. PancakeSwap also has a NFT trading desk, but as of now, it appears to be available only for the project’s in-house digital assets.

CAKE token

PancakeSwap has its own crypto token to enable functions like staking and participation in IFOs. The holders of the CAKE token also get some voting rights to decide the governance of the platform. This is often the case with all decentralized finance-based platforms.

Also read: Pawtocol crypto’s trading volume soars: What is it & UPI token?

PancakeSwap token price

As of writing, the market cap of PancakeSwap crypto was nearly US$1.8 billion. This makes the CAKE token one of the top 100 cryptos by market cap. It was trading at nearly US$6.7 and had gained almost 0.3 per cent over the past 24 hours.

It is notable that the CAKE token was priced nearly US$12 on January 1, 2022. By this measure, it has yet to recover the lost ground. For much of 2022, the PancakeSwap token has traded in red, with price dropping to nearly US$5.4 almost a week back. This reflects extreme volatility that ails crypto assets.

PancakeSwap crypto price in 2022

Data provided by

Also read: What is Biswap DEX? BSW crypto trading volume spikes 25,000%

Bottom line

PancakeSwap enables listing of new tokens through Initial Farm Offerings. The native CAKE token of the project had gained over the past 24 hours, but the gain had yet to translate into any real recovery. It had a reached a price of nearly US$42 in April last year. This year, almost all major crypto assets have remained subdued. Fed’s rate hike fears and the conflict in the Eastern Europe are being cited by some as the possible reasons behind the slump. But the way the prices of the CAKE token have swung, shows how volatile the crypto markets can be, and thus, as market participants, one must do their due diligence before making any decision.

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