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Tag: PancakeSwap

  • Why is Pancakeswap (CAKE) Surging?

    Why is Pancakeswap (CAKE) Surging?

    PancakeSwap (CAKE), a Binance Smart Chain-based decentralized exchange (DEX), is up 28 percent in the last 24 hours. This comes after PancakeSwap announced a collaboration with Binance, the world’s largest cryptocurrency exchange.

    Prior to the announcement, the token was trading around $5.50 and had risen to $7.00. The token was trading at around $6.40 at the time of publication.

    According to the press release, the partnership launches a ‘PancakeSwap Mini-Program’ on the Binance app, which is the first decentralized finance (DeFi) project on Binance’s mobile platform. The Mini Program will begin rolling out on Thursday and will eventually be available to all app users.

    The goal of the launch is to provide Binance users with easy access to PancakeSwap via the Binance app, lowering the barrier to DeFi. Binance has also announced a DeFi Wallet within its app, which will allow users to transfer funds and use DApps like PancakeSwap.

    CAKE is up 28 percent on the day, but it is still 85 percent off its all-time high, which was set in April 2021. According to Nansen data, on-chain volume is still small in comparison to 2021.

    What is Pancakeswap (CAKE) and How does it Work?

    PancakeSwap employs an Automated Market Maker (AMM) design, which means it does not use an order book system (a feature of centralized exchanges) to match traders.

    In an AMM model, clients exchange against a liquidity pool comprised of assets contributed by different clients. At the point when client stores upheld crypto tokens into liquidity pools, they are compensated with liquidity supplier (LP) tokens, which address their portion of that particular liquidity pool.

    These LP tokens can be utilized to recover their portion as well as acquire exchanging expenses on exchanges that others demand.

    Whenever clients add tokens in explicit sets, like BUSD-BNB, USDT-BUSD, CAKE-BNB, and others, LP tokens are produced. CAKE is a BEP-20 token on the BNB chain that boosts PancakeSwap liquidity arrangement.

    Whenever a client stores BUSD and BNB crypto tokens into the BUSD-BNB pool, they are compensated with BUSD-BNB LP tokens. Clients are compensated in CAKE when they secure their saved tokens.

  • Why is Pancakeswap (CAKE) Trending?

    Why is Pancakeswap (CAKE) Trending?

    According to reports, the decentralized trading site PancakeSwap (CAKE) would begin restricting access to Iranian IP addresses on March 9.

    A number of days prior, the Persian language crypto public community CryptoClub showed an assertion from PancakeSwap laying out the boycott’s arrangements. On March 9, PancakeSwap will start geoblocking clients from Iran and nine different nations, as indicated by the tweet.

    Belarus, Cuba, the Democratic Republic of the Congo, Iraq, North Korea, Sudan, Syria, Zimbabwe, and Crimea are among the different countries covered by PancakeSwap’s geofencing.

    PancakeSwap is the biggest decentralized exchange (DEX) in the Binance Smart Chain (BSC) environment. As per DeFiLlama information, PancakeSwap (CAKE) controls in excess of 33% of the whole abundance secured that environment.

    While such geofencing is far-reaching in CEX platforms, it isn’t as successive on decentralized trades. In any case, practically speaking, a few DEX stages have started to impede admittance to explicit IP addresses.

    The well-known DEX aggregator 1inch is an illustration of this, since the stage geoblocks clients from the United States.

    While such prohibitions are frequently circumvented by utilizing VPNs, this has caught the attention of the US Treasury’s Office of Foreign Asset Control (OFAC), particularly in relation to US sanctions. OFAC issued advice in October 2021, including requests for crypto firms to monitor the usage of VPNs on their platforms.

    A user commented on the notification, saying, “It is not subject to any particular rule barring such acts […] It is, however, a sort of prejudice, and they are discriminating against an entire nation. I’m hoping that the community will band together to take action.”

    Another explanation is that PancakeSwap does not wish to breach Iranian sanctions. One method they may comply with US restrictions is to verify whether users are nationals or residents of nations sanctioned by the government. Changes in the regulatory environment are also causing DeFi players to revise their strategy. Uniswap Labs has delisted many tokens from its platform in the midst of discussions around DeFi legislation.

  • Pancake Swap (CAKE) – Where to Now?

    Pancake Swap (CAKE) – Where to Now?

    At the time of writing this article, CAKE has a value of $11.80 (5.05% decreased today) with a trading volume of $163,511,459 with an increase of about 25.26% over the past 24 hours. The drop of BTC by 4% has once again dropped the altcoins as well.

    CAKE is listed on coinmarketcap in 54th place. It has a market dominance of 0.13%. CAKE had created its all-time high around the price of $44.28 in April 2021 and we saw an increase of about 125% that month. Soon after the price dropped to a level of $9.45. This month has been bearish for the price and we have seen a decrease of about 16.20% in December.

    The maximum supply of CAKE is around 247M and has the same current circulating supply which is around 247M coins.

    Technical Analysis – Pancake Swap (CAKE)

    CAKE has been one of the slow gainers and one of those coins that are bearish on the higher time frame. We can see that the price was respecting a trend line and it had bounced from there during the crash. But it failed to shift the structure on the higher time frame.

    It created a lower high and eventually came down to touch the trend line once again. It can be seen that for the past month, the price was printing red candles. As a result, we can see that the price, failed to hold the trend line and has broken below.

    CAKE -1W

    Now during this move which brought the price down, a weekly order block was created. This order block at the moment is unmitigated and as a result, this can be a reason for the price to move up now. If this happens then possible short positions can be opened at the order block, if we get the lower time frame confirmations for the reversal. Invalidation would be price going above and stabilizing itself from where we can look for a long position.

    Price Prediction – Pancake Swap

    According to wallet investor, CAKE is one of the most successful investments in the market. According to their predictions, CAKE is expected to reach a value of $30.618 in a time span of one year. For a five year $109.548. Investors think that it will soon reach the expected price though and we wouldn’t have to wait so much for the price to show big prices.

  • PancakeSwap (CAKE) coin to break $29 soon?

    PancakeSwap (CAKE) coin to break $29 soon?

    PancakeSwap (CAKE) is currently under consolidation. After the low of the market crash, PancakeSwap is oscillating with high volatility and the market being indecisive. At the time of writing, PancakeSwap stands at a price level of $18.50. The price has increased by 11% in the past twenty-four hours while the daily trading volume has declined by 10%. PancakeSwap stands at thirty-first place in the market in terms of capitalization – which has also increased by 12%.

    PancakeSwap (CAKE) Technical Analysis

    Despite the recent bullish divergence in the market, the market sentiment for cryptocurrency is bearish. Out of the total twenty-six technical indicators, ten are giving out a signal of the sell while nine stand at a neutral position and only five indicators are bullish with a buy signal. Out of the five bullish signals, four are from moving averages; however, the overall indication from moving averages also suggest a downtrend while the oscillators are neutral.

    PancakeSwap (CAKE) technical analysis
    PancakeSwap (CAKE) technical analysis

    PancakeSwap has been identified to be operating in an upward channel formation. CAKE coin is expected to climb upwards in the channel after a period of consolidation. The price level of $15 is expected to be acting as a strong support level for CAKE crypto while the first major resistance lies at $19. If the CAKE coin is able to break the resistance at $19, it will activate the price target at $29.

    PancakeSwap (CAKE) price prediction

    In the long-term timeframe, PancakeSwap can prove to be an excellent investment opportunity although the short-term prospects are not bad either. According to the projections of Wallet Investor, the cryptocurrency is expected to be operating at $66 by the end of one year while the five-year forecast show CAKE at a staggering $250. Digital Coin Price is not that bullish on CAKE but bullish nonetheless. According to their estimates, PancakeSwap will be standing at $27 by the end of the year and at $84 in five years’ time.

  • Top gainers last 5 days – (KuCoin Token, Bitcoin Gold, Ripple, Binance Coin, PancakeSwap)

    Top gainers last 5 days – (KuCoin Token, Bitcoin Gold, Ripple, Binance Coin, PancakeSwap)

    We have compiled a list of the top five best performing coins in the weekly timeframe. With phenomenal gains and growths, these cryptocurrencies have achieved a rank on our list.

    KuCoin Token (KCS) bags the first rank for the top performance in the weekly timeframe with a weekly growth of 88%. At the time of press, KCS was trading hands at $17.86 – which has decreased by 9%.KuCoin Token has a market ranking of seventy-eight with a daily trading volume of $109,501,368. KCS is the profit-sharing native token of the cryptocurrency exchange, KuCoin. The token is designed to become the key to the ecosystem of the exchange with further developments.

    The hard fork of Bitcoin, Bitcoin Gold (BTG) is another top performer of the week with a weekly growth of 74%. The cryptocurrency is priced at $107 which is still a long way from its all-time high of around $450 but the bullish momentum may overtake the price of the coin. Bitcoin Gold is ranked at 63rd position in the market and has a trading volume of $112,672,587. The hard fork has attempted to democratize the mining process of Bitcoin by allowing it to be mined on common GPUs.

    Ripple (XRP) has established itself safely above $1.50 and entered the weekly top performers’ list. Ripple achieved a growth of 74% after minor victories in the SEC lawsuit. Ripple Labs was granted access to discovery documents of BTC and ETH while the SEC was denied access to financial records of Ripple executives. XRP is making a comeback with regaining the fourth ranking in the market. Other favorable developments in the lawsuit may propel the cryptocurrency towards breaking its all-time high. 

    Binance Coin (BNB) has been one of the top performers of the current bull run and is the fourth best performer of the week with a growth of 47%. The coin established a new all-time high at $637 yesterday with a current price of $547. BNB is ranked at third place in the market. The cryptocurrency has been on a steep upward trend since the beginning of the 2021 bull run. BNB has multiple purposes being a payment method and the utility token of the Binance exchange.

    Last but not the least, PancakeSwap (CAKE) is the final top performer of the week with a rise of 38% in the price. The automated market maker (AMM) has established its all-time high at $25 in the week. It is priced at $24 at the time of press. CAKE is ranked at 40th in terms of market capitalization and has a daily trading volume of $1,083,145,899.

  • PancakeSwap (CAKE) price prediction: Reaching for higher highs?

    PancakeSwap (CAKE) price prediction: Reaching for higher highs?

    PancakeSwap is a decentralized finance application which allows the trade of cryptocurrencies – an Automated Market Maker. In order words, PancakeSwap is a decentralized exchange (DEX). The cryptocurrency picked up bullish momentum in mid-February. From a price level of less than $1 during the beginning of the year, PancakeSwap is currently trading at $12. The cryptocurrency established its all-time high at $17.50 during February which is an almost a 1,500% increase since the beginning of the year.

    The price of PancakeSwap saw a minimal decrease of 1.20% in the 24-hour time frame. While the daily trading volume went up by 23%. The market ranking of the coin is 55 with a market capitalization of $1,743,890,978.

    ‎Technical analysis

    Traders are bullish on the cryptocurrency and suggest a long position. A trader has identified a possible future trajectory for PancakeSwap. Per the analysis of the trader, the cryptocurrency is expected to be oscillating on an upward trend in the coming days. PancakeSwap will be facing resistance at $13.50 followed by $14.60 and $15.65. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are also bullish – moving upwards.

    The market for PancakeSwap (CAKE) continues to be bullish with a majority of the technical indicators standing at a position of buy. Out of the 27 technical indicators, seven stand at a neutral position while ten are giving out an indication of buy with zero sell indications. The oscillators are neutral while the Moving Averages are giving out a strong buy indication.

    What has been up?

    PancakeSwap (CAKE) is the biggest decentralized exchange on Binance Smart Chain. The network was launched in October last year and in a small period of time, it has achieved phenomenal growth. CAKE has the backing of the leading cryptocurrency exchange Binance and has been dubbed as Binance’s “Darling DEX”.

    The price of PancakeSwap suffered from major pullbacks in the middle of March because of a hijack attack. Per the developers, the Domain Name Service (DNS) has been compromised by hackers and anyone who visited the network during the hack received a pop-up message asking for users’ private key. The network was quick to act and after warning, users on Twitter started acting on recovering the system. The attack was part of a coordinated bigger attack on a number of decentralized finance projects including Creamdotfinance.

    However, the price has somewhat recovered from the attack and the uptrend can be resumed by PancakeSwap. RobonomicNetowkr’s XRT also began trading on the network and the HYVE ERC-20 token will be listed on PancakeSwap as well.