- V3 launch’s hype was not enough for CAKE to paint its chart green during the bull run.
- Metrics were bearish, which decreased the chances of a trend reversal in the near term.
PancakeSwap [CAKE] is all set to release its latest version on 14 April, which might play a role in increasing the network’s transactions. According to Dune, CAKE’s number of transactions has taken a sideways path lately.
Read PancakeSwap’s [CAKE] Price Prediction 2023-24
In preparation for the V3 launch, PancakeSwap recently posted a new proposal for a Space ID Farm. This comes after CAKE announced its integration with SpaceID earlier on 24 March 2020.
More than 400,000 users will be able to view .bnb domains on BSC PancakeSwap as a result of the integration.
📢 We are proud to announce an integration with @SpaceIDProtocol!
🏷️ >400k users can now view their .bnb domains on BSC PancakeSwap
👉 Check it out under “Wallet” or “Your Profile” in the top-right corner here: https://t.co/yqaHeMmRlY
👀 More to come… pic.twitter.com/EcSVEj6zDc
— PancakeSwap 🥞 #Multichain (@PancakeSwap) March 24, 2023
What’s the new proposal all about?
As per the latest voting proposal, to find, register, trade, and manage web3 domains, Space ID is developing a complete name service network with a single identification platform.
As part of the preparation for CAKE’s v3 rollout, this proposal will also increase APRs for certain pairs across PancakeSwap.
✨Vote for free✨ We have a new proposal!
Vote for a new Space ID (@SpaceIDProtocol) Farm and Farm multipliers adjustments that will boost APRs for some of our popular pairs.
This is a part of our preparation for v3 deployment.
👉 Vote now: https://t.co/jhTZH7CGi1 pic.twitter.com/JWmf1meg8D
— PancakeSwap 🥞 #Multichain (@PancakeSwap) March 23, 2023
V3 launch hype not helping CAKE
While PancakeSwap continues to work towards the v3 launch, its token is yet to benefit from it. Despite the latest bullish market, CAKE’s price did not increase.
In fact, CAKE’s price declined by over 6% over the last week, and at press time, it was trading at $3.70 with a market capitalization of more than $689 million.
Nonetheless, CAKE showed some signs of recovery, as its daily chart was painted green and it was also trending (at press time) on CoinMarketCap.
Is a trend reversal viable?
A look at CAKE’s on-chain metrics gave a better understanding of the current scenario and whether the price can turn in investors’ favor. As far as the metrics were concerned, a trend reversal seemed unlikely.
How much are 1,10,100 CAKEs worth today?
For instance, CAKE’s volume registered an increase while its price plummeted. CAKE’s MVRV Ratio was also considerably lower, which is a bearish signal.
Not only that, but positive sentiments around CAKE have plummeted in the last few days, reflecting less confidence among investors in the token.
The whale transaction count has also declined, further suggesting low faith in CAKE.
Nonetheless, LunarCrush’s data looked quite bullish. In a recent tweet, BSCDaily mentioned that PancakeSwap was one of the top BNB Chain projects by Altralk, which typically is a bullish signal.
🎉 Top #BNBCHAIN Projects by Altrank™🔥
🥇 $VINU @VitaInuCoin
🥈 $BRG @bridge_oracle
🥉 $ID @SpaceIDProtocol$CAKE @PancakeSwap$GAL @Galxe
$BABYDOGE @BabyDogeCoin$SFUND @SeedifyFund$BNX @binary_x$JOE @traderjoe_xyz$LINA @LinearFinance
Keep Building💪#BNB #BSC #WEB3 🔥 pic.twitter.com/8sh1OGld3r
— BSCDaily (@bsc_daily) March 24, 2023
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