With decentralized finance (DeFi) rising, PancakeSwap, one of the largest decentralized exchanges (DEXs), has been at the forefront of the revolution. The future of the CAKE cryptocurrency will depend on using the PancakeSwap exchange. The coin’s value will also depend on future sentiment on the broader crypto markets, among other factors. CAKE token is at the heart of the PancakeSwap ecosystem. Buy it, win it, farm it, spend it, stake it… heck, you can even vote with it!
Once rated as the best performing DEX of 2021, it started its slide in August and has continued to lose value in 2022. We shall first look at what PancakeSwap is and how it functions to get a clear picture of what investors should expect with the platform and its coin in the future.
Today’s PancakeSwap price is $3.3,9, with a 24-hour trading volume of $71,365,675 USD. PancakeSwap is up 3.24% in the last 24 hours. The current CoinMarketCap ranking is #78, with a live market cap of $491,540,004 USD. It has a circulating supply of 144,787,160 CAKE coins and a maximum supply of 750,000,000 CAKE coins.
With recent developments, partnerships, and its interest in NFTs, the future of PancakeSwap looks promising d. Also, the team behind PancakeSwap aims to build more projects in 2022, which will boost its growth and adoption. Besides being the number one Automated Market Marker (AMM), it has also dived into the NFT space by rolling out Binance Smart Chain NFT projects.
PancakeSwap in The NFT Market
Cake launched its NFT market campaign in October 2021. However, this is the first step in the core of the PancakeSwap world. PancakeSwap achieved a huge volume on only one NFT collection at the launch time.
Also, PancakeSwap launched Pancake Squad in October. It is essential to know that Pancake Squad is a brand new generative collection of 10,000 different NFTs. Due to this innovation PancakeSwap’s NFT market trading volume increased to 102,208 BNB ($56.8M) in the same month, with 2,044 BNB used to buy back and burn Cake.
Furthermore, 25 projects joined the Farm Auctions to bid for a coveted PancakeSwap farm pair. PancakeSwap is also working behind the scenes to improve its performance issues. It has partnered with Streamingfast, Gnosis, Helix, TradingView, and other providers to enhance its resilience against the scalability issues in the Binance Smart Chain network.T market, we might see $CAKE tokens surge in the future.
How is PancakeSwap Exchange different?
Whereas centralized exchanges like Coinbase and Binance (which were banned in the UK in 2021) are run by a single company, one can trade on a DEX without an intermediary. Like most decentralized finance (DeFi) activity to date, most DEXs are based on Ethereum. PancakeSwap aims to compete with Ethereum by providing lower fees and faster transactions, among other features.
On 26 January it announced its latest Initial Farm Offering (IFO) format: IFO 3.1 “with the brand new private sale allocation, and the new IFO Syrup pool” which it adds will “address some of the issues raised by the community and also generate value for our NFT holders.”
As mentioned above, PancakeSwap is a DEX and an automated market maker (AMM) built on the Binance Smart Chain (BSC).
- It is the BSC’s largest decentralized application (dApp), allowing participants to switch tokens securely and effectively.
- It offers a decentralized business experience while leveraging liquidity pools. Some stake BEP 20 tokens in the liquidity pools of corresponding tokens, and some depend on the liquidity pools to swap one BEP 20 token for another.
- Those providing stake tokens or currency in the liquidity pools are called liquidity providers. They receive an interest depending on the number of tokens they stake in each pool.
- DEX has also included yield farming by allowing liquidity providers to stake Liquidity Provider tokens (LP tokens) in various LP token staking pools. This way, the liquidity providers earn an extra income in the form of LP staking rewards besides the interest earned for providing liquidity.
At the time of writing, the total value locked (TVL) on PancakeSwap was $5,553,354,984, according to Defistation.
What’s in Store for CAKE?
PancakeSwap has the largest user base of any dAPP with over 3 million users in the last month. Translating to over 41 million trades within the same period.
PancakeSwap is not done growing its ecosystem earlier this month. They launched the first mini-app of its kind on the Binance mobile app. The move will see many CEX users move into the DEX, increasing liquidity, staking, and utility for the many tokens on the platform. You need to update your Binance app to the latest version to access this feature. It is easily accessible by scrolling down on the Binance app home page.
Ecoin finance V2 a decentralized payment platform launched on Pancakeswap earlier today.
PancakeSwap attracts new clients and users every month with a large user base.
PancakeSwap Price History
PancakeSwap was launched on September 20, 2020. Founders found it better to name it after their favorite food, the pancake. As an AMM, it does not depend on the presence of buyers and sellers to settle trades. Trades are processed automatically by a sophisticated algorithm using liquidity pools.
PancakeSwap was listed on an exchange almost immediately after PancakeSwap was unveiled.
When it was unveiled in September 2020, the cake price was below $1, and it stayed below $1 until the end of January 2021, when it unleashed a bullish rally that till the end of April 2021.
Figure 1. PancakeSwap price chart by Coinmarketcap
It hit an all-time high price of $44.18 on April 30, after which there was a bearish retracement to about $11 in May 2021. It then traded between $11 and $20 until mid-July, when it started another bullish trend that continued even when writing this post.
At the time of writing this post, the average CAKE price was $24.63, with a 24 hours volume of $407,098,371 after a day drop of 10%.
PancakeSwap price Ichimoku cloud formation indicates a bearish trend reversal with consolidation. The bearish price structure of the last few months has formed false lower support and new Ichimoku cloud highs began on December 16th.
The Kijun Sen (red line) also confirms the strong bullish momentum.
PancakeSwap Technical Analysis
PancakeSwap price analysis indicates that the coin has formed an ascending triangle pattern and is currently trading just above the key support level of $3.15.The digital asset is currently trading at $3.40, and there is a clear possibility that it may break out of this pattern to the upside in the near future
The Moving average lines also indicate a bullish crossover, which is another positive sign for the coin. The 50-day MA line is currently at $2.85, and the 200-day MA line is at $3.02, which indicates that the long-term trend is still bullish.
The Relative Strength Index (RSI) is currently trading in the overbought territory, indicating that the coin may witness a correction soon. However, the MACD indicator shows positive signs as it is well above the signal line.
The ascending triangle pattern is considered a bullish pattern that happens when the price of an asset creates higher lows and higher highs. This forms a converging trendline that can be used to predict where the price may break out. In this case, the price is likely to break out above the $3.60 resistance level.
If PancakeSwap can close above this resistance level, it would open up the possibility of a move towards the $4.00 psychological level. Further upside may then take the price towards the $4.50 and $5.00 levels in the medium-term.
On the downside, if the price breaks below the $3.15 support level, it could retest the $3.00 level. The downside may take the price towards the $2.80 and $2.60 levels in the short term. The bulls will need to push the prices above the 20-day EMA to negate the bearish pressure.
Pancakeswap price prediction: PancakeSwap may break out of its ascending triangle pattern to the upside in the near future, potentially taking the
PancakeSwap Price Prediction by Authority Sites
At Wallet Investor, their technical analysis shows a strong possibility that PancakeSwap prices will decrease steadily for the next five years.WalletInvestor says that the forecast for the end of December 2022 is $0.53. The site expects the coin to continue to lose value, and by 2025, they predict that the PancakeSwap price will fall to $0.02.
TradingBeasts makes a PancakeSwap price prediction for 2022 that says it will reach a maximum price of around $4.71 in August 2022. It also says the coin will reach an average price of $3.80 in July 2023 and $4.83 in July 2024. The PancakeSwap price prediction for 2025 is for the coin to reach $6.09 in July of that year.
Tradingbeast is much more optimistic in its short-term and long-term PancakeSwap price predictions. They believe that the coin will reach $5 by the end of 2022, which is an increase of over 100%. They also have a PancakeSwap price prediction for 2025 that the coin will reach $12.50, which is more than double their 2022 prediction.
According to Price Prediction, the PancakeSwap price is forecasted to reach $5.94 by December 2022. The site believes that the coin will then decrease slightly to $5.26 by December 2022 and then increase to $8.70 by December 2023. Their PancakeSwap price prediction for 2027 is $12.94.They believe by 2030; the CAKE price will be $106.95.
PancakeSwap Price Prediction 2022
According to the current market trend, the CAKE price is set to reach $5 by the end of 2022. The price may reach a maximum price of $5.94 and also a minimum of $5.06 by the end of 2022.
PancakeSwap Price Prediction 2023
The CAKE price prediction for the year 2023 is that it may reach a maximum price of $8.70 and also a minimum price of $7.22.The average price for the year is $7. 43.
PancakeSwap Price Prediction 2024
The CAKE price prediction for the year 2024 is that it may reach a maximum price of $12.47 and also a minimum price of $10.32.The average price for the year is $10.69.
PancakeSwap Price Prediction 2024
For the year 2024, the CAKE price is forecasted to reach a maximum value of $12 and also a minimum price of $9.24.PancakeSwap price is likely to reach an average trading price of $10.69.
PancakeSwap Price Prediction 2025
The CAKE price prediction for 2025 is that it may reach a maximum price of $17.70 and a minimum value of $14.66. The average price for the year is $15.09.
PancakeSwap Price Prediction 2026
PancakeSwap price prediction for 2026 is that the coin may reach a maximum value of $25.66 and also a minimum price of $21.11. The average price for the year is $21.71.
PancakeSwap Price Prediction 2027
The CAKE price prediction for 2027 is that it may reach a maximum value of $36.50 and a minimum value of $31.21. The average price for the year is $31.24.
PancakeSwap Price Prediction 2028
By 2028, the CAKE price might reach a maximum value of $53.04 and an average price value of $44.53. The minimum price value for the year is $42.92.
PancakeSwap Price Prediction 2029
For the year 2029, the CAKE coin may reach a maximum price of $72.91 and also a minimum price of $61.06. The average price for the year is $62.84.
PancakeSwap Price Prediction 2030
The CAKE price prediction for 2030 is that it might reach a maximum value of $106.92 and a minimum price of $89.96. The average price for the year is $93.10.
PancakeSwap Price Prediction 2031
The PancakeSwap forecast price for the year 2031 is that the digital asset might touch a maximum price value of $155.69 and a minimum value of $125.46. The average prediction for the year is $130.11.
PancakeSwap Price Prediction by Industry Influencers
PancakeSwap helps you make the most out of your crypto in three ways: Trade, Earn, and Win. Unlike centralized exchanges like Binance or Coinbase, PancakeSwap doesn’t hold your funds when you trade: you have 100% ownership of your own crypto. Learn more here. Or if you’re feeling confident, staking could be the thing for you.
PancakeSwap is a decentralized exchange that runs on Binance Smart Chain and enables users to buy and sell digital assets quickly and safely. The PancakeSwap predictions show that the coin has a bright future, and its price is expected to rise in the coming years. The short-term and long-term PancakeSwap price predictions are quite optimistic, and the coin is expected to reach new heights in the future. In the near term, prices are expected to be volatile, but they may rise in the long run as the project becomes more popular.
The main reason for this is that PancakeSwap offers numerous advantages over other DEXes. For example, it’s extremely easy to use, supports a wide range of digital assets, and offers low fees. In the coming years, PancakeSwap is expected to cement its position as one of the leading DEXes in the world. The PancakeSwap price predictions are quite optimistic, and the coin is expected to reach new heights during these years. However, crypto markets are highly volatile, and prices could rise or fall at anytime. Hence, it’s important to do your own research before making any investment decisions.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.