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What is PancakeSwap and what is CAKE coin?
PancakeSwap is a decentralized exchange (DEX) that enables the buying and selling of cryptocurrencies. While deployed on the Binance Smart Chain, it does not have any control of the DEX, as anonymous developers built it.
Unlike conventional centralized exchanges, PancakeSwap does not involve intermediaries in processing transactions. Built on automated smart contracts, it allows traders to exchange tokens with one another without the need for an intermediary.
Launched in 2020, the exchange supports BEP20 tokens running on the Binance Smart Chain. It’s become increasingly popular as the need to move away from centralized exchanges gathers steam. High liquidity and sizable user base are some of the features that make the DEX stand out.
CAKE is the utility token that powers the PancakeSwap network, acting as a medium of exchange in the decentralized exchange. In addition, the token accords the holder’s rights to vote on governance proposals of the network and any proposed changes.
Users can also stake the CAKE token to earn rewards by providing liquidity on the network. CAKE also grants users an opportunity to enter a lottery on the PancakeSwap network, whereby people stand to earn.
There is no limit on the total number of CAKE tokens that will ever be in circulation. Currently, about 285.36 million CAKE tokens are in supply from a total supply of 720.33 million coins. The total value of CAKE tokens locked in decentralized finance platforms totals $4.93 billion.
Should I buy PancakeSwap coin today: CAKE market sentiment
CAKE token has been under pressure ever since it peaked to highs of $47 a coin last year. The coin has shed more than 80% in market value over the past year, having come under immense short-selling pressure. The sell-off has coincided with the overall cryptocurrency market turning bearish, resulting in deep pullbacks from all-time highs.
However, CAKE has shown an affinity for bottoming out and powering high in recent weeks. A 100% plus rally in March affirms the renewed buying pressure signaling that the coin might as well have hit bottom and is poised to bounce back. Following a minor correction that resulted in a 20% pullback from April highs, the coin has once again started edging higher in continuation of the emerging uptrend.
Conversely, CAKE looks increasingly bullish as a bounce-back play on the dip. The Relative Strength Index already affirms a buildup in buying pressure on powering through the 50 handle. The recent pullback presents an opportunity to buy the coin as it looks set to post significant gains as buyers come back into the fold.
What is PancakeSwap CAKE price prediction for a year?
While the CAKE token has been under pressure for the better part of the year, it is expected to bounce back and rally significantly as the year progresses. According to forecast and technical analysis by analysts at Walletinevtsor.com, the token could bounce back and rally to highs of $13.3 before year-end representing a 54% plus gain from current levels.
What is PancakeSwap CAKE price prediction for 2025?
More people turning their attention to decentralized exchange is the catalyst that should help support significant CAKE price gain. A transition to DEX from centralized exchange should see CAKE value more than double over the next three years.
Expectation is high that CAKE value could surge to record highs of $20 a coin by 2025, in line with bullish momentum in the overall industry.
What is PancakeSwap CAKE price prediction for 2030?
PancakeSwap as a decentralized exchange has tremendous potential and prospects as talk for decentralization in everything involving cryptocurrencies gathers steam. The need to move away from centralized cryptocurrency exchanges, positions the exchange to be one of the biggest beneficiaries as an early player in the game.
The CAKE coin value forecast for 2030 is even more bullish amid the mainstream sector’s expected blockchain and cryptocurrency adoption. According to estimates on digitalcoinprice.com, the price of CAKE could average highs of $25 a coin by 2030.
Factoring how volatile cryptocurrencies can be on any positive development around regulation and adoption, the CAKE token could be worth more than $100 a coin by 2030.
PancakeSwap CAKE FAQ
Will PancakeSwap coin appreciate in a year?
Yes, the prospects of the CAKE token appreciating over the next year is high as it has started bottoming out, backed by a recovery of the overall crypto market.
How much will PancakeSwap be worth in 5 years?
PancakeSwap token will be worth more than $20 a coin from current levels over the next five years.
Where do I buy PancakeSwap CAKE
PancakeSwap CAKE token can be bought in various exchanges, including Binance BKE and KuCoin.