By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Private Banks RankingPrivate Banks Ranking
Notification Show More
Latest News
Bitcoin holds ground amid Binance lawsuit, XRP continues run up, U.S. equities dip
Bitcoin holds ground amid Binance lawsuit, XRP continues run up, U.S. equities dip
Finance
Meta, Google defend Brazilian law on responsibility for internet content
Business
Wall Street ends down with tech; investors assess bank comments
Banking
BM Technologies shakes up its C-suite
BM Technologies shakes up its C-suite
Banking
Bank Crisis ‘Exacerbating Nerves’ in Some Home Buyers and Sellers
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Reading: PancakeSwap leads DEX market, but can it eat its CAKE too
Share
Private Banks RankingPrivate Banks Ranking
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Search
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Private Banks Ranking > Blog > Cryptocurrency > PancakeSwap leads DEX market, but can it eat its CAKE too
Cryptocurrency

PancakeSwap leads DEX market, but can it eat its CAKE too

By Private Banks Ranking 3 weeks ago
Share
4 Min Read
PancakeSwap leads DEX market, but can it eat its CAKE too
SHARE
  • PancakeSwap tops the list of DEXs with the highest daily active users.
  • CAKE struggles to sum up bullish volumes as bears lose momentum.

PancakeSwap has recently emerged as the market’s leading DEX by the number of daily active users. Ergo, the question – Is this enough to support a sentiment shift among CAKE holders?


Is your portfolio green? Check out the PancakeSwap Profit Calculator


According to CoinMarketCap, PancakeSwap recorded 110,900 active addresses in the last 24 hours alone. This number is roughly double the number of daily active users registered by Uniswap, the DEX ranked 2nd. In the grand scheme of things, the ranking is a fair indicator of demand for PancakeSwap’s DEX amid slow market conditions.

🥞Keep it up with the sweet energy 💫 https://t.co/HbUQbj0hHe

— PancakeSwap 🥞 #Multichain (@PancakeSwap) March 8, 2023

Is this favorable ranking enough to change CAKE’s current trajectory? While the milestone underscores healthy demand for the network, this may not necessarily translate into strong demand for PancakeSwap’s native token.

CAKE’s value has been declining since 9 February. In fact, it has so far tanked by 21% to its $3.72 press time price. As a result, it has given up roughly half of the gains it achieved since the start of 2023.

CAKE price action

Source: TradingView

So far the price has demonstrated some bearish weakness over the last few days during which it struggled to push down further. Its money flow indicator, at press time, was in oversold territory, one where outflows have notably slowed down.

In fact, the price seemed to be approaching a key support zone between the $3.61 and $3.63-price range.

See also  Altcoin Backed by Bitcoin Billionaires Surges 35% As Crypto Project’s ‘Groundbreaking’ Update Nears

CAKE bulls tire, but demand is yet to start flowing in

Some of PancakeSwap’s on-chain metrics revealed some interesting observations that may influence the next price move. The weighted sentiment metric, for instance, recorded an overall uptick in the last 7 days, confirming that investors have been switching to a bullish bias.

PancakeSwap volume and weighted sentiment

Source: Santiment

Weekly volume is down slightly on average, confirming that the bearish trend is losing momentum. The volatility metric perfectly highlights this. It slowed down in the first week of March, confirming that the bearish momentum has been stalling.


How many are 1,10,100 CAKEs worth today


Perhaps the metric that stands out the most as far as CAKE is concerned is the supply distribution.

Most of the top whales have been trimming their balances over the last 4 weeks. However, the same metric also recorded flatlined buying or selling activity.

PancakeSwap supply distribution

Source: Santiment

The aforementioned observation resonates with the slowdown in sell pressure over the last few days. Perhaps, this is an indication that the bears are exhausted.

The common expectation is that bulls would swoop in and trigger some relief. The prevailing market FUD and concern among investors might be the reason why this has not happened. Not yet, anyways.



Source link

You Might Also Like

Strategies for Office Properties in a Down Market

Is Investing In The Stock Market Gambling?

Each Quarter Point Mortgage Rate Increase Pricing 1.3M Households Out of Market

First Citizens, First Republic, Blackbaud, Iovance, Novartis, and More Market Movers

Analysis: Banking woes, Fed keep U.S. market investors on edge

TAGGED: CAKE, DEX, eat, leads, market, PancakeSwap
Share this Article
Facebook Twitter Email Print
Share
Previous Article Asana Shares Soar as Founder Plans Huge Stock Purchase Asana Shares Soar as Founder Plans Huge Stock Purchase
Next Article How SushiSwap's new Reddit move may impact the protocol How SushiSwap’s new Reddit move may impact the protocol
Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Private Banks RankingPrivate Banks Ranking
Follow US

© 2022 Private Banks Ranking- 52-54 Lime Street, EC3, London. All Rights Reserved.

  • Blog
  • Contact
  • Privacy Policy
  • Terms & Conditions
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?