Bitcoin‘s fluctuation may continue, but altcoins that want to survive in bear markets are making new deals. Expanding to different blockchains can be beneficial, especially for DeFi altcoins. PancakeSwap did this, but is it benefiting from it?
In the past four months, PancakeSwap v3 has made several important announcements. The most important of these was the news that it is the top DEX platform in terms of trading volume and TVL on the BNB Chain. The DEX also ranked high in rival blockchains like Ethereum.
PancakeSwap’s efforts to move to other blockchains in the past few months have brought new launches. However, these launches did not result in massive price increases. In recent months, PancakeSwap expanded its access to multiple L2s, including zkSync Era and zkEVM, which ranked second and third, respectively. We should also not forget the news about Arbitrum and BASE.
The Future of CAKE Coin
One of the most important recent steps for the future price was the activation of the revenue-sharing pool. This tool allows fixed-term CAKE stakers to directly benefit from PancakeSwap’s growth. At the time of writing, the DEX also aims to allocate CAKE to Bootstrap Base liquidity. PancakeSwap proposed creating new yield pools on Base to increase liquidity and provide attractive APRs to liquidity providers.
Despite all of the above, CAKE Coin has experienced a decrease of more than 17% in the past 30 days. It is currently trading at $1.23 with a market cap of over $265 million and ranks 102nd among all cryptocurrencies.
CAKE Coin’s on-chain data highlights an increase in whale and general trading volume during downturns. This negatively affects short-term recovery hopes. If whale sales continue, we may see larger losses in the price.
Lastly, despite expanding to more blockchains, the DeFi platform has seen sharp declines in its TVL. This is a development contrary to expectations. At the time of writing, the BTC price remains below $26,000. This confirms the expectation of a price decrease for CAKE Coin in the short and medium term.
