- The bullish sentiment around CAKE dropped by more than 70% last week.
- At the same time, the performance of PancakeSwap v2 on BNB and Arbitrum improved.
The current bull market has allowed most cryptos to increase their value. PancakeSwap [CAKE] was no different as the price rose last week. In addition, the v2 of PancakeSwap showed tremendous growth, reflecting an increase in adoption and usage.
Read PancakeSwap [CAKE] Price prediction 2023-24
PancakeSwap’s bull rally ends soon?
According to CoinMarketCap, the price of CAKE has risen more than 8% over the past seven days. The price increase also helped the token improve its Altrank.
However, it was surprising to see that despite a promising price increase, CAKE’s Social Mentions dropped by 73.66% to press time.
Source: LunarCrush
The bullish sentiment around CAKE also followed a similar trend as it fell 74.8% year to date. The drop in these numbers actually caused the price of CAKE to slow its growth as the price was only able to increase marginally over the past 24 hours.
Not only did the price drop, but the price volatility 1d also dropped in the recent past. A possible reason for this could be the substantial drop in PancakeSwap’s MVRV ratio.
Source: Santiment
CAKE‘s price could witness a further decline as quite a few market indicators looked bearish. For example, the Chaikin Money Flow (CMF) rested below the neutral limit of 0.
The Relative Strength Index (RSI) also followed a sideways path, increasing the likelihood of a price decline in the following days. However, PancakeSwap’s MACD showed a bullish crossover.
Source: TradingView
PancakeSwap excels in other areas
Regardless of the above regarding the statistics that the PancakeSwap network boasted v2 performance on multiple chains. According to an October 24 tweet, volume broke the $2 billion mark on BNB Chain and $400 million on Arbitrum [ARB].
🎉 Milestone Alert
🥞 PancakeSwap Perpetuals V2 is rising! 📈 Our trading volume exceeded $2 billion on BNB Chain and $400 million on Arbitrum.
🔥 With ultra-low fees of 0.05% on Arbitrum and 0.08% on BNB Chain and a trading rewards program on Arbitrum that lets you… pic.twitter.com/Fyaa1Zmkd2
— PancakeSwap🥞Everyone’s favorite DEX (@PancakeSwap) October 24, 2023
This performance pushed CAKE’s TVL to over $838.75k at the time of writing, while volume on zkEVM surpassed 131.09k during the same period.
Source: PannenkoekSwap