PancakeSwap Price Prediction 2024: CAKE Price Analysis
What's next for PancakeSwap?
Key Takeaways
- PancakeSwap’s CAKE climbed in late 2023 after a substantial drop early in the year.
- Can CAKE come back to over $4?
- One PancakeSwap price prediction says it can reach $4.71 next year.
PancakeSwap’s CAKE cryptocurrency has enjoyed some recovery lately. The launch of a new affiliate initiative suggests that the community behind the DEX is still reasonably active.
On Aug. 1, 2024, CAKE was worth about $4.37.
PancakeSwap did not respond to a request for comment.
Let’s examine our PancakeSwap price predictions, made on Aug. 1, 2024. We will also examine the PancakeSwap price history and discuss what PancakeSwap is and does.
PancakeSwap Price Prediction
Let’s examine some of PancakeSwap price predictions CCN made on Aug. 1, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum CAKE Price Prediction | Average CAKE Price Prediction | Maximum CAKE Price Prediction | |
|---|---|---|---|
| 2024 | $1.64 | $3.63 | $4.01 |
| 2025 | $3.93 | $4.27 | $4.71 |
| 2030 | $12.35 | $13.39 | $13.68 |
PancakeSwap Price Prediction for 2024
If the positive momentum continues and CAKE breaks above its moving averages, it could reach targets between $1.64 and $4.01 by the end of 2024, with the average price set at $3.63.
PancakeSwap Price Prediction for 2025
Technical analysis suggests a potential increase for PancakeSwap in 2025. The minimum CAKE price expected for 2025 is $3.93, while the maximum is $4.71. On the other hand, the average forecast suggests it may reach $4.27.
PancakeSwap Price Prediction for 2030
Based on technical analysis, the CAKE token may reach a maximum level of $ 13.68 at the beginning of the next decade, while, in the worst scenario, it may go to $12.35. Meanwhile, the average expected price is $13.39.
PancakeSwap Price Analysis
CAKE has been experiencing a prolonged downward price trend. Investor confidence in the platform is waning, as evidenced by their willingness to accept progressively lower prices to exit their positions.
Technical analysis reinforces this bearish outlook. The coin’s price has formed a head and shoulders pattern, a classic bearish indicator, and has broken below crucial support at 2.50. This suggests a potential price drop to $1.23 or even lower. While there’s support at $1.06, immediate resistance lies at $2.40.
Essentially, the combination of investor sentiment and technical analysis indicates a continued decline in PancakeSwap’s value.
Short-Term PancakeSwap Price Prediction
PancakeSwap price prediction indicates a potential 6% rise in the next 24 hours and a possible 228% increase to $6.00 by Aug. 31, 2024. However, current market conditions appear bearish, with a neutral sentiment reflected in the Fear & Greed Index.
PancakeSwap’s price has fluctuated 5.3% over the past 30 days, with more down days than up. Based on this analysis, analysts recommend against buying PancakeSwap at this time.
PancakeSwap Relative Strength Index (RSI): Is CAKE Oversold or Undersold?
PancakeSwap Price Performance Comparisons
How Do We Make a PancakeSwap Price Prediction?
Our price prediction for PancakeSwap combines technical analysis tools and recognizes the logic in price cycles. We usually use the Relative Strength Index, Fibonacci, and other technical analysis tools. Applied to the PancakeSwap -specific time-frames and its price history, we can come up with the targets, but the further we project, the less accurate they are. This is because they depend on what happens in between.
Best Days and Months to Buy PancakeSwap
We looked at the PancakeSwap price history and found the lowest prices on certain days, months, quarters, and even weeks in the year, suggesting the best times to buy CAKE.
| Day of the Week | Sunday |
| Week | 8 |
| Month | February |
| Quarter | First |
PancakeSwap Price History
Following that, let’s examine some of the key dates in the PancakeSwap price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when making or interpreting a PancakeSwap price prediction.
| Time period | PancakeSwap price |
|---|---|
| Last week (July 24, 2024) | $1.8942 |
| Last month (July 1, 2024) | $2.1059 |
| Three months ago (May 1, 2024) | $2.5760 |
| Last year (August 1, 2024) | $1.5096 |
| Launch price (September 29, 2020) | $1.3745 |
| All-time high (April 30, 2021) | $42.68 |
| All-time low (November 13, 2020) | $0.2319 |
PancakeSwap Market Cap
The market capitalization, or market cap, is the sum of the total number of CAKE in circulation multiplied by its price. On Aug 1, 2024, PancakeSwap’s market cap was $426.9 million, making it the 134th largest crypto by that metric.
Who Holds the Most PancakeSwap (CAKE) Tokens?
On Aug 1, 2024, a wallet held 14.92% of the supply of CAKE.
Richest CAKE Wallet Addresses
As of Aug 1, 2024, the five wallets with the most PancakeSwap were:
- 0x556b9306565093c855aea9ae92a594704c2cd59e. This wallet held 553,609 CAKE or 14.92% of the supply.
- 0x28c6c06298d514db089934071355e5743bf21d60. This wallet has 450,890 CAKE or 12.15% of the supply.
- 0xd3d3a295be556cf8cef2a7ff4cda23d22c4627e8. This wallet held 409,994 CAKE or 11.05% of the supply.
- 0xc82cdd3e8c9becabb26dcdfc7573fc3b6992bb87. This wallet held 294,006 CAKE or 7.92% of the supply.
- 0x517f451b0a9e1b87dc0ae98a05ee033c3310f046. This wallet held 129,181 CAKE or 3.48% of the supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Maximum Supply | 450,000,000 |
| Circulating Supply (as of Aug 1, 2024) | 233,134,605 (51.8% of maximum supply) |
| Holder distribution | The top 10 holders own 64% of the maximum supply as of Aug 1, 2024 |
PancakeSwap (CAKE) Explained
Decentralized exchanges were created to fix problems with traditional, centralized exchanges (CEXes). People who use decentralized exchanges are not limited to trading with crypto pairs set by a central authority.
PancakeSwap is a DEX based on the Binance (BNB) blockchain, but it can work with coins and tokens from other chains, such as Ethereum (ETH).
The CAKE token supports PancakeSwap.
How PancakeSwap Works
The PancakeSwap DEX uses liquidity pools to help set prices and keep trades flowing.
The PancakeSwap token is used to fill liquidity pools and the system’s syrup pools. If you put your CAKE in a Syrup Pool, you can earn a reward of more cake simply by letting it stay there and providing liquidity to the token. CAKE holders can also stake their tokens within the system, gaining rewards for delegating certain voting rights across the network.
People can also buy, sell, and trade PancakeSwap on crypto exchanges.
Is PancakeSwap a Good Investment?
It is difficult to tell. CAKE has stagnated somewhat recently, so it will be interesting to see what can be done to attract new investors.
Something else that might be off-putting to potential investors is that PancakeSwap’s founders are pseudonymous. While this is pretty common in crypto – after all, Bitcoin’s founder, Satoshi Nakamoto, is a pseudonym – some people might want accountability in their investments.
As always with crypto, you should do your research before deciding whether or not to invest in CAKE.
Will PancakeSwap go up or down?
No one can tell right now. While the PancakeSwap crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind that prices can and do go down and up.
Should I invest in PancakeSwap?
Before you decide whether or not to invest in PancakeSwap, you will have to do your research, not only on CAKE but also on similar coins and tokens such as Uniswap (UNI) or Curve DAO (CRV). Either way, you must also ensure you never invest more money than you can afford to lose.
From the Whitepaper
In its technical documentation or whitepaper , PancakeSwap claims it allows people to “trade, earn and win.” It says: “PancakeSwap is the leading decentralized exchange on BNB Smart Chain, with the highest trading volumes in the market.”
FAQs
Will PancakeSwap reach $10?
It might do, but not for some time yet. Price predictions based on technical analysis expect it to reach a double-figure level in 2029.
Remember that PancakeSwap has not traded above $10 since January 2022.
What is PancakeSwap used for?
CAKE fills liquidity pools on the PancakeSwap decentralized exchange (DEX). Holders can stake it in return for rewards. People can also buy, sell, and trade in on crypto exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
