Key Takeaways

• PancakeSwap’s CAKE has taken a hit recently, losing 60% since January 1.
• The news that it was now operating on Coinbase’s Base has failed to reverse the downtrend.
• Can CAKE ever recover?
• One PancakeSwap price prediction says it can reach $4.83 in two years time. 

PancakeSwap’s CAKE cryptocurrency has not been in a good place lately. What was once one of the biggest cryptos in the decentralized exchange (DEX) space has taken a beating over the last couple of years. It is now outside the top 100 cryptos by market cap. 

CAKE’s investors might have hoped that the news PancakeSwap was to operate on Coinbase’s Base protocol would boost the token price. However, CAKE has been sinking, losing 16% in the course of a month. 

PancakeSwap did not immediately respond to a request for comment.

But what is PancakeSwap (CAKE)? How does PancakeSwap work? Let’s see what we can find out, and also take a look at some of the PancakeSwap Price Predictions that were being made as of September 5 2023.

PancakeSwap Price Prediction

Let’s examine some of the PancakeSwap price predictions being made on September 5 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

First, CoinCodex  had a short-term PancakeSwap price prediction that said the crypto would fall to $1.14 by September 9 and then recover to $1.36 on October 4. The site’s technical analysis was highly bearish, with 28 indicators sending discouraging signals and just two making bullish ones. 

PancakeSwap Price Prediction for 2023

CaptainAltCoin  said CAKE would fall to $0.9387 in December, while PricePrediction.net  had it reach $1.80 this year. DigitalCoinPrice  thought PancakeSwap would hit $2.30 in 2023.

PancakeSwap Price Prediction for 2025

Moving on, DigitalCoinPrice’s PancakeSwap price forecast had it at $4.21 in 2025. CaptainAltCoin said it would be worth $4.83 that year. PricePrediction.net claimed it would trade at $3.70 in two years time.  

PancakeSwap Price Prediction for 2030

Looking at a more long-term PancakeSwap Price Prediction, PricePrediction.net said it would reach $23.94 in 2030. DigitalCoinPrice had it stand at $12.65 that year. Bitnation ’s CAKE price prediction had it get to $10.47 at the start of the next decade. 

CAKE Price History

Now, let’s examine some of the highlights and lowlights of the PancakeSwap price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a PancakeSwap price prediction.

CAKE first came onto the open market in the autumn of 2020. In late September, it was worth about $1.35 but soon fell below the dollar. 

The crypto market experienced a massive boom in early 2021 and CAKE got caught up in the excitement. PancakeSwap broke past $10 in February and reached an all-time high of $44.18 on April 30. The market then slumped, but CAKE stayed above $10 and closed the year at $11.61. 

2022 was not a good year for either crypto or CAKE. The aftermath of the collapse of the Terra (LUNA) blockchain in May was exacerbated by the FTX (FTT) exchange declaring bankruptcy in November. As a result, CAKE crashed and closed the year at $3.17, an annual loss of more than 70%. 

PancakeSwap in 2023

So far, 2023 has also been a bad year for CAKE. The token initially rallied, breaking past $4.50 in February, but then collapsed. By the time the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges in early June, PancakeSwap was down below $2. 

While many cryptos have made something of a recovery from that crash, CAKE has continued to struggle. August’s market crash, triggered by Elon Musk’s SpaceX unloading millions of dollars worth of Bitcoin (BTC) did not help matters and, on September 5, PancakeSwap was worth about $1.25.

At that time, there were 215.5 million CAKE in circulation out of a total supply of 389.6 million. This gave the token a market cap of around 265.4 million, making it the 102nd largest crypto by that metric. 

PancakeSwap Price Analysis

PancakeSwap has performed poorly recently. The token has fallen since 5 August, when it was worth $1.50. This means it has lost more than 15% in a month. Not only that, but it has dropped 6% in a week. It is also down more than 60% since the start of the year. 

Is PancakeSwap a Good Investment?

It is difficult to tell. There is an argument that you should buy in a dip and it does look like CAKE is in a dip right now. What we don’t know, though, is how long the dip will last, nor where PancakeSwap can recover too. While there have been some recent developments, such as it going live on Base, the market has stayed unimpressed.

Considering CAKE is, at least in theory, one of the major DEX tokens, its current place outside the top 100 cryptos may be cause for concern. 

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 to have some accountability in their investments. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in CAKE.

Will PancakeSwap go up or down?

No one can really 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, too, that prices can, and do, go down as well as up. 

Should I invest in PancakeSwap?

Before you decide whether or not to invest in PancakeSwap, you will have to do your own research, not only on CAKE, but on other, similar, coins and tokens such as Uniswap (UNI) or Curve DAO (CRV). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

PancakeSwap (CAKE) Explained

Decentralized exchanges were created to fix some of the 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. A pseudonymous group of developers founded it in 2020. It is based on the Binance (BNB) blockchain, although 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 provide liquidity to the token. CAKE holders can also stake their tokens within the system, gaining rewards for delegating certain kinds of voting rights across the network.

People can also buy, sell, and trade PancakeSwap on crypto exchanges. 

FAQs 

 

Further reading

SafePal Price Prediction 2023: What is SafePal (SFP)?

Synthetix Price Prediction 2023: What is Synthetix (SNX)?

Akash Network Price Prediction 2023: What is Akash Network (AKT)?

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 users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.