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PancakeSwap Price Prediction 2024: Can CAKE Keep Rising?

Last Updated March 13, 2024 10:40 AM
Peter Henn
Last Updated March 13, 2024 10:40 AM

Key Takeaways

  • PancakeSwap’s CAKE climbed in late 2023 after a substantial drop early in the year.
  • Can CAKE continue to trade above $4?
  • One PancakeSwap price prediction says it can reach $17.56 next year. 

PancakeSwap’s CAKE cryptocurrency has enjoyed something of a recovery lately. The launch of a new affiliate initiative suggests that the community behind the DEX is still reasonably active. 

On March 13, 2024, CAKE was worth about $4.37.

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 March 13, 2024.

PancakeSwap Price Prediction

Let’s examine some of the PancakeSwap price predictions being made on March 13. 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.

2024 2025 2030
Prediction #1 $4.11 $17.56 $38.13
Prediction #2 $6.35 $9.48 $59.60
Prediction #3 $9.45 $11.11 $32.25

First, CoinCodex  had a short-term PancakeSwap price prediction that said the crypto would increase to $5.49 by March 18 and then jump to $13.77 on April 12. The site’s technical analysis was bullish, with 26 indicators making positive signals and just four making bearish ones. 

PancakeSwap Price Prediction for 2024

CaptainAltCoin  said CAKE would climb to $4.11 in December, while PricePrediction.net  had it stand at $6.35 this year. DigitalCoinPrice  thought PancakeSwap would hit $9.45 in 2024.

PancakeSwap Price Prediction for 2025

Moving on, DigitalCoinPrice’s PancakeSwap price forecast had it at $11.11 in 2025. CaptainAltCoin said it would be worth $17.56 that year. PricePrediction.net claimed it would trade at $9.48 next year.  

PancakeSwap Price Prediction for 2030

Looking at a more long-term PancakeSwap Price Prediction, PricePrediction.net said it would reach $59.60 in 2030. DigitalCoinPrice had it stand at $32.25 that year. Bitnation ’s CAKE price prediction had it get to $38.13 at the start of the next decade. 

Google Gemini AI Price Prediction for PancakeSwap (as of March 13)

Google’s Gemini AI platform gave the following price prediction for PancakeSwap on February 28. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short-Term (Next 3 Months):

  • Expected Price: $11.74
  • Factors to Consider:
    • Overall market trends: If the general cryptocurrency market continues its upward trend, CAKE could see a boost.
    • PancakeSwap’s development and adoption: If PancakeSwap continues to innovate and attract new users, its price could rise.
    • Regulatory landscape: Government regulations could impact the price of CAKE.

Medium-Term (Next 6 Months):

  • Expected Price: $13.74
  • Factors to Consider:
    • Market Volatility: The cryptocurrency market is inherently volatile, meaning prices can swing dramatically based on news, regulations, and investor sentiment.
    • Decentralized Finance (DeFi) Trends: The overall health of DeFi will influence CAKE’s price. If DeFi continues to grow, CAKE could benefit.
    • PancakeSwap’s Development: New features and functionalities on PancakeSwap could attract more users and boost the price.

Long-Term (Next 5 Years):

  • Expected Price: $20.91
  • Factors to Consider:
    • Overall market trends: The cryptocurrency market as a whole is still young and volatile. If the entire market goes up, CAKE is likely to go up as well, and vice versa.
    • Adoption of PancakeSwap: How widely used is PancakeSwap? If more people start using it for DeFi transactions, the price of CAKE could rise.
    • Competition: There are many other DeFi platforms out there, and new ones are emerging all the time. If PancakeSwap loses market share to its competitors, the price of CAKE could fall.
    • Regulations: Governments around the world are still figuring out how to regulate cryptocurrencies. New regulations could have a major impact on the price of CAKE.

Recent Updates from PancakeSwap

In February, PancakeSwap announced  that it was proposing an affiliate initiative to help third parties operate better on the platform.

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 and 2024

PancakeSwap price history
PancakeSwap price in 2023 and 2024 | Credit: CoinMarketCap

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, by October 19, it was worth $1.05. 

Following the launch of the Position Manager feature, CAKE surged, closing the year at $3.48. While an annual growth figure of around 10% may sound impressive, it is worth remembering that the market doubled in 2023.

By March 13, 2024, PancakeSwap was worth about $4.37.

At that time, there were 243.2 million CAKE in circulation, out of a total supply of 385.2 million.  This gave the token a market cap of around $1.06 billion, making it the 107th largest crypto by that metric. 

PancakeSwap Price Analysis

PancakeSwap Price Analysis
PancakeSwap is reaching a resistance level.

Since the middle of October, the price of CAKE has surged dramatically. The price is currently advancing towards a critical resistance area of around $5.

Currently,  CAKE is within 10% of reaching the mark. With no signs of struggle so far, it’s plausible it could this target.

This new advance, which started on February 5, is most likely a new five-wave move that will lead to higher prices. Should this happen, CAKE could experience a sustainable upward trajectory past $5. This development would signal a robust and enduring upward trend into 2024, potentially lifting the price to $20.

Is PancakeSwap a Good Investment?

It is difficult to tell. CAKE has stagnated somewhat recently, so it will 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 to have some accountability in their investments. 

As ever with crypto, you will need to make sure you 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, 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 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.

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.”

Who are the Founders of PancakeSwap?

A pseudonymous group of developers founded PancakeSwap in 2020.

Who Holds the Most PancakeSwap (CAKE) Tokens?

On March 13, 2024, a wallet held 3.56% of the supply of CAKE.

Richest CAKE Wallet Addresses

As of March 13, 2024, the five wallets with the most PancakeSwap were

  • 0x28c6c06298d514db089934071355e5743bf21d60. This wallet held 1,516,756 CAKE, or 37.56% of the supply.
  • 0xd3d3a295be556cf8cef2a7ff4cda23d22c4627e8. This wallet 409,994 CAKE, or 10.15% of the supply.
  • 0x556b9306565093c855aea9ae92a594704c2cd59e. This wallet held 391,359 CAKE, or 9.69% of the supply.
  • 0xfcc6910b03c8a38b70d94f1aa62416f857441e94. This wallet held 213,584 CAKE, or 5.29% of the supply.
  • 0xe045c58262ccda6bac804809858fc24b215d16b2. This wallet held 189,918 CAKE, or 4.70% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 450,000,000
Circulating supply (as of March 13, 2024) 243,210,427 (54.05% of maximum supply)
Holder distribution Top 10 holders own 79% of maximum supply as of March 13, 2024

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.  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 providing 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. 

PancakeSwap Attention Tracker

PancakeSwap Google search volume
PancakeSwap Google search volume | Credit: Google

Here is a chart for the PancakeSwap Google search volume for the past 90 days. This represents how many times the term “PancakeSwap” has been Googled over the previous 90 days.

FAQs 

How many PancakeSwap are there?

As of March 13, 2024, there were 243.2 million CAKE in circulation, out of a total supply of 385.2 million.

Will PancakeSwap reach $10?

It might do, but not for some time yet. Bitnation says CAKE can reach double figures as soon as next year, while DigitalCoinPrice and PricePrediction says it can happen by 2026 and 2027 respectively. 

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.

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