PanCakeSwap announced her latest proposal for adjustments to the Farm Rewards.
Some metrics supported a price increase for CAKE, while indicators were bearish.
On January 5 Pancake Swap [CAKE] has updated the crypto community on its latest proposal for changes to the Farm Rewards. To clear the air, these adjustments do not reduce CAKE rewards for farms, so the allocation per block to farms and lotteries remains at ~2.01 CAKE/block.
✨Vote Free✨
We have a new farm reward adjustment proposal for you to vote on. The goal is to redirect rewards to high-quality, high-performing farms, giving us more capacity to bring new farms to the table.
👉 Vote now: https://t.co/wXEhXyXsNj pic.twitter.com/KiR9XgQaWw
— PancakeSwap 🥞 #Multichain (@PancakeSwap) January 5, 2023
The total amount of CAKE contributing to APR will be the same. The main difference this round is the adjustment of multipliers for CAKE farms, such as CAKE-BNB, which currently has a flexible APR of around 19% and a boosted APR of 37%.
How much CAKEs can be had for $1?
PIE was also recognized in a data set on December 31, which showed that PancakeSwap ranked first in the list of the top 10 TVL on the BNB Chain, as it accounted for more than 50% of the total TVL. XVS and ALPACA took second and third spots respectively on the same list.
TOP 10 #TVL AT #BNB SMART CHAIN$CAKE $XVS $ALPACA $BSW $ COW #ROZESALE $WOM $UNCX $DX $ANKR pic.twitter.com/pQmuYPusm4
— PHOENIX 🇺🇦 (@pnxgrp) December 31, 2022
Was PancakeSwap affected?
The price of CAKE reacted positively as its weekly chart was painted green, unlike several other cryptos. According to CoinMarketCapCAKE’s price is up nearly 3% in the last seven days and at the time of writing it was valued at $3.26 with a market cap of over $530 million.
A few stats revealed what went in CAKE’s favor and helped the token increase its price over the past few days. CAKE’s MVRV ratio showed a sharp increase, signaling in favor of buyers.
PIE‘s popularity has also increased recently as social volume has increased. Interestingly, CAKE was third on the list list of cryptos on the BNB Chain in terms of social activity a few days ago.
One worrying statistic was that CAKE’s rate didn’t register an increase over the past week, which could be tricky.
Source: Sentiment
Read Pancake Swap [CAKE] Price prediction 2023-24
The concerns persist
On the one hand, the statistics looked optimistic, and on the other hand, the market indicators suggested otherwise. PIEThe Exponential Moving Average (EMA) ribbon revealed a huge bearish upside in the market as the 20-day EMA rested well below the 55-day EMA.
The Relative Strength Index (RSI) remained below the neutral boundary, which also looked bearish. CAKE’s Chaikin Money Flow (CMF) registered a downtick and was moving towards a neutral position, which could limit CAKE’s current uptrend.
Source: TradingView
This post PancakeSwap registers few positive updates, but CAKE may soon topple
was published first on https://ambcrypto.com/pancakeswap-records-few-positive-updates-but-cake-may-topple-soon/
