PancakeSwap remained popular among the whales.
However, the statistics and market indicators presented an ambiguous picture.
Pancake Swap [CAKE] has remained fairly consistent with the burn process, reflecting the deflationary property of the token. The network recently revealed that it burned CAKE worth more than $27 million.
🔥 6,992,717 $CAKE just burned – that’s $27 million!
💰 Trading Fee (Swap and Perpetual): 212k CAKE ($816k) +68%
🔮 Prediction: 61k CAKE ($236k) -14%
🎟️ Raffle: 36k CAKE ($138k) +36%
🔒 NFT Market, Profile & Factory: 1,134 CAKE ($4k) +10%
🛍 IFO: 3k CAKE ($11k) pic.twitter.com/2xEiNFPIv0
— PancakeSwap 🥞 #Multichain (@PancakeSwap) January 23, 2023
Not only that, but CAKE was also one of the whales’ top picks. WhaleStats, a popular Twitter handle that posts updates on whale activity, pointed it out PIE was on the list of tokens holding the top 100 BSC whales. This was good news, as it proved the whales’ confidence in CAKE.
🐳 The top 100 #BSC whale hodling
Whale Leaderboard 👇https://t.co/0SYnjw0xQs pic.twitter.com/enl5xZ9TR4
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 24, 2023
Realistic or not, here it is CAKE market cap in terms of BTC
The CAKE is baking, but here’s the catch!
While CAKE sparked whale interest, its performance on the price front was also upbeat as it posted double-digit weekly gains. CoinMarketCaps data revealed that the price of CAKE is up more than 7% in the last 24 hours and at the time of writing, it was trading at $4.15 with a market cap of over $683 million.
While the price action was in favor of the investors, CryptoQuant’s data revealed that CAKE’s Relative Strength Index (RSI) was in an overbought position.
In addition, while PIEthe price increased, the volume increased at the same time, which legitimized the increase. However, the MVRV ratio has risen significantly in recent days, indicating a market top. Daily active addresses registered a drop, indicating a lower number of users on the network.
Positive sentiments around CAKE also fell, reflecting lower investor confidence in CAKE. Interestingly, although the positive feelings decreased, CAKE the list of the top 10 BNB Chain projects by social activity.
Read Pancake Swap [CAKE] Price prediction 2023-24
Caution is advised
PIEThe daily chart showed that there were possibilities for a sustained increase, but things could just as easily follow the opposite trend. For example, the values of the MACD were bullish, as was the Exponential Moving Average (EMA) Ribbon, which showed a bullish crossover.
However, the Money Flow Index (MFI) entered the overbought zone, which could indicate selling pressure in the coming days.
This post PancakeSwap sees whale interest, but price pump shouldn’t fool investors
was published first on https://ambcrypto.com/pancakeswap-sees-whale-interest-but-the-price-pump-should-not-fool-investors/