CAKE: A Flipping Phenomenon?
- PancakeSwap has performed rather splendidly over the past fortnight, all while the market, bless its fickle soul, trended downwards.
- Rising transactions and a 24-hour volume that wouldn’t shame a Medici banker were certainly encouraging signs for this DEX, you see.
PancakeSwap [CAKE] has, dare I say it, ascended by a rather jolly 46% over the past week, while Bitcoin [BTC], that supposed titan of the digital realm, has shed a mere 1.48% of its value. One might even call PancakeSwap’s relative performance a stroke of good fortune, wouldn’t you agree? 😉
This chart, my dear fellow, reveals that CAKE had a correlation with major assets like Bitcoin and Ethereum [ETH] that could best be described as non-existent. 😲 Rather surprisingly, it does have a +0.79 correlation with Litecoin [LTC], a digital penny dreadful that only recently escaped a two-year slumber and flipped $110 to support, all while lacking a long-term trend. A curious case indeed.
Other Encouraging Signs for PancakeSwap
Since March 2024, the number of active addresses has dwindled like a gossiping dowager at a funeral. However, over the past month, the 24-hour volume traded on the protocol has steadily climbed, hitting a respectable $6.34 billion on 13 February. Quite the feat, wouldn’t you say?
Simultaneously, the number of transactions (24-hour) has also increased. Together, this suggests a renewed interest in this particular digital marketplace, a veritable hive of activity.
These swift price gains of the past fortnight can be seen as a rather strong indication of conviction in the digital marketplace. CAKE’s show of relative strength was accompanied by a rather healthy buying volume. This chart, my dear fellow, reveals that the $2.16-$2.47 region was a veritable fortress of support. A move below this region would be a rather arduous task indeed, especially since a good chunk of holders would be left in the red.
The daily price action, you see, shifted bullishly when the price moved above the $2.01-level. Since then, it has broken free from the series of lower lows
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2025-02-18 10:17