Global blockchain supervision and query platform

English
Download

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume WikiBit 2024-04-17 00:52

PancakeSwap announced that the exchange has reached $1 billion in trade volume on the Base chain.CAK

  • PancakeSwap announced that the exchange has reached $1 billion in trade volume on the Base chain.

  • CAKE holders have consistently realized losses on the DEX token in April 2024.

  • CAKE price wiped out nearly 3% of its value on Tuesday.

Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX tokens price.

CAKE price is $2.694 at the time of writing.

DEX hits key milestone

PancakeSwap‘s announcement early on Tuesday shows that the exchange crossed $1 billion in trade volume on Coinbase’s Base chain, a Layer 2 built-to-scale Ethereum chain.

The rise in trade volume indicates the DEX is relevant among market participants and boosts the utility of its native token, CAKE.

Other catalysts influencing CAKE are on-chain metrics like Network Realized Profit/Loss (NPL) and Market Value to Realized Value (MVRV), as seen on Santiment.

The NPL chart shows negative spikes throughout April, this is consistent with CAKE holders realizing losses and is likely a sign of capitulation. Typically, capitulation is followed by an increase in the assets price.

Network realized profit/loss

The Market Value to Realized Value is in the opportunity zone when the value is between -6% and -30%. CAKE MVRV is currently in the opportunity zone, meaning a recovery in CAKE price is likely.

MVRV ratio (7-day and 30-day)

At the time of writing, CAKE price is $2.694 and the DEX token is likely to regain lost ground, supported by bullish signals from on-chain metrics.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00