- CAKE’s worth elevated by 5% within the final 24 hours.
- Metrics regarded bearish whereas the market indicators supported the bulls.
PancakeSwap [CAKE] just lately introduced that it’ll launch a brand new lottery jackpot to have fun the lunar new yr. This particular Lunar New Yr lottery marketing campaign affords the possibility to win as much as 26,530 CAKE.
Customers can begin buying tickets from 27 January. Following the primary sale of three,000 tickets, the jackpot will obtain 100 CAKE for each 1,000 tickets offered. Apparently, PancakeSwap will add 0.1 CAKE to the jackpot for every retweet and like of the marketing campaign tweet.
⏰ The Lottery Jackpot might be drawn on Spherical 792, Saturday 28, 12pm UTC, 2023
✅ Customers can begin buying tickets from the 27, Friday, 12am UTC, 2023
🎟️ Purchase your ticket at: https://t.co/Myhip2k5nZ
📚 Learn the article to learn to participate: https://t.co/5hWyu1gPma
— PancakeSwap 🥞 #Multichain (@PancakeSwap) January 20, 2023
Life like or not, right here’s CAKE’s market cap in BTC’s phrases
Quickly after this announcement was made, PancakeSwap witnessed a rise within the variety of customers on the community. Token Terminal’s information revealed that PancakeSwap was among the many high 5 Dapps and blockchains by way of every day lively customers. BNB, Ethereum, and Polygon topped the identical listing.
👥 Day by day lively customers in crypto 👥
🥇BNB Chain 777.5k
🥈Ethereum 325.3k
🥉Polygon 313.9k
4⃣Solana 222.9k
5⃣PancakeSwap 113.6k
6⃣Close to 68.2k
7⃣OpenSea 49.8k
8⃣Fantom 45.0k
9⃣Arbitrum 43.0k
🔟Uniswap 41.2k
11. Optimism 31.1k
12. Avalanche 27.0k
13. Blur 9.7k
14. Starknet 7.8k pic.twitter.com/9LM1kalScI— Token Terminal (@tokenterminal) January 20, 2023
Ought to the traders be pleased?
Following these developments, CAKE’s worth elevated by greater than 5% within the final 24 hours, leading to good points on its chart. As per CoinMarketCap, on the time of writing, CAKE was buying and selling at $3.82 with a market capitalization of over $646 million.
CAKE’s MVRV Ratio went up in the previous couple of days, which could have performed a key position on this latest worth increment. Nonetheless, CAKE’s velocity decreased sharply on 20 January. In truth, its recognition additionally went down during the last week as its social quantity decreased.
How a lot are 1,10,100 CAKEs price as we speak
However there may be hope
Many of the metrics had been unsupportive of a worth surge and CAKE’s every day chart offered much-needed hope. The Relative Power Index (RSI) was resting above the impartial mark, which was bullish.
CAKE’s Chaikin Cash Circulate (CMF) was additionally comparatively up, additional rising the possibilities of a worth surge. Moreover, the Exponential Transferring Common (EMA) Ribbon revealed that the 20-day EMA was quick approaching the 55-day EMA, suggesting the opportunity of a bullish crossover within the coming days.