Subscribe Our Newsletter
What Is Pancakeswap? - A Beginners Guide
Pancakeswap is a decentralized exchange that enables you to trade tokens and cryptocurrencies without an intermediary, keeping your tokens all the time
Table of Content
What Is Pancakeswap (Cake)?
Pancakeswap is a decentralized exchange that enables you to trade tokens and cryptocurrencies without an intermediary, keeping your tokens all the time. It is deployed on automated smart contracts based on the Binance smart chain (BSC).BSC operates through crypto exchange binance. Even though Binance runs a controlled exchange, Pancakeswap is not under its authority.
It was created by unknown programmers. The service has a similar look and feels to Uniswap, a prominent Ethereum DEX. Although tokens from other systems can be brought over via the Binance bridge and wrapped as a BEP-20 token for usage on the DEX, Pancakeswap is being used particularly for BEP-20 tokens operating on BSC.
Pancakeswap is one of the growing waves of DeFi services that ley crypto traders perform transactions without intermediaries. Even though there are DEXs on Ethereum with substantially higher average trade volume, it is one of the biggest DEXs on the BSC.
Source: decrypt.co
What is Pancakeswap Token?
Pancakeswap is an exchange to swap BEP20 tokens on BSC. Users of Pancakeswap traded against a liquidity pool with the use of the Automated Market Maker mechanism (AMM). The funds of the user are put into these pools. They put them into the pool for liquidity provider tokens. They can recoup their share and a portion of the trading fees with those tokens.
FLIP tokens is also one of the LP token. Users can also farm other tokens like CAKE and SYRUP on Pancakeswap. Users can deposit LP tokens on the farm which are locked up in a mechanism that rewards them with CAKE. Users can stake CAKE tokens to earn SYRUP which will serve as a governance token.
Source: morioh.com
Highlights of PancakeSwap
-
There are no registration or verification procedures are needed. This creates the platform to work on it quickly and also the user remains unknown.
-
Users don’t need to send tokens to the account instead, they need to get connect with the wallet for the transaction process.
-
It has lower fees and faster transaction matches to decentralized exchanges depends on the ethereum network.
-
Aside from trading, the site offers additional ways to make money, such as staking, farming, and other activities.
-
Users can vote to influence the platform’s governance and determine its destiny.
-
The platform is rapidly evolving
-
CertiK, a cybersecurity firm conducted an audit of the exchange.
Pancakeswap Token Price Analysis
We utilize previous statistics, price analysis, relative strength index, relative volume, and other information about pancakeswap to analyze the cryptocurrency’s future movement in Pancakeswap (CAKE) technical analysis 2021. Furthermore, the project will begin in September 2020. It also serves as a decentralized exchange for trading BEP20 tokens on the BSC network. As previously stated, pancakeswap uses the AMM model.
Technical analysis 2021
Pancakeswap (CAKE) is currently ranked 31st. Pancakeswap could achieve new heights as a result of current improvements and updates. Let us take a closer look at the pancakeswap technical analysis for 2021. The daily chart is presented below,
The descending triangle pattern may be seen in the daily time frame on the chart above. CAKE’s descending triangle pattern is depicted in the graph above. Since CAKE has been crabbed for the previous month, this is a crucial indicator. As a result, the falling triangle pattern suggests that CAKE is about to turn pessimistic.
If this trend continues, the pancakeswap might hit $22 on the daily time frame chart. Alternatively, if pancakeswap price breaks through the $9 support level. As a result, Pancakeswap’s trend is dependent on the breakout.
If the bull trend continues, the PancakeSwap might hit $22 on the daily time frame chart. Alternatively, if PancakeSwap's price breaks through the $9 support level. As a result, PancakeSwap's trend is dependent on the breakout.
Source: thenewscrypto.com
Pancakeswap price prediction
As we are in 2021, this year comes with many updates, Pancakeswap may continue to have a minimum price of $30 approximately.
In the upcoming years, the prediction may be as follows,
In 2022, the pancakeswap prediction price may be $35 followed by changes during October 2022.
In 2023, the prediction price comes under $40 to $50 which has some higher points pegged.
In 2024, the prediction rate taking around $60 and the variation between the one year is about $20.
In 2025, the prediction will be $67, CAKE price predictions seem to be racing to set a goal affirming its position revealing stability.
According to digital coin price, the price prediction in the year 2026 might grow clearly in the analysis chart around $63.6.
According to wallet investors, the price prediction may increase unexpectedly in the year 2026 to $354.411.
Source: cryptonewsz.com
Pancakswap (CAKE) Marketcap, Chart, and liquidity or Tokenomics
Pancakeswap price today is $19.75 with a 24hour trading volume of $330,855,027. CAKE market chart as follows
CAKE Price: $21.46
Market Cap: $4,738,519,116
Market Cap Dominance: 0.21%
Trading Volume: $205,787,348
Volume / Market Cap: 0.043
24h Low / 24h High: $19.66 / $21.39
7d Low / 7d High: $18.66 / $21.48
Market Cap Rank: #41
All-Time High: $43.96 -51.4% Apr 30, 2021 (5 months)
All-Time Low $0.194441 10884.4% Nov 03, 2020 (11 months)
Pancakeswap Price Chart 2020-2021
Source: coingecko
Conclusion
Pancakeswap is a decentralized exchange token that has many benefits with no intermediaries. And there is no registration needed and also it has high peak prices within 24hours. It has some common issues with unsupported chain id and its price is somehow higher. Its supply is higher which gives more number of users.
