Are the last 24 hours enough for investors to have a piece of CAKE?

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The last 24 hours have seen sig­nif­i­cant growth for the Pan­cakeSwap Net­work. Accord­ing to data from CoinGecko, the net­work saw gains of 11% over a 24-hour peri­od. In fact, CAKE was the most trad­ed high­light token on the BNB Chain. With a sales vol­ume of $82,772,676, CAKE was ahead of tokens such as GAL and BSW, which fol­lowed it close­ly with a sales vol­ume of $55,461,497 and $10,865,393, respectively.

Addi­tion­al­ly, the lat­est data from DefiLla­ma showed that with a total val­ue locked (TVL) of $2.89 bil­lion, Pan­cakeSwap is a lead­ing DeFi pro­to­col on the BSC Chain. For con­text, the total TVL for all pro­to­cols on the BSC Net­work stood at $5.83 bil­lion. There­fore, with a TVL of $2.89 bil­lion, Pan­cakeSwap seems to enjoy 50% of the mar­ket share.

It’s a CAKE party!!! 

As many cryp­to-assets saw gains over the last 24 hours, CAKE tokens were not left out. Trad­ing at $2.95 per CAKE at the time of writ­ing, an 11% uptick in price was reg­is­tered over the last 24 hours. Dur­ing the trad­ing ses­sion on 19 June, CAKE ral­lied by as high as $3.06. In addi­tion, greater trad­ing activ­i­ty was spot­ted, with a 15% growth in trad­ing volume. 

At 12.43, the MFI indi­cat­ed that CAKE was severe­ly over­sold. Fol­low­ing a hike in the price, this rep­re­sent­ed a bear­ish diver­gence. This revealed that buy­ing pres­sure has been drop­ping and sell­ers are gear­ing up to take over the market. 

Also, at the time of press, the Rel­a­tive Strength Index (RSI) was pegged at 31 in a down­ward curve. 

Source: Trad­ingView

Down since April…

On-chain analy­sis revealed a grad­ual decline in CAKE’s social dom­i­nance and social vol­ume since April. How­ev­er, just last week, the social dom­i­nance of the token saw a high of 2.23% on 15 June. It there­after suf­fered a decline, forc­ing it to mark a spot at 0.801% at press time. 

The social vol­ume also reg­is­tered a high of 2,194 on 15 June, fol­low­ing which, it depre­ci­at­ed. At press time, it was pegged at 602, shed­ding over 72% of its val­ue in just about five days.

Source: San­ti­ment

Inter­est­ing­ly, accord­ing to data from CoinGecko, Pan­cakeSwap ranks high among decen­tral­ized exchanges by vol­ume. Also, data from Nomics revealed a decline in trad­ing vol­ume on the plat­form over the last week. 

Source: Nomics.com

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