PancakeSwap sees whale interest, but the price pump should not fool investors

January 25, 2023

By Suzuki Shillsalot

Realistic or not, here’s CAKE market cap in BTC’s terms

• PancakeSwap remained popular among the whales.

• However, the metrics and market indicators gave an ambiguous picture. 

PancakeSwap [CAKE] has remained pretty consistent with its burn process, which reflected the token’s deflationary characteristic. The network recently revealed that it burned CAKE worth over $27 million. 

Not only that, but CAKE was also one of the top choices of the whales. WhaleStats, a popular Twitter handle that posts updates regarding whale activity, pointed out that CAKE was on the list of the tokens that the top 100 BSC whales were holding. This was good news, as it proved whales’ confidence in CAKE. 

The CAKE is baking, but this is the catch!

While CAKE garnered whales’ interest, its performance on the price front was optimistic too, as it registered double digit weekly gains. CoinMarketCap’s data revealed that CAKE’s price increased by over 7% in the last 24 hours, and at the time of writing, it was trading at $4.15 with a market capitalization of more than $683 million.

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