- CAKE’s value elevated by 5% within the final 24 hours.
- Metrics appeared bearish whereas the market indicators supported the bulls.
PancakeSwap [CAKE] just lately introduced that it’ll launch a brand new lottery jackpot to have a good time the lunar new yr. This particular Lunar New Yr lottery marketing campaign affords the prospect 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 bought. Apparently, PancakeSwap will add 0.1 CAKE to the jackpot for every retweet and like of the marketing campaign tweet.
⏰ The Lottery Jackpot can 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 discover ways to participate: https://t.co/5hWyu1gPma
— PancakeSwap 🥞 #Multichain (@PancakeSwap) January 20, 2023
Sensible 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 knowledge revealed that PancakeSwap was among the many prime 5 Dapps and blockchains by way of each day lively customers. BNB, Ethereum, and Polygon topped the identical checklist.
👥 Day by day lively customers in crypto 👥
🥇BNB Chain 777.5k
6⃣Close to 68.2k
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 buyers be joyful?
Following these developments, CAKE’s value elevated by greater than 5% within the final 24 hours, leading to positive aspects 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 function on this latest value increment. Nonetheless, CAKE’s velocity decreased sharply on 20 January. The truth is, its reputation additionally went down during the last week as its social quantity decreased.
How a lot are 1,10,100 CAKEs value as we speak
However there may be hope
Many of the metrics had been unsupportive of a value surge and CAKE’s each day chart offered much-needed hope. The Relative Power Index (RSI) was resting above the impartial mark, which was bullish.
CAKE’s Chaikin Cash Movement (CMF) was additionally comparatively up, additional rising the probabilities of a value surge. Moreover, the Exponential Shifting Common (EMA) Ribbon revealed that the 20-day EMA was quick approaching the 55-day EMA, suggesting the potential for a bullish crossover within the coming days.