With more people interested in decentralised exchanges, we weigh possible futures for CAKE
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The PancakeSwap (CAKE) cryptocurrency is one of the more intriguing cryptocurrencies to have been launched in the past 18 months or so. The token has generated a lot of interest from fans of decentralised finance. But what will happen to CAKE in the future? What is the PancakeSwap coin price prediction? Let’s take a look.
PancakeSwap explained
CAKE is the native token of PancakeSwap. PancakeSwap is a decentralised exchange (dex) which allows people to trade in cryptocurrency away from traditional, centralised exchanges. CAKE is used to power the network, which operates on the Binance Smart Chain. The coin can be staked to earn rewards, invested into liquidity pools and similar operations for rewards, and can also be used to buy non-fungible tokens (NFTs) and crypto lottery tickets. The exchange was set up by a group of anonymous developers in 2020, with CAKE also coming on to the open markets that year.
CAKE/USD price history
| Date | Close | Change | Chg% | Open | Min. | Max. |
|---|---|---|---|---|---|---|
| 2022-09-30 | 2.3735 | 0.0206 | 0.88 | 2.3529 | 2.3329 | 2.3847 |
| 2022-09-30 | 2.3519 | -0.1689 | -6.70 | 2.5208 | 2.3135 | 2.6274 |
| 2022-09-30 | 2.5218 | 0.2195 | 9.53 | 2.3023 | 2.0533 | 2.5474 |
| 2022-09-30 | 2.3003 | -0.4938 | -17.67 | 2.7941 | 2.2854 | 2.8275 |
| 2022-09-30 | 2.7951 | -0.3084 | -9.94 | 3.1035 | 2.7315 | 3.1094 |
| 2022-09-30 | 3.1005 | -0.1537 | -4.72 | 3.2542 | 3.0732 | 3.3164 |
| 2022-09-30 | 3.2532 | -0.0965 | -2.88 | 3.3497 | 3.154 | 3.4212 |
| 2022-09-30 | 3.3487 | 0.1405 | 4.38 | 3.2082 | 3.1226 | 3.372 |
| 2022-09-30 | 3.2141 | -0.2581 | -7.43 | 3.4722 | 3.1647 | 3.5177 |
| 2022-09-30 | 3.4731 | -0.0440 | -1.25 | 3.5171 | 3.3789 | 3.5735 |
| 2022-09-30 | 3.5151 | 0.0002 | 0.01 | 3.5149 | 3.4602 | 3.7144 |
| 2022-09-30 | 3.5139 | 0.2270 | 6.91 | 3.2869 | 3.139 | 3.5901 |
| 2022-09-30 | 3.2889 | -0.0632 | -1.89 | 3.3521 | 3.0506 | 3.5424 |
| 2022-09-30 | 3.3511 | -0.8312 | -19.87 | 4.1823 | 2.7962 | 4.2034 |
| 2022-09-30 | 4.1813 | 0.0461 | 1.11 | 4.1352 | 3.9423 | 4.3646 |
| 2022-09-30 | 4.1352 | 0.1023 | 2.54 | 4.0329 | 4.0099 | 4.1931 |
| 2022-09-30 | 4.0319 | 0.0636 | 1.60 | 3.9683 | 3.9339 | 4.2164 |
| 2022-09-30 | 3.9683 | 0.0056 | 0.14 | 3.9627 | 3.7302 | 4.1673 |
| 2022-09-30 | 3.9607 | 0.4716 | 13.52 | 3.4891 | 3.4787 | 4.4995 |
| 2022-09-30 | 3.4881 | 0.2663 | 8.27 | 3.2218 | 2.9447 | 3.583 |
CAKE price history
Let’s take a look at the PancakeSwap price history. While past performance is no indicator of future results, knowing how the token has behaved previously can be useful information that can give context to a pancakeswap price prediction.
CAKE first came onto the open market in the autumn of 2020. At the start of trading on 29 September that year, it was worth $1.37 (or £1, making it a pound CAKE), but it quickly collapsed dramatically all the way down to $0.0002318, before recovering substantially to close the day at $1.12. This was followed by a more sustained downturn, though, and by early October CAKE was trading somewhere in the $0.40 to $0.50 range. It would stay below the dollar mark for the next few months, until it broke back through $1 on 23 January.
By that point, the cryptocurrency market was all about the boom, and people will have adjusted their CAKE coin prediction in the light of the bull rush. To put things into context, the token more than tripled in value in January and almost quadrupled in February before slowing down merely double in March and double again in April, when it reached an all-time high of $44.18.
The next month saw values come crashing down, with the events of the Great Crypto Day Crash of 19 May contributing to a closing price of $17.84, a drop of more than half. The coin remained in the doldrums throughout June and July, but August saw some sustained activity over $20. This ended in September, with the token going back into a slump throughout the autumn and early winter, and as of the afternoon of 10 December, CAKE was worth around $11.35.
PancakeSwap price prediction
What about a PancakeSwap price prediction? Bear in mind that price forecasts are very often wrong, especially when they are long-term. Also, cryptocurrency predictions are often made via algorithms, which can change at any moment.
First, cryptocurrencypriceprediction.com, says CAKE will get to a little over $48.32 in December 2022. The site also suggests the token will reach $125.67 in December 2023, $206.07 in December 2025 and it has a pancakeswap price prediction for 2030 of $580.48.
TradingBeasts makes a pancakeswap price prediction for 2022 that says it will reach around $13.27 in December, before rising to $18.19 12 months after that and $23.69 in December 2024.
CryptoNewsz is somewhat vague with its CAKE price prediction. It suggests that it could reach a high of $35 in 2022, while it then says it expects the token to trade somewhere between $40 and $50 the following year and about $60 in 2024. It has a pancakeswap price prediction for 2025 that indicates it could reach as high as $67 that year.
Finally, WalletInvestor says that the forecast for December 2022 is just under $30.70, while its pancakeswap crypto price prediction for December 2026 is just under $105.95.
Closing points
There are a few other things to take note of. First, PancakeSwap is far from the only decentralised exchange. The world of dexes is growing, with new decentralised exchanges coming into play on a fairly regular basis. While PancakeSwap has a unique aesthetic, it is possible that its usage of the Binance Smart Chain, as opposed to Ethereum, could end up hindering its take up with traders.
Furthermore, while dexes are growing, the most popular way to trade crypto remains on traditional exchanges. These are seen as being more versatile when it comes to what sorts of coins and tokens they offer and there is every possibility that the anonymity of PancakeSwap’s founders might just end up counting against it. You must bear these things in mind when considering a CAKE price prediction.
FAQs
It could be. While its coin is worth considerably more than it was this time last year, we need to remember that it is worth much less than it was in Spring 2021. Regardless, you will need to do your own research on this one and remember to never invest more than you can afford to lose.
The forecasters certainly think so but, then again, forecasts are very often wrong. You would think that, despite recent bearish activity around both CAKE and the crypto market as a whole, that there would be the opportunity for growth at some point. Remember, though, that crypto can be highly volatile and prices can go down as well as up.
This is a question we cannot answer for you, so you will have to answer it for yourself. Before you do so, you will need to do your own research around CAKE and other dex related coins, and remember to never invest more money than you can afford to lose.
