- CAKE’s value has dropped by over 30% within the final month.
- This has occurred regardless of the expansion in PancakeSwap’s buying and selling quantity.
CAKE, the token that powers BNB Chain’s main decentralized alternate (DEX) PancakeSwap, has witnessed a 32% decline in its worth because it peaked at $3.6 on the twenty ninth of December 2023, in response to CoinMarketCap.
At press time, the token exchanged fingers at a month-low of $2.45.
This value dip has occurred regardless of a current surge in buying and selling quantity on the DEX.
In accordance with information from DefiLlama, in January, the buying and selling quantity on PancakeSwap totaled $15 billion, representing its highest since Might 2023.
As of the thirty first of January, PancakeSwap’s TVL was $1.56 billion, marking a 3% decline from December’s $1.52 billion.
![](https://statics.ambcrypto.com/wp-content/uploads/2024/02/Screenshot-2024-02-01-at-11.18.45.png)
Supply: DefiLlama
Apparently, regardless of the surge in buying and selling quantity on PancakeSwap, it recorded a double-digit decline in protocol charges in January.
Knowledge from Token Terminal confirmed that the DEX recorded a complete of $9.4 million in transaction charges in January. This represented a 16% decline from the $11.4 million it noticed in charges in December.
As a result of lower in transaction charges, protocol income from the identical additionally plummeted. In January, PancakeSwap recorded $3.1 million in complete month-to-month income.
Within the previous month, the protocol’s income totaled $3.6 million.
CAKE lovers keep away from the sugar rush
CAKE’s momentum indicators rested under their respective heart strains on the time of writing, suggesting a decline in shopping for stress.
For instance, the token’s Relative Energy Index (RSI) trended near the oversold zone at 38.56, whereas its Cash Movement Index (MFI) returned a worth of 38.15.
At these values, these indicators steered that CAKE sell-offs considerably outpaced accumulation.
Confirming the excessive bearish sentiments, CAKE’s MACD line (blue) was lower than zero at -0.105.
When an asset’s MACD is decrease than zero, it signifies that the shorter-term common is under the sign that promoting stress is stronger than shopping for stress.
Learn PancakeSwap’s [CAKE] Value Prediction 2023-24
Displaying that CAKE’s current excessive was reached a very long time in the past, its Aroon Up Line (orange) was 0%.
![](https://statics.ambcrypto.com/wp-content/uploads/2024/02/CAKEUSDT_2024-02-01_11-21-18.png)
Supply: TradingView
This indicator identifies development energy and potential development reversal factors in a crypto asset’s value motion.