"Hmm do you think the cake price will break $ 3 in the near future?"
The cake, founded by the Pancakeswap Kripto Currency Exchange (DEX) exchange, saw a massive increase when the price achieved $ 2.50 in the last two days, which has never been seen since May.
One of the reasons why the price of the cake slowly penetrated $ 2 out of $ 1.21 on November 1, 2023 was following the use of several features for its users such as the list of perpetual contract* Cake Cake USDⓢ-M in Binance.
*Allows users to hold their leverage positions for longer periods without expiration
Not only that, the cake also announced the launch of the Position Manager where they worked together with other protocols to make the use more efficient and allow users to receive higher results through Yield Farming ** manual.
** deposit tokens into the Liquidity Pool on the defi protocol for reward, usually paid in the Protocol Governance Token
Position Manager has supported several assets and stablecoin, including USDT, BNB, BTC and ETH, and then cakes that want to incentive to its users have increased the reward for the first four weeks, causing the token to be high.
On September 2023, DEX was integrated with Transak, a web3 infrastructure provider who allowed protocols to make crypto purchases via debit card, Google Pay and so on.
It is undeniable that DEX has recorded a new low every month beginning in May 2023, but the cake has seen an increase in trading volume in October with a locked value (TVL) *** The protocol is in a positive way.
*** Metrics used to measure the total value of locked or staked digital assets in a decentralized financial platform (DEFI) or specific decentralized application (DAPP)
According to observations on the price chart, the cake was able to continue up to $ 2.61 if the price could penetrate the resistance zone at $ 2.48, but digital assets could also slip to $ 1.90 followed to $ 1.62 if they failed to maintain its position.
Currently, the price of cake traded at $ 2.18 has a market capital of $ 495 million and records a spike of 76.72% over the last week.
