In the past 24 hours, the price of PancakeSwap has increased by 0.6%. It's price has risen by 12.5% in the last 7 days. The current price per CAKE is $7.63 AUD. There is a current circulating supply of 142,036,236 CAKE.
PancakeSwap is a decentralised exchange focusing on BEP20 tokens—as developed by Binance. It allows users to exchange cryptocurrencies and tokens without requiring any intermediary services, and is native to the BNB blockchain network, running on Binance Smart Chain.
Decentralised exchanges implement Automated Market Maker (AMM) systems, ensuring no single entity is required for trades to proceed. They operate independent of order matching systems, with liquidity pools being traded against, rather than counterparties.
Such systems allow for buyers and sellers to trade without having to wait to be matched. The liquidity pool—a fund deposited by investors across the globe—allows for traders to deposit and withdraw from the pool using tokens, instead of having to undergo an overseen transaction or trade. PancakeSwap is one of the largest of these exchanges; an alternative to Uniswap that runs on the more established Ethereum coin.
As well as offering all the capabilities of traditional cryptocurrency platforms—such as swapping, trading, yield farming, staking, etc—PancakeSwap offers a variety of other features: PancakeSwap lottery, Syrup Pools, Yield Farms, and NFT collectibles, among others.
Within the PancakeSwap ecosystem, CAKE is the token powering all transactions. Users may purchase CAKE on the exchange, earn it from Farms and Syrup Pools, or win it in the PancakeSwap Lottery. CAKE is used for trading, farming, and staking, as well as voting on governance. It’s the third-largest cryptocurrency on the market, worth roughly four and a half billion USD.
The CAKE Price Chart represents the current price movements and performance of this asset. Traders may use their customisable chart to analyse CAKE and other cryptocurrencies.
The chart above is a candlestick chart, wherein each ‘candle’ represents a time period, as selected in the top left of the chart. The ‘body’ of the candle represents the opening and closing price during the period in question, while the ‘wick’ shows the highest and lowest price for that period. A green candle shows that the closing price of the described asset was higher than its opening price; a red candle shows that the closing price was lower than the opening price.
Learning how to read a candlestick chart is instrumental in becoming a successful trader. It’s an invaluable tool in being able to develop short- and long-term trading strategies. Our guide to reading candlestick charts goes into detail about this, and might prove extremely useful!
PancakeSwap (CAKE) operates on the BNB Smart Chain, and the BNB Smart Chain supports Binance (BNB), which is one of the biggest, most sought-after cryptocurrencies at present—On 21 March 2022, CoinMarketCap named Binance the fourth largest cryptocurrency. This indicates enormous potential on behalf of CAKE, with the value of that asset tied to one that has already seen remarkable growth.
As CAKE exists on an AMM platform, users trade against a liquidity pool consisting of tokens, and a mathematical formula determines the price of those tokens in the pool. PancakeSwap price varies across a curve, according to whether a certain currency is being bought or sold. If a token is taken out, the price of that token will go up. The formula provides balance to the pool, meaning no matter how volatile the price becomes, there will always be an eventual return to a state reflective of the market generally.
PancakeSwap was founded in September of 2020 by an anonymous group of developers, unique in the fact that it was built on the Binance Smart Chain, and so offered cheaper, quicker transactions to those built on Ethereum. The team consists of over twelve members, while the community and CAKE holders are given considerable powers of governance.
PancakeSwap (CAKE) may be purchased on the PancakeSwap exchange by swapping other tokens, such as BNB. It may also be purchased on the Swyftx cryptocurrency exchange. Signing up is quick and easy, only requiring a few personal details. Once your account is verified, which should only take minutes, you’ll be able to deposit what funds you wish. For more on how to buy and sell PancakeSwap through Swyftx, click here.
Creating a Swyftx account is quick and easy, you will be required to provide some personal details including: name, email address and phone number. You will be required to submit a form of identification (I.e. driver’s license or passport) before we can activate your account.
Once your account has been verified, you can deposit fiat currency (AUD) through multiple payment methods including Credit or debit card, Bank transfer, OSKO, PayID, POLi.
Once the funds have cleared and are available in your account, you can Invest in PancakeSwap.
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