Pancakeswap, a decentralized exchange, is based on BSC (Binance Smart Chain), which uses an Automated Market Maker (AMM) to allow the users to trade against a liquidity pool.
The market price of Pancakeswap has reached $13.28 at the time of writing, by a decline of 14.75% in 24 hours. It has a trading volume of more than $275 million across various exchanges. According to the data, it started the journey in September 2020 with a trading value of nearly $1.37. Initially, it had a bearish trend to trade at $0.22 in November, and by the end of the year, it managed to recover and reach nearly $0.58.
Talking about 2021, it started well with a market price of nearly $0.6. Since then, it has started the bullish trend to grow continuously. It reached its all-time high on February 19 at $19.11.
Notably, Pancakeswap is used for swapping the BEP-20 tokens using AMM. It also allows the users to trade additional tokens like SYRUP and CAKE. One good thing for CAKE is that it is built on Binance, the world’s largest exchange. It might introduce new liquidity pools to have more participants that will further increase its price. It can be expected that Pancakeswap will continue its bull trend to grow by more than $70 by the end of 2021, and it can even grow far more than $150 by the end of next year. CAKE seems a profitable investment for the long term.
If you want to trade CAKE, you can easily do it at many popular exchanges like Binance, CoinDCX, and Gate.io. It is effortless to use, and it also offers a faster transaction speed with low prices. It is indeed a profitable investment option if you are looking for digital currency with good returns.
Remember that there is always a risk of bugs when we deposit the funds in a smart contract. So, it would be best if you never trade more than you can afford to lose.