CAKE plunges 15% amid mass unlocks; CEO says ‘sky-high yields' are history

Pancakeswap's native token (CAKE) has plummeted to $2.83 from roughly $3.33 in the last 24 hours — down over 15% at press time. According to Pancakeswap data, the Total Value Locked-up (TVL) in CAKE is down almost 4% on the day — accompanied by a 212.45% surge in volume in the last 24 hours.

Timeline of Pancakeswap

A proposal to make PancakeSwap (CAKE) scarce isn't preventing the token from collapsing, reading from the candlestick recorded on April 19. CAKE Slides 25% From February Highs CAKE is the utility token of PancakeSwap, a decentralized exchange running on the Binance Smart Chain (BSC).

PanceSwap's [CAKE] Q2 2023 began with the major announcement of its v3 launch. Q2 started on a good note, meanwhile, PancakeSwap posted on 12 April a blog regarding its performance in March.

How has the price performance been over the past week for the crypto assets PancakeSwap (CAKE), IOTA (MIOTA) and Tezos (XTZ)? What will be the future performance? A look at the performance and latest news.

Binance CEO Changpeng Zhao, popularly known as "CZ" said that the crypto space requires more decentralized exchanges. What Happened: According to CZ, DeFi platform PancakeSwap has most of the users while Uniswap has the highest Total Value Locked (TVL).

CAKE Price Prediction: In the weekly time frame chart, the pancakeswap coin price shows several lower price rejection candles at $3.54-$3.5 support indicating the traders are actively accumulating at this level. These bullish reversal signs at the combined support of $3.54-$3.5 and lower support trendline of the inverted pennant pattern indicate the Pancakeswap coin price

PancakeSwap has launched version 3 of its automated market maker platform, featuring lower fees and enhanced capital efficiency. Liquidity providers can now select custom price ranges, allowing specific control over capital investments, and the release also includes four new trading fee tiers.

PancakeSwap [CAKE] is all set to release its latest version on 14 April, which might play a role in increasing the network's transactions. According to Dune, CAKE's number of transactions has taken a sideways path lately.

PancakeSwap and Uniswap have been locked in a battle of the DEXes for some time but the latter has been winning. There have been instances where PancakeSwap almost took the lead and recent observations suggest that it might flip Uniswap soon.

PancakeSwap (CAKE), the leading multichain decentralized exchange (DEX) running on the Binance Smart Chain (BSC), has suffered a significant 12% drop in its total value locked (TVL) to $2.4 billion. The crypto crackdown by regulators targeting Binance's stablecoin BUSD triggered a decrease in the stablecoin supply.

PancakeSwap has recently emerged as the market's leading DEX by the number of daily active users. Ergo, the question – Is this enough to support a sentiment shift among CAKE holders?