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PancakeSwap’s new farm auction updates might bring relief to investors

PancakeSwap's new farm auction updates might bring relief to investors

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  • Big changes have taken place in CAKE’s farm auction
  • Growth was observed in CAKE’s NFT space
  • MVRV Ratio and positive feelings increased

Pancake exchange [CAKE] recently announced newly adjusted farm auctions that will go into effect on November 30th during CAKE’s 34th Farm Auction.

Exchange farm auctions are a very effective way to increase project volume and attract organic traffic, as well as improve token liquidity of projects.

They also allow liquidity providers to farm CAKE with a high APY.


Read PancakeSwap’s [CAKE] Price prediction 2023-24


With this new announcement, there will be changes to the farm auction process. Especially the minimum price CAKE changing from 7,000 to 3,000 CAKE. The status duration has also been updated to eight days from the initial 10 days.

CAKE seems to be on the rise

This development looked positive for the CAKE ecosystem. According to data from LunarCrush, the token took second place on the list of BNBChain projects with the highest bullish sentiment, which was definitely good news.

CAKE the NFT space also improved last week. According to Santimenti’s chart, the token’s total NFT trade volume as well as total USD NFT trade volume increased on November 23, reflecting the increased popularity of the network in the NFT community.

Source: Santiment

What the metrics indicate

CAKEThe chain’s metrics also painted a rising picture. Its MVRV Ratio rose, raising hopes for a favorable month for the token. Alt also remained quite popular due to its high social volume, as well as its positive sentiment, reflecting investor confidence.

Plus LunarCrush information revealed that CAKE’s volatility increased by more than 60% over the past seven days. Thus suggesting that its price will continue to rise. Nevertheless, the speed of BNB decreased during the week, which was a negative signal.

Source: TradingView



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