CAKE Token Soars 7% as PancakeSwap Launches CAKE.PAD
PancakeSwap's native token, CAKE, has experienced a significant increase, rising over 7% in the past 24 hours. Over the last week, CAKE surged nearly 40%, with monthly gains reaching 50%, according to CoinMarketCap.
Factors Behind CAKE's Price Increase
- PancakeSwap launched CAKE.PAD, an early-access token launch platform.
- CAKE.PAD simplifies participation in token sales; users just hold and commit CAKE without staking pools or lock-up periods.
- Participants can instantly claim new tokens after the event ends.
Deflationary Mechanism
- All fees from CAKE.PAD will be burned, reducing the circulating supply and enhancing long-term value.
- Multiple event participation is possible with no limits on CAKE commitments.
- A tiered subscription tax system will be introduced during oversubscribed events to ensure fairness.
CAKE Price Analysis
- CAKE shows a strong uptrend within a rising channel, with recent resistance at $3.80–$4.00.
- Bollinger Bands indicate sustained buying pressure, with price holding above $3.00.
- The RSI is at 67, indicating near-overbought conditions.
- MACD indicator has turned bullish, and Chaikin Money Flow shows positive capital inflows.
- If selling pressure increases or Bitcoin corrects, CAKE might retrace to the support zone at $2.70.
- A breakout could push prices toward $4.30–$4.50.
