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PancakeSwap

PancakeSwap Performance

Live cake Price

₹294.82

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6.65%

Price Changes

₹19.61

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6.65%

24h Low

₹289.92

24h High

₹317

PancakeSwap Value in Currency

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What is PancakeSwap (CAKE)?

PancakeSwap is a DeFi platform that offers faster transactions at a low cost and operates on the Binance Smart Chain (BSC). It is powered by its native and utility token CAKE, which has established itself as a prominent DeFi token in the larger crypto space. The DEX offers several features such as earning rewards via staking and yield farming, participating in lotteries, and governance rights. 

Who founded PancakeSwap (CAKE)?

PancakeSwap (CAKE) was founded in September 2020 by an anonymous developer. 

Primary features of PancakeSwap (CAKE)

• CAKE token: CAKE token offers several utilities in the ecosystem, such as facilitating all transactions on the network and allowing token holders to participate in governance.

• Strong community backing: PancakeSwap has a strong community backing that drives the platform’s activity and engagement and contributes to overall growth and development.

• Low transaction fee: PancakeSwap offers some of the lowest transaction fees in the DeFi space, making it more usable and cost-efficient than platforms built on Ethereum. 

• Cross-chain interoperability: Although PancakeSwap is built on the Binance Smart Chain (BSC), it has expanded beyond the BSC ecosystem with integration across other blockchains such as Ethereum to offer cross-chain swaps.

Is CAKE a promising cryptocurrency?

PancakeSwap (CAKE) is one of the fast-growing DeFi projects with its token CAKE establishing itself as a strong contender in the DeFi space. The token is trading at $1.66 as of early September 2024 and is the top #111 crypto by market cap. In terms of trading volume, CAKE ranks at #166. Since its launch in 2021, CAKE has maintained a good upward trend, showcasing strong potential. As per technical analysis, CAKE is estimated to trade at around $25.84 by 2030.

Download the CoinSwitch app to invest in CAKE.

How do I use CAKE?

• CAKE can be bought, hodled, and sold from a crypto exchange like CoinSwitch to leverage the price movement. 

• CAKE token holders can stake their tokens to earn staking rewards. 

• They can also participate in the platform governance by voting. 

• CAKE holders can swap their CAKE tokens with other cryptocurrencies on the PancakeSwap DEX.

Pros & Cons of PancakeSwap (CAKE)

Pros

• PancakeSwap offers several opportunities to earn rewards such as yield farming, staking, and lottery features.

• PancakeSwap has a strong community backing that drives the platform’s activity and engagement.

• PancakeSwap enables trading through pools of funds, called liquidity pools, which are contributed by users.

Cons

• Like other crypto, CAKE is subject to market risks and volatility that could impact its price. 

• CAKE faces strong competition from market leaders like Uniswap and SushiSwap. 

• Being built on the Binance Smart Chain (BSC), PancakeSwap is overly reliant on it, which raises concerns about centralization.

How to trade in PancakeSwap (CAKE) on CoinSwitch?

• To trade in PancakeSwap (CAKE) download the CoinSwitch app.

• You can start with just ₹100.

• CoinSwitch offers a suitable marketplace for trading in cryptos like CAKE with just a nominal fee.

PancakeSwap (CAKE) ICO summary

PancakeSwap (CAKE) did not have a traditional Initial Coin Offering (ICO). Instead, during its initial launch, 75% of the CAKE total supply was distributed to farmers and 25% to Syrup token holders. With this approach, PancakeSwap built its strong and decentralized community.

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FAQ's on PancakeSwap

1. What is the PancakeSwap (CAKE) coin?

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PancakeSwap (CAKE) is a decentralized exchange (DEX) built on the Binance Smart Chain (BSC). It allows users to swap cryptocurrencies, provide liquidity, and earn rewards through yield farming. CAKE is the platform’s native utility token, used for governance, staking, and rewarding liquidity providers.

2. How does PancakeSwap (CAKE) cryptocurrency work?

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PancakeSwap (CAKE) operates as a decentralized exchange on the Binance Smart Chain, using automated market making (AMM) to facilitate trades. Users provide liquidity to pools and earn fees, while CAKE is used for staking, rewards, and governance.

3. Is PancakeSwap (CAKE) safe?

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PancakeSwap (CAKE) is generally considered safe, but risks include smart contract vulnerabilities and market volatility. Always exercise caution and conduct thorough research.

4. Is PancakeSwap (CAKE) a good investment?

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Whether PancakeSwap (CAKE) is a good investment depends on individual risk tolerance and market conditions. It has shown growth and utility within the Binance Smart Chain ecosystem, but like all cryptocurrencies, it is volatile and speculative. It’s important to research thoroughly and consider consulting a financial advisor before investing.

Highlight

PancakeSwap is a decentralized crypto trading platform built on the Binance Smart Chain (BSC) for swapping cryptos.

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Pancakeswap Price Statistics

CAKE Price Today

CAKE Price

₹294.82

Price Change 24h

percent_change_icon

6.65%

Price Change 7d

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18.89%

Market Rank

#113

Market Cap

₹8,238 Cr.

Trade Vol 24h

₹936 Cr

Circulating Supply

₹29 Cr. CAKE

Trading Activity

70% Buy30% Sell

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How to invest in cryptocurrency in India

CoinSwitch is the leading crypto exchange in India. It is a mobile-only crypto exchange. CoinSwitch provides you the platform to buy and sell more than 80 coins such as BTC, ETH, MATIC, ADA, and LITE.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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