Can syrup pools on Aptos help CAKE through the crypto winter?

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PancakeSwap has gone multichain on Ethereum, BNB Chain, and Aptos. Whaling activity was noted on the network but market indicators were bearish.

Pancake Swap [CAKE] recently made another major announcement that has the potential to increase the channel’s features and capabilities.

It introduced Syrup Pools on Aptos, allowing users to stake CAKE and earn tokens from brand new Aptos projects. stAPT will be the first Syrup Pool token to be won.

Introducing Syrup Pools on Aptos

You can now bet on CAKE and earn tokens from brand new Aptos projects

Read more about this here: https://t.co/qcE2JqcIzd pic.twitter.com/z2yZcxYy3z

— PancakeSwap #Multichain (@PancakeSwap) December 20, 2022

Interestingly, whales have also recently trusted CAKE. This could be a positive sign for potential investors as it represented the likelihood of CAKE’s ascent.

According to WhaleStats, a popular Twitter handle that posts updates on whale activity, CAKE was one of the top ten tokens purchased among the top 500 BSC whales in the previous 24 hours.

A 593.25x rise on the charts if CAKE hits Bitcoin market cap?

Can whales really help CAKE?

With the launch of the new Syrup Pool on Aptos, PancakeSwap has gone multi-chain on Ethereum, BNB Chain and Aptos. Although these updates seemed optimistic, CAKE’s performance fell short of expectations.

Its daily and weekly charts were in negative territory. According to CoinMarketCap, CAKE saw a 9% drop in one week. At the time of writing, it is valued at $3.42 with a market cap of over $544 million.

The Santiments chart, however, revealed a somewhat bullish picture, hinting at the chances of a trend reversal in the coming days.

For example, CAKE’s MVRV recorded a slight uptick, which was promising. Cake’s social dominance has also increased, indicating the token’s widespread popularity.

Moreover, its daily on-chain transaction in terms of profits also increased on December 19. Nonetheless, the alt’s velocity has declined over the past week, which somewhat reduces the possibility of a price rally.

Source: Santiment

How many CAKES can you get for $1?

Looking forward to

While a few metrics were in favor of CAKE, market indicators told a different story. The exponential moving average (EMA) ribbon suggested a bearish edge in the market, as the 20-day EMA was below the 55-day EMA.

The discovery of MACDs was also similar to that of the EMA ribbon. Nonetheless, CAKE’s Relative Strength Index (RSI) was heading towards the overbought zone again, which may soon turn things in CAKE’s favor.

Source: Trading View

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