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Pancakeswap price prediction: What is pancake swap (CAKE)?

By Peter Henn and Nicole Willing

Edited by Valerie Medleva


A visualisation of CAKE coin
PancakeSwap is a decentralised exchange on the Binance Chain – Source: Shutterstock

It is the native token of one of the most prominent decentralised exchanges out there, but what is pancakeswap (CAKE)? Let's see what we can find out, and also take a look at some of the pancakeswap price predictions that were being made as of 28 February 2023.

Pancakeswap explained

PancakeSwap is a decentralised exchange (DEX) on the BNB Chain (BNB), formerly known as Binance Smart Chain. Launched by anonymous developers in September 2020, it is similar to Uniswap (UNI) on the Ethereum (ETH) blockchain.

Whereas traditional, centralised exchanges such as Coinbase and answer to a central authority, which decides which cryptocurrencies are and are not listed,  a DEX allows people to buy and sell whichever crypto they want, at least in theory. Like most decentralised finance (DeFi) activity to date, most DEXs are based on Ethereum. PancakeSwap, however, operates on the Binance chain, at least partially because it wanted to avoid the high fees associated with Ethereum. 

PancakeSwap uses smart contracts, computer programs which execute automatically when certain conditions are met.  A drawback of decentralised exchanges is that they can only really trade in cryptocurrencies that are based on the blockchain they are on, while traditional crypto exchanges can deal with a range of coins. There is a way to deal with this, though. Coins and tokens can be modified so they can be exchanged on a non-native blockchain, a process called wrapping. On PancakeSwap, cryptocurrency from another blockchain is wrapped and traded on the Binance blockchain.

Every blockchain based-platform needs to have its own native token, and PancakeSwap has the pancaskeswap, or CAKE, crypto. CAKE is used to fill the dex’s liquidity pools, collections of crypto tied into a smart contract, which helps a coin or token be bought and sold for a price which reflects its current market value. As well as liquidity pools there are things called Syrup Pools. Users who put CAKE in a Syrup Pool can earn a reward of more CAKE simply by letting it stay there.

CAKE holders can also stake their tokens within the system, gaining rewards for delegating certain kinds of voting rights across the network. As well as that, there are other ways to gain CAKE. Although it would be wrong to call PancakeSwap a play to earn system, there is a regular CAKE lottery on PancakeSwap, and there is also the chance to win the token through betting on whether the price of binance coin will fall or rise over a specific period of time.

Holders can also earn more CAKE through validating transactions on the system and can also get more of the token when the exchange issues more CAKE in an attempt to get more people to adopt it. The pancakeswap token can also be bought, sold or traded on exchanges. 

One important thing to note is, because CAKE is based on the Binance blockchain, it is a token, rather than a coin. You might see references to such things as a CAKE coin price prediction, but those are, technically speaking, wrong. 

According to its website, in total its users have staked $3.3bn, and its 1.6 million active users made 22 million trades, in the 30 days up to 28 February 2023. 

Pancakeswap price history

CAKE price history

Let's now cast our eyes over the CAKE price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help us if we either want to interpret one of the many pancakeswap price predictions that are already out there or else make one of our own. 

The token went live on 29 September 2020 at $1.37 and struggled to pass its launch price for its first few months.


2,930.43 Price
-1.940% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00


0.54 Price
-1.870% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


0.58 Price
-3.520% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.00646


100.81 Price
-3.670% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 2.2652

However, CAKE experienced its biggest rally to date with the bull market in 2021. The cryptocurrency rocketed to its all-time high of $44.18 on 30 April 2021. After the market fell in May and struggled over much of the summer, it climbed again to $26.59 on 26 August 2021 from its 20 July low of $10.87, but fell to $17.85 on 8 September 2021.

The market moved back up to $23.72 on 19 September 2021, but unlike other cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), which hit new all-time highs, the CAKE price declined in October, ending the month at $17.68 and, despite a recovery to over $20 in the middle of November, fell back down again to close the year at $11.77.

It continued this downward trend into the new year, following the wider bear market at the time. It stooped below the $10 mark in January and under $5 in May as the crypto market crashed in the wake of  the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency. When the news that the Celsius Network (CEL) crypto lending platform had cancelled withdrawals confirmed the bear market the following month, CAKE fell to $2.51 on 18 June. Following that, the token looked to be making a slow, if somewhat inconsistent, recovery and, on 5 November, it broke past $5 for the first time since May to stand at $5.08. Shortly after that, though, the collapse of the FTX (FTT) exchange sparked another market crash and CAKE closed the year at $3.18, having lost more than 70% of its value over the course of the year. 

Things have got better in 2023 so far, with it reaching a high of $4.72 on 9 February. After this, though, it fell back somewhat and, on 28 Februry 2023, it was worth a little under $4. At that time, there were a little over 189 million CAKE out of a total circulation of 370.1 million. This gave the token a market cap of about $750m, making it the 69th largest crypto by that measurement.

Pancakeswap price prediction round-up

With that all out of the way, let's take a look at some of the pancakeswap price predictions that were being made as of 28 February 2023. It is important to remember that price predictions, especially for something as potentially volatile as cryptocurrency, very often end up being wrong. Also, many long-term crypto price predictions are made using an algorithm, which means that they can change at any moment. 

First, CoinCodex had a short-term pancakeswap price prediction for 2023 that said the token could rise to $4.08 by 5 March and continue its upward momentum to hit $5.26 on 31 March. Despite that apparent optimism, the site's technical analysis was bearish, with  25 indicators sending downbeat signals compared to just three making bullish ones. 

Next, DigitalCoinPrice’s CAKE crypto price prediction suggested the cryptocurrency could average $7.34 this year. Its pancakeswap price prediction for 2025 expected it to hit $13.59, and then achieve $40.83 in 2030.

Meanwhile, PricePrediction was also bullish in its CAKE price prediction. It argued that the price could rise from an average of $5.59 in 2023 to $12.52 by 2025. Its pancakeswap price prediction for 2030 gave a somewhat optimistic value of $73.54.

Finally,  Wallet Investor was very bearish when it came to making its pancakeswap price prediction, arguing that the price of CAKE could drop to around $2.96 by the end of February 2024. 

When considering a CAKE token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns, and never trade with money that you cannot afford to lose.


Is PancakeSwap a good investment?

It is hard to say. A lot will depend on how both CAKE and the market as a whole performs over the coming weeks, months and years. 

Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies can be affected by bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.

Will pancakeswap go up or down?

It is hard to say. While the likes of DigitalCoinPrice were optimistic about the future of CAKE, sites such as WalletInvestor were far more cautious. Remember that price predictions very often end up being wrong, and that prices can, and do, go down as well as up. 

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the CAKE token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.

Keep in mind that past performance is no guarantee of future returns, and never invest money that you cannot afford to lose.

Should I invest in pancakeswap?

Before you decide whether or not to invest in CAKE, you will have to do your own research, not only on pancakeswap, but on other DEX-related coins and tokens. 

Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.

Markets in this article

Bitcoin / USD
50843.60 USD
-857 -1.660%
Ethereum / USD
2930.43 USD
-57.93 -1.940%
3.2274 USD
0.27 +9.290%
LUNA2.0 to USD
0.6630 USD
-0.014 -2.110%
Binance Coin / USD
382.53 USD
-7.07 -1.840%

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