Is CAKE worth buying after DEX revealed a huge spike in TVL despite the bear market?

PancakeSwap (CAKE/USD) saw a high level of growth in terms of Total Value Locked (TVL).

The PancakeSwap decentralized exchange got built on top of the BNB Chain (BNB/USD) and lets its users swap any tokens that follow the BEP-20 token standard, but is headed in a multichain direction, first with Ethereum (ETH/USD) and now with an Aptos Chain (APT/USD) farm implementation.

The Aptos TVL increase as a catalyst for growth

PancakeSwap (CAKE) went multichain, where through an official announcement on December 16, 2022, on Medium by Chef Berries, there was an announcement that the user interface and farming strategies will be brought to Aptos so that users can get the same overall experience as other chains.

This means that PancakeSwap will carry on with its growth in capabilities on Aptis with liquidity pools, farm offerings, and more. 

Liquidity farming became available for all major trading pairs, and more were teased moving forward.

Then on December 17, the PancakeSwap Twitter page shared the huge increase in Total Value Locked (TVL) for the PancakeSwap DEX.

Specifically, the Aptos Chain variation of PancakeSwap’s TVL reached $50.37 million as of December 19, 2022.

For comparison, on October 22, 2022, the TVL was at $3.559 million, indicating a huge spike in terms of growth despite the bearish market.

Source: DeFi Lama

Should you buy PancakeSwap (CAKE)?

On December 19, 2022, PancakeSwap (CAKE) had a value of $3.43.

CAKE/USD Chart by Tradingview

The all-time high of PancakeSwap (CAKE) was on April 30, 2021, at a value of $43.96. Here we can see that at its ATH, it was $40.53 higher in value, or 1,181% higher.

When we go over the 7-day performance of PancakeSwap (CAKE), we can see that its low point was at $3.20, while its high point was at $3.48. Here we can see a difference in the value of $0.28 or by 9%.

In terms of the 24-hour performance, PancakeSwap (CAKE) saw its low point at $3.37, while its high point was at $3.48. This marked another $0.11 difference, or by 3%.

With this in mind, CAKE can climb to $3.80 by the end of December 2022, so investors might be interested in buying CAKE.

The post Is CAKE worth buying after DEX revealed a huge spike in TVL despite the bear market? appeared first on Invezz.